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State Pension Help Please
I am new to this forum and after watching Martin's programme on the 4th March regarding the state pension I decided to dig a bit deeper and look at my National Insurance statement. Up until now I had only looked at the forecast which told me I was on track for the full pension, £221.20 currently.
It has come as a bit of a shock to find that I had 3 not full years 2002 to 2003, 2003 to 2004 and then 2011 to 2012. The first two I am unable to make contributions towards as that window has now closed however I can make a payment for 2011 to 2012 before the 5th April 2025.
Calculating my contributions I have made 31 full years to April 2016 which means I fully qualified for the 'old' pension. My questions is I have 9 full years in the new pension from April 2016 and I plan to retire next year meaning I will have 10 full years in the new pension. In total I will have contributed 41 years into the state pension. Should I top up the missing year 2011 to 2012, or is this a waste?
Will I receive the full state pension of £221.20 (or whatever it will be when I am 67)?
Thanks in advance.
Comments
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What does the rest of the forecast say in terms of how much pension you have accrued to 5 April 2024 and how many more years contributions you need?0
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With 30 pre 2016 years and 9 post 2016 (including 24-25) you will already be at the max - but you cannot have 9 post 2016 years showing on your record yet because 24-25 is not complete. But as above, your forecast will tell all.
Never associate with idiots on their own level, because, being an intelligent man, you'll try to deal with them on their level - and on their level they'll beat you every time.
Being hated by idiots is the price you pay for not being one of them.
Jean Cocteau 1889-1963
1 -
Thanks both for your quick responses. TheSpectator - it says I have full pension, however I think I have gotten confused that it was basing this on the fact I would work until I was 67 - which I am definitely not.
molerat, yes you are right that 24-25 is not complete however will be for this year as in full time employment and also plan to work until the end of financial year 2026.
I am thinking now that I do not have to pay the year I missed 2011-2012?
Thanks for your help0 -
If you have 30 pre 2016 years you will have at least the old basic state pension amount - £169.50. That leaves a maximum of £51.70 to make up after 2016 which will take a maximum of £51.70 / £6.32 = 8.2 so 9 full years.deemic007 said:Thanks both for your quick responses. TheSpectator - it says I have full pension, however I think I have gotten confused that it was basing this on the fact I would work until I was 67 - which I am definitely not.
molerat, yes you are right that 24-25 is not complete however will be for this year as in full time employment and also plan to work until the end of financial year 2026.
I am thinking now that I do not have to pay the year I missed 2011-2012?
Thanks for your help
Never associate with idiots on their own level, because, being an intelligent man, you'll try to deal with them on their level - and on their level they'll beat you every time.
Being hated by idiots is the price you pay for not being one of them.
Jean Cocteau 1889-1963
1 -
Thanks for that and you have confirmed the calculations I working on. There is some confusing advice out there and that is what through me.molerat said:
If you have 30 pre 2016 years you will have at least the old basic state pension amount - £169.50. That leaves a maximum of £51.70 to make up after 2016 which will take a maximum of £51.70 / £6.32 = 8.2 so 9 full years.deemic007 said:Thanks both for your quick responses. TheSpectator - it says I have full pension, however I think I have gotten confused that it was basing this on the fact I would work until I was 67 - which I am definitely not.
molerat, yes you are right that 24-25 is not complete however will be for this year as in full time employment and also plan to work until the end of financial year 2026.
I am thinking now that I do not have to pay the year I missed 2011-2012?
Thanks for your help
Looks like early retirement for me then. Thanks again for your help.0
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