State Pension Forecast

Chris657

Hello
Your advice is much appreciated.

My retirement date is 20th September 2025.

Details taken from Gov Gateway site are:
Estimate based on NI insurance record up to 5 April 2022: £172.18 per week.

Forecast if you contribute until 5 April 2025: £189.65 per week.

You can improve your forecast by filling shortfalls in your NI record which you can make count towards your state pension.The most you can increase your forecast to is £201.30 a week.

You have: 
39 years of full contributions
3 years to contribute before 5 April 2025
8 years when you did not contribute enough

From my research 4 of those years are in the 1990's so I am unable to fill those.
4 years are 2018/2019 and after which I can fill using the 6 year ruling.

I will pay class 2 contributions up until April 2025.

How many years do I need to back fill in order to qualify for the £201.30 per week?

Thankyou...Chris

sevenhills

Caring for children or grandchildren can count towards your NI contributions?

Chris657

I don't care for any children or grandchildren..

molerat

2. The £189.65 is assuming 22-23 will be filled.

Chris657

Yes 22/23 will be filled when my self assessment is submitted
23/24 and 24/25 will also be filled

Chris657

In order to qualify for the £201.30 per week do I need to pay for all 4 years going back to 2018/19 or is it less less than 4 years:
My back fill payments as told to me by pensions are:
18/19: £301.15 which is a partial year when I was paying class 3 contributions

19/20: £824.20 ...full year of contributions for 12 months

20/21: £795.60...class 3 contribution for 12 months

21/22: £158.60....class 2 contribution for 12 months

22/23: £158.60 class 2 contributions for 12 months which will be submitted with my upcoming self assessment

23/24: Will be 12 months of class 2 at the appropriate time

24/25: Will be 12 months of class 2 at the appropriate time

Obviously if I can qualify for a full state pension by back-filling 2 or 3  years as opposed to all 4 years,  then that is a more sensible course of action

Thankyou....Chris

Audaxer

Chris657 said:

How many years do I need to back fill in order to qualify for the £201.30 per week?

Thankyou...Chris

Each post 2016 year increases your SP by £5.82 per week, so 5 years payments will get you up to £201.28 according to my calculations, or £201.30 according to your forecast. 

molerat

Chris657 said:

In order to qualify for the £201.30 per week do I need to pay for all 4 years going back to 2018/19 or is it less less than 4 years:
My back fill payments as told to me by pensions are:
18/19: £301.15 which is a partial year when I was paying class 3 contributions

19/20: £824.20 ...full year of contributions for 12 months

20/21: £795.60...class 3 contribution for 12 months

21/22: £158.60....class 2 contribution for 12 months

22/23: £158.60 class 2 contributions for 12 months which will be submitted with my upcoming self assessment

23/24: Will be 12 months of class 2 at the appropriate time

24/25: Will be 12 months of class 2 at the appropriate time

Obviously if I can qualify for a full state pension by back-filling 2 or 3  years as opposed to all 4 years,  then that is a more sensible course of action

Thankyou....Chris

You need in total 5 more years so 3 going forward, 22-23, 23-24 & 24-25 plus the 2 cheapest from your gaps, 18-19 & 21-22.

Chris657

Thankyou very much for your help..

Chris657

My retirement age is 66 in 2025.
If by that time I don't have enough NI contributions to qualify for a full state pension will I still be able to go back 6 years and pay for the years which I may have missed ?
I hope that by that time I will have made sufficient contributions to qualify for a full pension. I am asking just in case.
Thankyou

molerat

Up until April 2025 you will be able to fill any gaps back to 2006-07, after April 2025 the normal 2 year / 6 year rules apply so back to 19-20.

To get to your forecasted £189.65 you needed the 3 going forward years, 22-23, 23-24 & 24-25.  To get to £201.85 you need another 2 from those earlier gaps all of which will be available to April 2025.

Does your on line NI record show any years as "checking" as if it does then you should be able to fill a third gap to get the full £203.85 - what you posted about your available back years ( I assume from speaking to the FPC rather than looking at your on line record) and the forecast do not tally so there will likely be that message.