State pension amount

eastcorkram

DRS1 said:

Presumably you both have letters saying how your state pension is calculated.  Have you compared the detail to see where the differences are?  

You were probably contracted out for longer than she was but that seems an unlikely explanation for you getting more state pension (more occupational pension maybe).

Re that first part. I've had my state pension award letter. There's no calculation on it. It just states how much I will get per week, and how much I'll get on the very first payment. 

t0rt0ise

Davecu said:

My wife has 38 full years and I have 41. I would have thought that anything over 35 years would be inconsequential. I had more contracted out years and more occupational pension but would presume (maybe wrongly) that the years when my wife had credits for not being in paid work but looking after our children would be full credits. Difficult to remember when she would have been contracted out because she had spells of temporary work to begin with as the children grew older. 

Are there any post 2016 years that your wife could have bought but didn't? That's usually the problem. I'm guessing it's too late to buy any now but maybe an explanation.  As for the 35 years thing. I needed 49 years but only had time before retirement to get 48. The bit of pension I'm short bothers me far more than it should!

Marcon

Davecu said:

My wife has 38 full years and I have 41. I would have thought that anything over 35 years would be inconsequential. 

...but I'm afraid you'd be wrong. Simply thinking something (doubtless because you have read any number of times that you 'need 35 years for a full state pension' - a wholly incorrect statement for anyone born before 2000) doesn't make it correct.

Cobbler_tone

I openly admit that I don't understand it, despite reading numerous rules, information and posts on here. 

I just know I have the max I can achieve (£230.25 PW), contracted out in 1987 and only have full years on my record, consecutively from 1985 to current day. My contributions raised year on year from £302 PA in 1986 (shows some credits on there) to £4,500 in 2023-24 at their peak. I transferred £20k from an old RSA scheme into my current DC pension from contracting out. As to when that max was reached, I have no idea.

dunstonh

My wife has 38 full years and I have 41. I would have thought that anything over 35 years would be inconsequential.

That is where you are making a mistake.    You are using a figure of 35 years that doesn't apply to either of you.  

Difficult to remember when she would have been contracted out because she had spells of temporary work to begin with as the children grew older. 

And in those periods of temporary work, did she earn enough to qualify for a full year?

Was 38 full years enough for her to qualify for a full NSP entitlement?
Did both of you exceed the NSP entitlement?
What are the amounts of NSP that you are both being paid?

We are only as good as the information you give us.   

DRS1

eastcorkram said:

DRS1 said:

Presumably you both have letters saying how your state pension is calculated.  Have you compared the detail to see where the differences are?  

You were probably contracted out for longer than she was but that seems an unlikely explanation for you getting more state pension (more occupational pension maybe).

Re that first part. I've had my state pension award letter. There's no calculation on it. It just states how much I will get per week, and how much I'll get on the very first payment. 

Ah.  I assumed everyone got a letter like the one halfway down page 1 on this thread.

Pension reduced because of GMP recalculation. — MoneySavingExpert Forum

Silvertabby

Isthisforreal99 said:

Cobbler_tone said:

If I had a pound for every time I have read  "I have 35 years" followed by 'it's not 35 years', I probably could have retired by now.   

Ah, but Martin said......

I had to restrain myself from chucking something at the screen every time he said "35 years ISH".

Current reality is anything between 28 and 50 years.

molerat

DRS1 said:

eastcorkram said:

DRS1 said:

Presumably you both have letters saying how your state pension is calculated.  Have you compared the detail to see where the differences are?  

You were probably contracted out for longer than she was but that seems an unlikely explanation for you getting more state pension (more occupational pension maybe).

Re that first part. I've had my state pension award letter. There's no calculation on it. It just states how much I will get per week, and how much I'll get on the very first payment. 

Ah.  I assumed everyone got a letter like the one halfway down page 1 on this thread.

Pension reduced because of GMP recalculation. — MoneySavingExpert Forum

That only applies to pre 2016 retirees.

molerat

Davecu said:

Both of us reached state pension age in 2021

Are your NI records showing payable gaps for 19-20 and maybe 20-21 if you reached retirement post April 2021 ?  If so you may be able to increase your pensions by up to £52.64 each per 4 weeks depending on your current amounts received.

jem16

Silvertabby said:

Isthisforreal99 said:

Cobbler_tone said:

If I had a pound for every time I have read  "I have 35 years" followed by 'it's not 35 years', I probably could have retired by now.   

Ah, but Martin said......

I had to restrain myself from chucking something at the screen every time he said "35 years ISH".

Current reality is anything between 28 and 50 years.

I've seen examples of only 26 years being needed.