National Insurance contributions and SERPs

Mikexx

I'm confused, not difficult I know.

As per:

  tax.service.gov.uk/check-your-state-pension/account/nirecord

I currently have 42 years of contributions that say "Full year" but some of these years are associated with SERPs, probably around 15 years or so in such a scheme.

My State Pension summary as per:

  tax.service.gov.uk/check-your-state-pension/account

Says:

   You can get your State Pension on x xxxxxxxx 202x
   Your forecast is £221.20 a week, £961.83 a month, £11,541.90 a year

Here

  gov.uk/contracted-out/how-contracting-out-affects-your-amount

It says, "If you were contracted out before 6 April 2016, you might not get the full rate new State Pension of £221.20 a week".

While the above is helpful, I don't understand how the SERPs or thresholds works, and if this summary assumes I will still be working and paying NI until I retire.

I would like to know whether or not I must be making NI contributions for a few more years in order to get my full state pension.Can anyone assist?

p00hsticks

I think there ought to be more than that on your forecast - from memory it should say something like

'Estimate based on your NI record up to 5th April 202x   £xxx.xx'

and then underneath it one of 

'Forecast if you continue to contribute another X years before 5th April 20xx   £xxx.xx' 
or ' Your forecast cannot be improved further'  
or ' you have gaps in your NI record which could improve your forecast'. 

Your SERPS prior to 2016 will have resulted in you requiring fewer NI years to reach the maximum £221. 20 but won't now  increase the amount above that. 

Mikexx

Many thanks; this is what the

Your State Pension summary  

page says

You can get your State Pension on x Xxxxxxxx 202x

Your forecast is £221.20 a week, £961.83 a month, £11,541.90 a year

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.

If you’re working you may still need to pay National Insurance contributions until x Xxxxxxxxx 202x as they fund other state benefits and the NHS.

View your National Insurance record

Your forecast may be different if there are any changes to your National Insurance information. There is more about this in the terms and conditions.

You’ve been in a contracted-out pension scheme

Like most people, you were contracted out of part of the State Pension.

Perhaps I'm being over cautious. But I assume I have enough years of contribution to get a full state pension without worrying about more future years of contribution. Just the wording associated begin contracted out worried me.

JGB1955

'You cannot improve your forecast any more.'

So... you're already entitled to the whole £221.20.

DRS1

Don't worry about it.

Marcon

Mikexx said:

Many thanks; this is what the

Your State Pension summary  

page says

You can get your State Pension on x Xxxxxxxx 202x

Your forecast is £221.20 a week, £961.83 a month, £11,541.90 a year

Your forecast

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

£221.20 is the most you can get

You cannot improve your forecast any more.

Prune this supposedly helpful info from your forecast to focus on the important bits, and you'll feel better!