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Full state pension?

Discussion in 'Retirement' started by Compassman, Aug 4, 2019.

  1. ikon66

    ikon66 Occasional commenter

    Is it not just a case of logging onto the .gov site and checking what you’ll currently get?

    When I do I currently will be getting about £152 per week, currently 4 years short of the the full £168.

    Happy enough with that
  2. catbefriender

    catbefriender Lead commenter

    Well if you count 3.8 million as a small number of people, I disagree.
    Last edited: Aug 5, 2019
    frangipani123 likes this.
  3. catbefriender

    catbefriender Lead commenter

    See post 8. There is a link to the government site were you can check.
  4. catbefriender

    catbefriender Lead commenter

    Perhaps because you are older than me you got the annual reminders. I didn't and I don't, but I have enough contributions paid and enough years to ensure I get a full pension, if things don't change. Yes I have years that weren't paid in full, some up to 48 weeks, but was told in July I couldn't make them up and had to pay the full £749. Let's hope when I get older I'll get those reminders and offers to make those years up cheaper.
  5. Rott Weiler

    Rott Weiler Star commenter Forum guide

    I'm surprised you have never got a state pension forecast to get the official answer @PeterQuint, you're usually pretty clued up on this stuff! You can probably get it online quicker than we can guess :)


    As discussed on various posts, there are two separate issues, both of which would stop you getting "full" state pension if by that you mean the "Full Rate New State Pension", currently (2019/20) £168.60 pw.

    One is you need 35 qualifying years of contributions and your post suggests you only have 34. The other is that for something like 29 years you were in 'contracted out' pension schemes which will reduce your state pension under the 'new state pension' rules. It's potentially possible to buy back a missing year, and also to make additional contributions to increase the pension to offset being contracted out. But

    (1) Whether that is possible for you only the DWP/HMRC can tell you, and,

    (2) If you can buy back, whether it is a sensible thing for you personally to do is something only you can decide when you have the full figures.

    If you are short of the full 35 years needed you only need to consider buying a year(s) back if you will not accrue the additional years you need before pension age by continuing to work and paying NI contributions that way
    Last edited: Aug 5, 2019
  6. phatsals

    phatsals Senior commenter

    Kindly provide citation for 3.8 million people.
    catmother likes this.
  7. catbefriender

    catbefriender Lead commenter

    3.8 million women affected by the pension changes since the mid 90s. That's a lot of women. Yes, I was aware, as are a lot of women younger than me, but it still doesn't mean it does not affect my generation and those in their 40s and younger. Having to work until 68 to get your state pension is not ideal for many men and women.

    frangipani123 likes this.
  8. catmother

    catmother Star commenter

    Indeed. Considering you have planned your stopping teaching/getting your pension for what seems years now,I find it strange you have not got an up to date statement.
    Rott Weiler likes this.
  9. phatsals

    phatsals Senior commenter

    What a silly reply. I didn't get annual reminders because of my age, the first one I was 19, some 40 years ago. Reminders were and are sent automatically for the years that fall short.

    Again, you have mixed up your information. Years prior to 2015 are of no use to you if you already have 30 years under the old system. If those years were more than 6 years ago, you have left it too late. If you are currently working, and have been since 2015, you won't have any gaps at present. If you have not been working you may pay the missing amounts.

    You can't pay for the years yet to come, only once they have passed. Any and all contributions are counted, it is simply untrue that you would need to pay a full year for a few months shortfall, you pay for only the shortfall.
    eljefeb90 likes this.
  10. phatsals

    phatsals Senior commenter

    3.8 million affected by the changes is not the same as 3.8 million women being unaware of them.
    catmother likes this.
  11. catbefriender

    catbefriender Lead commenter

    Not what I was told LAST MONTH. Perhaps you have a better source of information. Please can you provide it so I can pay some incomplete years on the cheap? Ideally the name and phone number of the HMRC official who can action this. Thanking you in advance.:)

    1.5 hours with HMRC and they told me I HAD TO PAY £749 for those years. You can say all you want but unless you can prove it, there is no point.
  12. catbefriender

    catbefriender Lead commenter

    I didn't say 3.8 million were unaware, you were the one saying that a small group of women were affected, not me.
    frangipani123 likes this.
  13. catbefriender

    catbefriender Lead commenter

    @Rott Weiler I was told by HMRC last month that I could only buy back the years previous to 2016 at £746 each. Let's hope there is a cheaper option for people nearing retiring age.
  14. Rott Weiler

    Rott Weiler Star commenter Forum guide

    That's interesting, I'm in a similar position to PeterQuint and have 34 years (all under the 'old'/pre 2016 scheme) and I've just asked HMRC whether I can buy back the extra year to get to 35 years. I'll see what they say.
  15. catbefriender

    catbefriender Lead commenter

    Yep, please keep us posted and I hope it's less than £749 you have to pay for an extra £4 a week for life.
  16. phatsals

    phatsals Senior commenter

    I said that a small group of women were affected y the change from 65 to 66 as they hadn't had 10 years notice. My information comes from the government white paper, HMRC and a long working life. I have also only recently paid for a shortfall from 2017/18. I think that's pretty up-to-date.

    I stand by what I said, you have misunderstood what has been said to you.

    Are your incomplete years from 2015 onwards?
  17. phatsals

    phatsals Senior commenter

    Again, for the years before 2015, if you have 30 years or over already it is not worth paying for them. You will get nothing back

    2015 was the cut-off when the 'Foundation amount' was calculated, you got the better of two calculations as your starting point. It didn't matter if you had 40 years under the old system, 30 years was it. For the years since, each one adds to your State Pension, up to a maximum amount. You cannot exceed the £168 (ish) pw.

    The 35 years was always misleading. That only applies to those who never contracted out, those of us who contracted out will contribute for longer.
    Rott Weiler and Sundaytrekker like this.
  18. Sundaytrekker

    Sundaytrekker Star commenter

    Rott Weiler, if your 34 years are all under the old contracted out scheme, I think you’ll need more than one more year to get you the full new pension. I’m currently up to 42 years on my record but it still says I need three more years before 2022 to get my full new style pension (for the reasons explained by phatsals above). I’m currently doing this through part time employment but I could pay the £700+ per year in arrears if I stop working.
    catbefriender and Rott Weiler like this.
  19. phatsals

    phatsals Senior commenter

  20. catbefriender

    catbefriender Lead commenter

    The question to HMRC was, can I pay those shortfall years. The answer was yes, I was given a number to ring, I rang it and after a protracted phone call, found out I could pay them each off at £749 a year.

    Not worth it IMO. However, if there is anyway I can pay those incomplete PRE 2016 years for less than £749, I would be extremely interested.

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