State Pension Forecast

belle72

Hi There 

Could someone explain this to me :

You can get your State Pension on 8 October 2039

Your forecast is £203.85 a week, £886.38 a month, £10,636.60 a year

You need to continue to contribute National Insurance to reach your forecast

Estimate based on your National Insurance record up to 5 April 2023

£168.95 a week

Forecast if you contribute another 6 years before 5 April 2039

£203.85 a week

£203.85 is the most you can get

You have:

• 26 years of full contributions
• 16 years to contribute before 5 April 2039
• 9 years when you did not contribute enough

Does this mean that if I work for another 6 years before 5 April 2039 I will get £203.85 a week. Does this forecast factor the NI contributions I have paid so far?

Do I have to pay the gaps in my NI contributions. Which is about £2347.70 Or will the fact that I am continuing to work take that into consideration?

Many thanks in advance.

molerat

Does this mean that if I work for another 6 years before 5 April 2039 I will get £203.85 a week. Does this forecast factor the NI contributions I have paid so far?

Yes, it is as simple as that.

Do I have to pay the gaps in my NI contributions. Which is about £2347.70 Or will the fact that I am continuing to work take that into consideration?

Your forecast shows you have already earned £168.95 and if you made no further contributions that is what you would receive.  Make a further 6 years contributions and you will get the max £203.85 and you have another 16 years to do that.  There is no need to fill any gap years.

belle72

So I don't have to pay the missing ni contribitions?

la531983

No, unless you arent planning on working 6 full years in the next 16?

I have two years where I didnt pay enough. I have no intention of paying them as I have over two decades to meet the minimum requirement and will do so easily.

belle72

Fantastic news. I'm still going to be working for the next 6 years so that puts my mind to rest.

Thank you for all your help. Most appreciated.