32 Years for full State Pension

Silvertabby

jimi_man said:

As an example of the other side of the coin, I’m in my last year of state pension accrual and I’m 58 - having worked constantly since leaving school at 18. (Plus two years from 16-18). So that’s 42 years in total to get the maximum £203.85. 

I was contracted out for 30 years. 

I was contracted out for the maximum 38 years (1978 to 2016) and needed 48 years to rack up the full nSP.  We are two of the winners under the new scheme - had it not changed, our State pensions could have been nearer £160 per week.

jimi_man

Silvertabby said:

jimi_man said:

As an example of the other side of the coin, I’m in my last year of state pension accrual and I’m 58 - having worked constantly since leaving school at 18. (Plus two years from 16-18). So that’s 42 years in total to get the maximum £203.85. 

I was contracted out for 30 years. 

I was contracted out for the maximum 38 years (1978 to 2016) and needed 48 years to rack up the full nSP.  We are two of the winners under the new scheme - had it not changed, our State pensions could have been nearer £160 per week.

Yes I wasn't complaining  Paid a lot less NI over the years and built up a decent Police pension as well. 

jem16

Silvertabby said:

jimi_man said:

As an example of the other side of the coin, I’m in my last year of state pension accrual and I’m 58 - having worked constantly since leaving school at 18. (Plus two years from 16-18). So that’s 42 years in total to get the maximum £203.85. 

I was contracted out for 30 years. 

I was contracted out for the maximum 38 years (1978 to 2016) and needed 48 years to rack up the full nSP.  We are two of the winners under the new scheme - had it not changed, our State pensions could have been nearer £160 per week.

Same with me. I ended up with 47 years but not quite at the full nSP. I would have needed 8 years from 2016 onwards but only had 6 years before reaching SPA. I’m not complaining as I have roughly £35pw more than I could have got. 

Prism

I need 34 years plus I built up a protected rights pot of around £4k from the NI/SERPs payments in my private pension. It got merged into the main pot during a transfer but I reckon its worth about £10k today. Another 16 years of growth to go. So I get a full new state pension plus maybe the equivalent of £30 a week assuming that growths matches inflation. The other benefit is that I can access it it ten years before SPA

itwasntme001

I need 30 years.  Started work early 2000s and always earned decent amounts so probably explains why I only need 30 years.

Good thing too because I want to take early retirement and only need another 10 years to complete the 30 years.

marc-h_2

af1963 said:

For the 16 years before  2016:If you were never in a personal pension, you were paying full NI with no contracting out, and therefore building up entitlement to an extra SERPS/ State Second Pension for 16 years in addition to your basic state pension. The exact amount would depend on your earnings.  It used to be possible to build up quite a large extra pension under SERPS/SSP.

That extra would have been included in your new pension starting amount in 2016 on top of your entitlement at that time to an "old style" pension ( probably 16/30 of the old SP amount of £120 = £64).

Working backwards from your reported numbers, I reckon your SERPS/SSP must have been around £8  so your starting value would have been ( in 2016) about £72 per week.  That's a plausible SERPS amount for low/average salary/

Every year after 2016 adds another 1/35 of the new pension (roughly £5.30 each year, at 2016 rates) until you got to the maximum of about £156.  In your case, the 'gap' would have been £156-£72 = £84. So that would take 16 years after 2016 to fill.

All the figures are uprated for inflation annually so the full pension is now over £200; but you still need the same 16 years to qualify.

That's really useful, thanks. I've obviously not been searching for the right things as I've never found it explained like that!