National insurance buyback question

Jvj24601

I’ve just checked my records and it says “full year” against every year. 

Is that all I need it to say? 

molerat

Yes, that means you have no gaps.

Jvj24601

molerat said:

Yes, that means you have no gaps.

Amazing. Thank you! 🙏🏻

Silvertabby

"Full year" just means full financial year.  It doesn't necessarily mean that you will qualify for the full new State pension with the oft quoted (but misunderstood) 35 years.  For that, depending on your exact circumstances, you will need anything between 28 and 50 full financial years of NI contributions.

Beeblebr0x

Digressing slightly, what I've found speaking to friends is those who's pensions were contracted out are mostly unaware that their NI records are likely to have gaps

QrizB

Beeblebr0x said:

Digressing slightly, what I've found speaking to friends is those who's pensions were contracted out are mostly unaware that their NI records are likely to have gaps

Why do you think that contracting out would leave gaps in someone's NI record?

Dazed_and_C0nfused

Beeblebr0x said:

Digressing slightly, what I've found speaking to friends is those who's pensions were contracted out are mostly unaware that their NI records are likely to have gaps

Are you quite sure about that 🤔

Beeblebr0x

Dazed_and_C0nfused said:

Beeblebr0x said:

Digressing slightly, what I've found speaking to friends is those who's pensions were contracted out are mostly unaware that their NI records are likely to have gaps

Are you quite sure about that 🤔

Yes, from personal experience. People in contracted out schemes paid less NI, so were liable to retire on less than the maximum state pension.

Sarahspangles

Beeblebr0x said:

Digressing slightly, what I've found speaking to friends is those who's pensions were contracted out are mostly unaware that their NI records are likely to have gaps

There have actually been a lot of posts from people who were contracted out who are surprised that they don’t have gaps and wonder if it’s a mistake. I have full NSP with 36 years - 28 years pre 2016, 20 of those contracted out, and 8 since.

Dazed_and_C0nfused

Beeblebr0x said:

Dazed_and_C0nfused said:

Beeblebr0x said:

Digressing slightly, what I've found speaking to friends is those who's pensions were contracted out are mostly unaware that their NI records are likely to have gaps

Are you quite sure about that 🤔

Yes, from personal experience. People in contracted out schemes paid less NI, so were liable to retire on less than the maximum state pension.

Not sure you have fully understood how the transitional rules element of the new State Pension works.

People who were contracted out are no more likely to have "gaps" than anyone else.

And they are often big winners under the new system.  Paying less NI, sometimes for many years, then being able to add to their starting amount by adding post 2016 years.  

Some people who reached State Pension age soon after 5 April 2016 didn't have enough time to build up to the standard new State Pension but they are no worse off State Pension wise than they were expecting to be when paying their reduced rate NI.

Beeblebr0x

As I stated previously, I can only relate what happened to myself, my wife, and various friends all employed in public sector.