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NI contributions to receive full state pension
quickoldfart
Posts: 46 Forumite
Please can any of you Knowledgeable chaps put me straight on What I think might happen with Mine and my Wife's Pensions. as we may have an opportunity to retire early (buy a boat and !!!!!! off)
Me: aged 59, I according to the Gov site I have 37 years of contributions (I had 6 years out of the country not contributing) it is my belief that I will receive full state pension at retirement age?
I am currently self employed paying a set amount of NI per month, I assume that if I stop earning, I can also stop contributing?
The Wife: aged 49, she has worked pretty constantly apart from about 1 year when she was made redundant, but did claim benefits, I haven't yet checked but I guess she will have 33 years to her credit. Would I be right in thinking that she may need to pay voluntary contributions for a couple of years to top it up to the magical 35 years of contributions, either that or receive a reduced pension.
Or if we are only away 6 months of the year, and get work (pay stamp) for the remaining 6 months, do those 2 x 6 months of contributions count as 1 year
Many thanks in advance
Pete
Me: aged 59, I according to the Gov site I have 37 years of contributions (I had 6 years out of the country not contributing) it is my belief that I will receive full state pension at retirement age?
I am currently self employed paying a set amount of NI per month, I assume that if I stop earning, I can also stop contributing?
The Wife: aged 49, she has worked pretty constantly apart from about 1 year when she was made redundant, but did claim benefits, I haven't yet checked but I guess she will have 33 years to her credit. Would I be right in thinking that she may need to pay voluntary contributions for a couple of years to top it up to the magical 35 years of contributions, either that or receive a reduced pension.
Or if we are only away 6 months of the year, and get work (pay stamp) for the remaining 6 months, do those 2 x 6 months of contributions count as 1 year
Many thanks in advance
Pete
0
Comments
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The number of years is not relevant, I have 42 years and do not receive the "full" pension, anyone with a pre 2016 history is on a hybrid scheme. You need to get a full pension forecast and tell us exactly what it says.0
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2 X 6 months will not count, but paying voluntary to make up the shortfall in any or both will.
The wife should not be thinking of "buying" 2 voluntary years until she gets way nearer to the then at least 67 age to receive state pension.
Get a forecast or phone them they will tell you exactly where you stand.0 -
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Check you contributions record on the HMRC web site and then ask for an official NI contributions record. Then you will be able to assess what to do next.“So we beat on, boats against the current, borne back ceaselessly into the past.”0
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