State pension - on 'Check Your State Pension' - can't make sense of my estimated value

chrisgeller

Hi, 43M

Just about understand that as I was working well before 2016 the number of years I'll need to contribute could be neither 30 or 35. On this website it says I need to contribute for 11 more, and I could 21 where it says 'Full Year'. So 32 total - OK.

It also says my 'Estimate based on your National Insurance record up to 5 April 2024' is £155.72 a week, and that my 'Forecast if you contribute another 11 years before 5 April 2049' is £221.20 a week.

The ratio of these is 0.703978... which doesn't give me an integer when I multiply by 32. Shouldn't it? Isn't the state pension added linearly based on years contributed?

Sarahspangles

chrisgeller said:

Hi, 43M

Just about understand that as I was working well before 2016 the number of years I'll need to contribute could be neither 30 or 35. On this website it says I need to contribute for 11 more, and I could 21 where it says 'Full Year'. So 32 total - OK.

It also says my 'Estimate based on your National Insurance record up to 5 April 2024' is £155.72 a week, and that my 'Forecast if you contribute another 11 years before 5 April 2049' is £221.20 a week.

The ratio of these is 0.703978... which doesn't give me an integer when I multiply by 32. Shouldn't it? Isn't the state pension added linearly based on years contributed?

It’s because a baseline level was calculated in 2016. The years after that point add a set amount. If you dip into the “Topping up your state pension” sub board at the top of this there are lots of worked examples. The final year may not add the full set amount i.e. if you reach the limit of £221.20.

Rodders53

You are 43
If you continue to work and pay NI for 11 years (inc the current tax year) you'll qualify to get the full new state pension.
You'll be 54.

Sometime later (13 years) at 67 or so you'll start to receive that NSP.

Provided that in the next 24 years they don't fiddle with it all (yet again).

At your current age I expected my wife to get a SP at age 60. 
It was only this year at age 66 that it happened.

Get yourself a good and sufficient Personal Pension savings going.  The state pension alone is not enough!

Secret2ndAccount

Each year of NI buys you an extra £6.32 per week of pension (£221.20 / 35)
So 10 more years would get you to £218.92. The 11th year would take you to £225.24 but the full pension is £221.20
After that you are not gaining any more pension, though you have to keep paying NI if you are working, until you reach State Pension Age.

Linton

chrisgeller said:

Hi, 43M

Just about understand that as I was working well before 2016 the number of years I'll need to contribute could be neither 30 or 35. On this website it says I need to contribute for 11 more, and I could 21 where it says 'Full Year'. So 32 total - OK.

It also says my 'Estimate based on your National Insurance record up to 5 April 2024' is £155.72 a week, and that my 'Forecast if you contribute another 11 years before 5 April 2049' is £221.20 a week.

The ratio of these is 0.703978... which doesn't give me an integer when I multiply by 32. Shouldn't it? Isn't the state pension added linearly based on years contributed?

Any numbers of years is likely to be wrong for those people whose working time was divided between the new and old SP schemes.  It will depend on their particular circumstances at the time.  Some people with large SERPS/S2P contributions may need a few years less than 30 to reach the full new state pension.  Those who were contracted out for a significant amount of time may need more than 35 years, perhaps up to 50.  So there is no linear relationship between amount and years.