State Pension.

[eldar]

I'm entitled to my state pension next year. I thought it was simple, from what I'd looked at. The full pension is based on 35 years contribution.

I apparently have 43 years full contribution, but this does not seem to quality for a full pension as I have 6 incomplete years from early retirement and working abroad.

Seems from the forecast I need to pay a lump sum of around £4k to increase the pension by around £900 a year. seems a reasonably good return.

I feel I'm missing something, but google is proving a little contradictory. anyone actually understand this?

[Mr Pointy]

There have been a couple of quite long threads on this subject with a fair amount of useful information:

https://www.pistonheads.com/gassing/topic.asp?h=0&...
https://www.pistonheads.com/gassing/topic.asp?h=0&...

You presumably have a State Pension Forecast which is showing your current pension, the maximum you can achieve, how many years you have paid up contributions for & which years are missing. It's not quite as simple as saying you can pay for 6 missing or incomplete years as they may not count (although HMRC will happily take your money). If I recall correctly anything prior to the 2016/17 tax year will not increase your SP.

Maybe post up a scan of the forecast & the contribution years summary?

[eldar]

Mr Pointy said:

There have been a couple of quite long threads on this subject with a fair amount of useful information:

https://www.pistonheads.com/gassing/topic.asp?h=0&...
https://www.pistonheads.com/gassing/topic.asp?h=0&...

You presumably have a State Pension Forecast which is showing your current pension, the maximum you can achieve, how many years you have paid up contributions for & which years are missing. It's not quite as simple as saying you can pay for 6 missing or incomplete years as they may not count (although HMRC will happily take your money). If I recall correctly anything prior to the 2016/17 tax year will not increase your SP.

Maybe post up a scan of the forecast & the contribution years summary?

Most excellent, after wading through the threads, I'm sorted.

Appreciate the help

[superpp]

for at least my benefit, what is the outcome?

[eldar]

superpp said:

for at least my benefit, what is the outcome?

Top up the outstanding years, 4, at a cost of £3029.90.

Pension, starting in 4 months, increases from £153.00 a week to £173.03.

Need to survive 4 years to make it worthwhile

[gregs656]

I paid a voluntary contribution to cover a few years and, thanks to this thread I checked, it hasn’t been allocated correctly.

Will need to call them about that. It’s a crap system, don’t know why you can’t pay though their website for outstanding years or partial years.

[Riff Raff]

eldar said:

superpp said:

for at least my benefit, what is the outcome?

Top up the outstanding years, 4, at a cost of £3029.90.

Pension, starting in 4 months, increases from £153.00 a week to £173.03.

Need to survive 4 years to make it worthwhile

I've just had to do the same. I actually retired about 10 years ago, have an occupational pension that kicked in at 60, and reach State Retirement Age on Wednesday. Although I have enough qualifying years to receive a full pension before the current system came into force, it turns out to get the maximum amount possible under the new system you have to pay Class 3 contributions from 2016/17 onwards. So for me that was 16/17, 17/18, 18/19 and 19/20. I won't get as much as you though, because I was contracted out for a good part of my working life, so I'll get about £160 a week.

Looking on the bright side though, I get a bus pass and the OAP haircut rate.