State Pension forecast only 33 full years retirement date 4 weeks off full year

xylophone

https://assets.publishing.service.gov.uk/media/5a7a21fd40f0b66a2fc00201/single-tier-pension-fact-sheet.pdf

Have a look at the above, bearing in mind that at inception, the full new state pension was set at £155.65.

See page 5.

At 6/4/16, as a person under state pension age, two calculations were done to establish your starting (foundation) amount fof new state pension which was the higher of

NI years/30 (max) x £ 119.30 (Full Basic) + (Additional State Pension - (if applicable, Deduction for Contracting Out)

NI years/35 (max) x £155.65 (Full NSP)  -  (If applicable) Contracted Out Pension Equivalent

Clearly depending on a person's individual circumstances, his foundation amount might have been equal
to, more than or less than the full single-tier pension.

A person might have been in a well paid job, never contracted out of additional state pension and thus had a foundation amount equal to or more than a full NSP even with fewer than thirty or thirty five qualifying years.

On the other hand, a person might have had well over thirty or thirty five qualifying years and yet because of having been contracted out of Additional State Pension for all his working life, still not have achieved a foundation amount equal to a new state pension.

Some people might have been contracted out in some years and not in others and yet have achieved more than a full NSP.

Those with less than a full new state pension who were still under SPA and paying (or being credited) NI had the opportunity of achieving additional qualifying years up to the maximum 35.

Otherwise there was the possibility of making voluntary contributions, depending on individual circumstances.

Daniel54

https://forums.moneysavingexpert.com/discussion/comment/82068437#Comment_82068437

The caveat about the amount not being guaranteed is because the state pension is a contributory benefit and the amount and terms can at any time be changed by the will of Parliament.Realistically this is unlikely to apply if someone is just a few years off SPA,but becomes potentially more germane if someone is say ten years plus off state pension age.The 2016 transitional arrangements were for this reason formulated to avoid individual disadvantage between the old and new systems.

This is not a strong point of Martin Lewis,who incorrectly tends to mutter about” 35 years or so.”.Much better to rely on informed opinion on this forum.

artyboy

https://forums.moneysavingexpert.com/discussion/comment/82068411#Comment_82068411

I'm more than a decade younger than the OP, and I did it in well under 30 years. Unfortunately they seem to have got sucked in by misinformation and possibly just sheer coincidence.

eastcorkram

https://forums.moneysavingexpert.com/discussion/comment/82068437#Comment_82068437

You are asking about my forecast. I don't have one. I am already receiving state pension.

You just need to accept that people need different amounts of years. Unless they only started paying NI since 2016. In which case, they'll need 35.

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/82068336#Comment_82068336

It's probably covered by the other responses, but one simple way of looking at it is that there are three separate groups of state pension recipients:

1. Those who reached state pension age before 2016, who receive the old basic state pension (plus any extras for SERPS, etc)
2. Those who reach SPA between 2016 and about 2066, who receive the new state pension, which is earned according to transitional rules, where the number of qualifying years varies between individuals, as it's based on a formula (posted above) recognising the number of NI years both pre- and post-2016
3. Those who reach SPA after 2066, who receive full pension if they've achieved 35 NI years

You, along with the vast majority of people posting on here, are in the middle group, and there is no scope to move between groups as it's solely age-dependent.

noideapleasehelp

Lordie

Thank you to all your posts. But I am now so very confused.

I thought it was all clear that if I reach state pension age 66.6 that if I had 35 years of qualifying NI, I would receive a state pension. And it seems that's the information on my govt gateway pension forecast but now it seems that's not true and there are other factors and I am totally miffed now.

I'm miffed why this is so complicated with rules when I thought it was pretty clear in my case that I just needed to prove paper records that weren't on the HMRC system, and now that they are totalling 35 years of contributions, I could now qualify for a state pension under the new rules.

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/82070755#Comment_82070755

No, if your personal forecast says that you will receive a full pension from 35 qualifying NI years then that's fine.

There is a common misconception that this is the standard rule but it isn't (except for those born this century) - the actual number needed varies between about 26 and 50, but a small minority of those will need 35, by coincidence, and if that's what your personal forecast says, then go with that…

Marcon

I thought it was all clear that if I reach state pension age 66.6 that if I had 35 years of qualifying NI, I would receive a state pension. And it seems that's the information on my govt gateway pension forecast but now it seems that's not true and there are other factors and I am totally miffed now.

I'm miffed why this is so complicated with rules when I thought it was pretty clear in my case that I just needed to prove paper records that weren't on the HMRC system, and now that they are totalling 35 years of contributions, I could now qualify for a state pension under the new rules.

Absolutely no point in being miffed that you are subject to the same laws of the land as everyone else - you aren't being singled out or being picked on by 'the system'!

Just let go of your misapprehension about this mythical 35 years and all becomes clear.

squirrelpie

Or another way to look at it. We're pretty much all miffed about the complication of the state pension system though most of us understand the reasons for some of the complication. And the general incompetence of government accounts for another portion of it. But at the end of the day it is what it is, and moaning about it doesn't help us live with it, though it does frustrate us sometimes.

noideapleasehelp

Apologies, I wasn't moaning, I was just a bit miffed by other posts and confused.

I'm so very grateful that at whatever age, I get a state pension of any amount because without it, I would struggle to survive as a single person as I'm not a high-flyer, and just a normal person who had the typical low paying jobs until I changed career in 2010 (funded myself for training a few years before). I just wanted to share my experience so that anyone else in the same situation where their contributions were based on paper records that HMRC didn't hold which could impact on the amount they eventually get and the journey I went on to resolve this as I had paper records datig back to 1970s and evidence of multiple NI numbers allocated to me.

Thanks for clearing things up eskbander.

And again, my grateful thanks to all who have posted replies! I'm now more aware, so thank you all!

Hope my post helps those who were in my situation!

All the best to you all