Paul the Missing Years.

MallyGirl

what you have banked is enough - you won't lose it.

af1963

I would have been concerned if working from 16-55 and paying full contributions meant you were unable to retire without a penalty on the state pension.

A lot of the confusion around this comes from two different possible meanings of "paying full contributions".

You can have a "full year of NI" for the purposes of qualifying for the pension, even if you were paying the lower "contracted out" NI contributions and building up a work-related pension or personal pension.

People ( including me ) in that position had a deduction applied, because we paid less NI than someone who wasn't contracted out.  We benefitted from the ability to add extra years after 2016 which allow us to build our pension up to the maximum amount anyway.

Silvertabby

When HMRC use the term 'full year' in relation to NI contributions they simply mean 'full financial year'. 

Sarahspangles

Cobbler_tone said:

£221.20 "You cannot improve your forecast any more." and that you need to continue to contribute if you are still working.

I would have been concerned if working from 16-55 and paying full contributions meant you were unable to retire without a penalty on the state pension.

OH was 60 and 2/3 and had worked for the same employer continuously since 16, had his long service party, complimentary hotel stay and got to dance with UK HOps - and still has to buy one more year.

Cobbler_tone

Sarahspangles said:

Cobbler_tone said:

£221.20 "You cannot improve your forecast any more." and that you need to continue to contribute if you are still working.

I would have been concerned if working from 16-55 and paying full contributions meant you were unable to retire without a penalty on the state pension.

OH was 60 and 2/3 and had worked for the same employer continuously since 16, had his long service party, complimentary hotel stay and got to dance with UK HOps - and still has to buy one more year.

Mine reads as though I can't do any more and I contracted out of SERP's when I was 18 and joined my current company scheme at 25. I guess if people check on gov.co.uk then there won't be any nasty surprises.

wixxy

Silvertabby said:

Yes, you can take your pension now and then fill in any gaps later - but it would make life so much easier - for both you and DWP - if you make the payments before.

1.  Having to completely recalculate a pension that is already in payment is complicated and time consuming.  Could take as long as a year before you see the increased pension.

2.  Increases only apply from the date the payment was received, and are not back-dated to SPA (or date you started to draw your deferred pension).

ADD.  If some of your missing years are pre 2016/17 are you absolutely sure that paying them will definitely add to your pension?  No one size fits all but, in the simplest of terms, if you have 30+ years of NI contributions and have some contracted out service (usually because you were a member of a contracted out occupational pension) then the answer is "probably not".  

Thanks for your answer, I think I'll leave well alone until I have paid those years.

artyboy

MallyGirl said:

what you have banked is enough - you won't lose it.

Well... with the caveat that is on the site that this is a projection and not a guarantee of a future pension, given laws can be changed.

And we know how governments like to mess with pension rules. I'm just crossing my fingers I still get mine in 15ish years...

Silvertabby

artyboy said:

MallyGirl said:

what you have banked is enough - you won't lose it.

Well... with the caveat that is on the site that this is a projection and not a guarantee of a future pension, given laws can be changed.

And we know how governments like to mess with pension rules. I'm just crossing my fingers I still get mine in 15ish years...

Any future changes to the State pension 'should' be subject to at least 10 years notice.  

artyboy

Silvertabby said:

artyboy said:

MallyGirl said:

what you have banked is enough - you won't lose it.

Well... with the caveat that is on the site that this is a projection and not a guarantee of a future pension, given laws can be changed.

And we know how governments like to mess with pension rules. I'm just crossing my fingers I still get mine in 15ish years...

Any future changes to the State pension 'should' be subject to at least 10 years notice.  

Well chosen quote marks there...