State Pension Entitlement

pdblake

I've a feeling that I may be made redundant sometime in the near future.

With that in mind I've been going through my finances. My pension forecast and NI record say I have 38 full years contributions and should get the full state pension.

I am 54 and will not reach pension age for another 13 years. I am not confident that I will get another job at my age. I have savings I can live off and a pension pot that I can draw down next year. I should be able to spin it out until I reach pension age.

I intend to find another job if I can but, my question is, if I don't and live off my savings for the next 13 years, will I still be entitled to the full state pension when I finally reach 67? 

Is it as simple as I already have enough qualifying years?

Dazed_and_C0nfused

pdblake said:

I've a feeling that I may be made redundant sometime in the near future.

With that in mind I've been going through my finances. My pension forecast and NI record say I have 38 full years contributions and should get the full state pension.

I am 54 and will not reach pension age for another 13 years. I am not confident that I will get another job at my age. I have savings I can live off and a pension pot that I can draw down next year. I should be able to spin it out until I reach pension age.

I intend to find another job if I can but, my question is, if I don't and live off my savings for the next 13 years, will I still be entitled to the full state pension when I finally reach 67? 

Is it as simple as I already have enough qualifying years?

No, you fall under under transitional rules so there is no hard and fast number of years for you.

However, if your forecast shows you have already accrued £221.20/week and cannot improve that any further then that is what you will receive* irrespective of any future NI years being added.

*plus annual triple lock increases

molerat

What else does it say on the forecast ?  You need to look further than the top big green box as that is often what you "could" get but if that is the one and only amount shown then that is what you currently have and what you will get on retirement subject to the caveat that will be on the forecast - something along the lines of "is not a guarantee and is based on current law".

pdblake

Yes, the forecast says it can not be improved and I have already reached as much as I'm going to get. I gather the transitional rules are to do with being opted out of Serps years ago?

So basically, it doesn't matter if I work or not from now on, that's what I'll get, assuming no one moves the goal posts and I live that long? 

Thanks.

pdblake

Actual wording is:

Your forecast

is not a guarantee and is based on the current law

is based on your National Insurance record up to 5 April 2024

does not include any increase due to inflation

£221.20 is the most you can get

You cannot improve your forecast any more.

molerat

So basically, it doesn't matter if I work or not from now on, that's what I'll get, assuming no one moves the goal posts and I live that long?

Correct............

pdblake

Thank you, that's one less thing to worry about.

Hopefully I'll find another job and it'll all be moot anyway.

squirrelpie

pdblake said:

Hopefully I'll find another job and it'll all be moot anyway.

Yes, don't be too despondent. There's a very good chance of finding another job, or even retraining to do something different. Think about what you want to do, and don't be put off by any rejections.

Brie

53 isn't too old to get a new job.  Don't let anyone tell you otherwise.

TadleyBaggie

Brie said:

53 isn't too old to get a new job.  Don't let anyone tell you otherwise.

True. I got new jobs at the age of 57 & 60. However I now wish I’d retired at 60 as the last job was horrible. 

Sarahspangles

I’m retiring soon from a job I got when I was 53