Couple of State Pension queries.

minimalising

I'm working towards retiring at 55.  I'll have 35 qualifying years when I'm 53.  Aside from being contracted out for a couple of years (NHS), does this mean I'll mostly receive the full State Pension at 67 or will those years from 55 to 67 count against me?

Also, if I work more years after 53, do those 'good' years override the contracted out years?

ta!

eastcorkram

Surely the best way to answer this is to check your state pension forecast.

Ayr_Rage

How old are you now?

You need to get online, open an gov.uk account and check the qualifying years there.

la531983

You are assuming you need 35 to start with.

Assuming you do, once you hit 35 that's it. Contracted out years are irrelevant if you have hit your "target" but as per above you need to check what it actually is.

Sarahspangles

minimalising said:

I'm working towards retiring at 55.  I'll have 35 qualifying years when I'm 53.  Aside from being contracted out for a couple of years (NHS), does this mean I'll mostly receive the full State Pension at 67 or will those years from 55 to 67 count against me?

Also, if I work more years after 53, do those 'good' years override the contracted out years?

ta!

You don’t say how old you are but it’s a common misapprehension that everyone now needs 35 years to qualify for new state pension. This only applies to people reaching working age from 2016. A few people older than this do still need 35 years, but if they do it’s for a different reason, the actual range is more like 27 to 49 years.

It’s very easy to check on your personal tax account. Focus not on your forecast, but on the number of years you still need to work - a few people see they’re forecast the full amount and don’t realise it’s conditional!

LHW99

eastcorkram said:

Surely the best way to answer this is to check your state pension forecast.

Link is https://www.gov.uk/check-state-pension

Read the whole page, it will say what you have, and how many more years contributions will increase it.

35 years is not relevant unless you started work in 2016 (when NSP came in). Some people here have only needed 28 or so, other almost 50 years.

You need the magic words "You cannot improve your forecast" - or similar

molerat

If you have a pre 2016 NI record there is no set number of years needed to get the full pension, you will need as many as it takes - generally somewhere between 28 and 50 all based on your individual circumstances.  The only way to find out how many more you need is to check your pension forecast where it will clearly state that required additional number required.

MallyGirl

Note - you might not need 35 years. It could be more or less. Only the pension forecast can tell you what you need based on your history including the contracting out.

minimalising

Hi, all.  Thanks for the replies.

I'm 50.  I do have a gov.uk account. 

It currently says my forecast is £12,014.12 a year (SP at 2041).  Currently £220.29 a week and will got up to £230.25 a week after I contribute two more years.  It notes I was contracted out.   

The reason for this thread is that a retired guy I know (went at 59 is now 62) said that his State Pension forecast has been reducing and he thinks it's because he's no longer paying in.  He has over 35 years paid in, no gaps.

molerat

The amount you currently have cannot reduce but the forecast going forward, the big green box at the top which is the amount you can expect to receive at retirement, can reduce if you are not paying in and need all those going forward years to fill the gap.  The forecast will then show a third amount of how much you can expect to receive by filling past gaps, if the headline amount is reducing he must now have gaps.  It is a case of reading and understanding the full forecast and not just that big green box, there are often 3 different amounts on a forecast.  

So in your case it is a simple case of needing 2 more years to get to the full amount and depending on your forecast status, the year that £220.29 shows as "up to", that is possibly 2024-25 and 2025-26.

MallyGirl

again 35 years is not relevant. It depends if the guy read the full statement or just the headline.
If it says 'based on you contributing a further 2 years' and those contributions aren't made then the figures will change. Gaps can usually be filled with a short payback period.