State Pension final stamp contributions

molerat

RogerPensionGuy said:

Dazed_and_C0nfused said:

RogerPensionGuy said:

Dazed_and_C0nfused said:

RogerPensionGuy said:

After reading this thread I'm again confused.com?

I'm currently 61 and my state pension age is 67.

My current state pension forecast is up to April 2023 and it shows over 40 years of NI payments, but I'm still one year short of a the full state pension of about £203 per week.

I was contracted out for some years so I understand why I've currently only got 34 years in leiu of the required 35.

I intend to stop paid employment between February and May 2024 and I will of paid lots if NI in 2023/24 year, way over the required amounts. 

I have assumed the above will complete the 35 years required and possibly have no paid employment every more and when I reach 67 I will get the full state pension. 

Reading this thread has got me confused. 

Can anyone confirm if my understanding above is all correct please?

And am I correct that if I was currently 66 and stopped paid employment as above a few months before becoming 67 this currently years NI contributions would not complete that last years input required?

I've actually googled my misunderstanding and haven't found anything much to clear my head on this matter. 

I'm sure a nice person will try explaining why I'm confused.

TIA Roger. 

You are confused!!

You definitely don't require 35 years, those rules are for those born this century.  Or adding qualifying years for the first time after April 2016.

You need your 40+ plus one more.

If 2023-24 is a qualifying year and you don't reach SPa until after 5 April 2024 then you will have added one more year.

That doesn't stop the requirement to pay NI until you reach SPa if you earn enough.

Tks.

Just say I'll be 67 on the 4th of April 2024 to help me understand. Assuming my SP age is 67 in this example. 

Does that mean that 12 months full way over minimum NI contributions April 2023 to March 2024 will not get my that last extra year I wanted?

Well someone who is 67 on 4 April 2024 would have reached SPa on 4 April 2023 so wouldn't have been paying NI in 2023-24.

But irrespective of that the tax year that someone reaches SPa can never be a qualifying year, even if they get to SPa on 5 April it couldn't count, nevermind 4 April.

Tks.

So I now understand if a person's state pension age is achieved/birthday between 6th April and the following 5th of April, they won't pay NI contributions in that particular year.

Another item of interest I now know.

You pay NI up until your state retirement date.  Even though you pay for it that last year doesn't count.

RogerPensionGuy

Is the following below completely correct assuming 67 is state pension age.

Person A is 67 on the 5th April, he works and pays NI for 365days in that fiscal year and fails to get a years NI credit.

Person B is 67 on the 6th April, he works as the Person above and he gets a years NI credit. 

To round up, on a person's birthday whereby they become 67 in that fiscal year, they will not get a years NI credit or indeed any NI payments in that year cannot used to get any more NI years/part years in the bank.

molerat

Yes ..............

NedS

Only whole (tax) years count towards SP entitlement, so regardless what date your birthday falls, the tax year in which it falls cannot count towards your State Pension.