32 Years for full State Pension

marc-h_2

I've been looking at my state pension forecast and it is suggesting I will be entitled to the full state pension after just 32 years of contributions. I've currently got 23 years (which is full contribution every year since 2000) and it says I need 9 more years to get the full amount. I can't find anything online explaining why someone might not need to get to 35 years, only that sometimes you might need more. Does this sound like it could be a mistake? I've always just paid my  full NI through my PAYE wages so I would think my situation should be fairly typical. 

Merlin139

marc-h_2 said:

I've been looking at my state pension forecast and it is suggesting I will be entitled to the full state pension after just 32 years of contributions. I've currently got 23 years (which is full contribution every year since 2000) and it says I need 9 more years to get the full amount. I can't find anything online explaining why someone might not need to get to 35 years, only that sometimes you might need more. Does this sound like it could be a mistake? I've always just paid my  full NI through my PAYE wages so I would think my situation should be fairly typical. 

The 35 year rule is for people who start to contribute from 2016 onwards. Prior to that no set amount of years. Everyone will be different.

It maybe down to the fact that you have never been contracted out.

Easiest way forward is to post a copy of your pension forecast here so that the experts can offer advice.

Linton

This has been explained 100's of times on this forum.   35 years applies if you only paid post April 2016 NI.  If like everybody retiring in the next say 30 years you contributed NI prior to April 2016 you wil be on transition rules.

In your case I guess that prior to 2016 you were contracted into SERPS/S2P (so no DB pension) and were paid a good salary. Hence during your pre2016 years you accrued more than the 1/35 per year required for the new rules.

From memory the least number of years for a full pension we have heard abut so far is about 29 and the maximum in the high 40s.

Dazed_and_C0nfused

marc-h_2 said:

I've been looking at my state pension forecast and it is suggesting I will be entitled to the full state pension after just 32 years of contributions. I've currently got 23 years (which is full contribution every year since 2000) and it says I need 9 more years to get the full amount. I can't find anything online explaining why someone might not need to get to 35 years, only that sometimes you might need more. Does this sound like it could be a mistake? I've always just paid my  full NI through my PAYE wages so I would think my situation should be fairly typical. 

35 years is for people starting to pay or get NI credits from 2016.

Everyone else falls under transitional rules and although relatively unusual reaching the standard new State Pension in 32 years isn't unheard of.

28 is the fewest mentioned on here I think.  And 50 the most.

marc-h_2

Thanks for the responses. I've been on a fairly typical salary (a bit less than the national average) and the only pension payments I've made are into a Nest pension since it became compulsory for employers  to offer this. I guess it may need to speak to the relevant department as I get closer to the point where it says I have made full contributions and I start to make decisions on future employment plans. 

Dazed_and_C0nfused

marc-h_2 said:

Thanks for the responses. I've been on a fairly typical salary (a bit less than the national average) and the only pension payments I've made are into a Nest pension since it became compulsory for employers  to offer this. I guess it may need to speak to the relevant department as I get closer to the point where it says I have made full contributions and I start to make decisions on future employment plans. 

Reaching the standard £203.85 doesn't alter the fact that Class 1 National Insurance continues to be payable until you reach State Pension age.  If earning enough.

Marcon

marc-h_2 said:

Thanks for the responses. I've been on a fairly typical salary (a bit less than the national average) and the only pension payments I've made are into a Nest pension since it became compulsory for employers  to offer this. I guess it may need to speak to the relevant department as I get closer to the point where it says I have made full contributions and I start to make decisions on future employment plans. 

Not sure why, when you can get regular updates online (and save yourself hours of hanging on the telephone!).

MTB1986

My forecast states I need 12 more years to get the full pension, and I am only 37 with 21 years of full credits, so this gives me a requirement of 33 years in total to get the full state pension. No idea why it’s relatively few compared to some others, as I’ve never been contracted out etc, but I’m happy with that! 

marc-h_2

Marcon said:

marc-h_2 said:

Thanks for the responses. I've been on a fairly typical salary (a bit less than the national average) and the only pension payments I've made are into a Nest pension since it became compulsory for employers  to offer this. I guess it may need to speak to the relevant department as I get closer to the point where it says I have made full contributions and I start to make decisions on future employment plans. 

Not sure why, when you can get regular updates online (and save yourself hours of hanging on the telephone!).

Only to get someone to confirm it is correct at that point in time. My wife is in a similar position, never been contracted out and just paid standard NI as part of PAYE salary but her forecast is that she will have have made enough contributions after 32 years too. She has been paid less than me over the previous years and well below national average and only ever had an automatic enrollment pension.

I guess my confusion is because I consider our situation very typical but we seem to require less years contributions than what is usual.

We hope to get into a position over the next 10 years to take early retirement and need to make plans to have enough money until we can claim the state pension at whatever age that is at that point. Ideally we can retire once we have the NI contributions necessary to receive the state pension when it becomes due to us. 

marc-h_2

MTB1986 said:

My forecast states I need 12 more years to get the full pension, and I am only 37 with 21 years of full credits, so this gives me a requirement of 33 years in total to get the full state pension. No idea why it’s relatively few compared to some others, as I’ve never been contracted out etc, but I’m happy with that! 

Maybe its more normal than I thought then. I guess most the information ive seen is for people who have found out they need to make more years contributions than they thought as they are more likely to be the ones trying to find out why!

molerat

At pre 2016 rates you only needed in excess of around 47p S2P for each year to be better off under the old than the new system.  The maximum old SP has the allowance for around £3 per year S2P averaged over 49 years at 2016 rates so it is fairly easy for a non contracted out person to beat the 35 year figure.  You are one of the  losers as you are limited to the new £203.85 rather than £360.86 that was possible under the old rules.