[PaulB]

How do contributions for state pension work these days? It used to be that you needed 35 years of NI contributions to receive state pension, but all that seems to have changed as pension age has inexorably move into the future.

I have tried looking on the Pensions (government) website, and it's not exactly clear. I'm trying to work out whether I need to £x00 per year to increase what I will receive in years to come, despite having made in excess of the aforementioned 35years' contributions.

One thing that I did learn was that not all "time spent in full time education" is equal. Time at school (16-18) has been credited with contributions, but my time at university hasn't. I wasn't told at the time that this was the case so wasn't given any option to "buy those years" back - which I guess is just as well, as they seem to have moved the goal posts anyway!

Anyone out there understand how this works?

[skydriller]

I have already come to the conclusion that I probably wont be able to ever properly retire. Im 46 and suspect I will probably have to work in some form (consulting/part time) until I cannot physically work any longer.

Sorry, not helpful really, am I... SD..

[Colonel Panic]

Fairly sure you need 37 "qualifying" years now to get a "full" state pension, but whether or not you spent any time "contracted out" (like wot I was in the late '80s) will also impact on what you do get come retirement.

[Stevepilot]

Hi Paul,

You can now get an online statement which will give you current and expected state pension and how much extra, if any , NI contributions needed to get you up to full state pension at your retirement age.

Hope this helps

Steve

[PaulB]

For me, it'll prob all be contracted out, as I had a workplace pension (except for when I was at school.)

The "rules" are here, but seem to have been written by someone who doesn't understand that there may be people who don't understand the rules as well as they do.

https://www.gov.uk/new-state-pension

You used to be able to easily get a record of your contributions, but I can't find that link any more....

[PaulB]

You can now get an online statement which will give you current and expected state pension and how much extra, if any , NI contributions needed to get you up to full state pension at your retirement age.

Yes, I've seen that before, but I'm struggling to find the link now.... will look later when I get back home.

[VRB_20kt]

This might be what you're looking for:
https://www.gov.uk/check-state-pension

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[Bill Haddow]

Without detracting from @Stevepilot 's useful post, about 4 or 5 years ago I was wondering whether I had enough contributions so I enquired by post (can't remember the address I wrote to, but I'm sure it's Googleable). I got a reasonably prompt reply, within about 10 days or so, telling me I qualified for full State Pension so didn't need to "buy" contributions. What of course the "full" State Pension you receive actually amounts to is dependant on things like Grad Pen, SERPS contributions, and other government Ponzi schemes you have been swindled by.

Bill H

[Miscellaneous]

I have a vested interest in monitoring it, at last check it was 35yrs, up from 30yrs.

What I don't think has been mentioned yet is that you can 'buy years', full, or by making payments for years with partial contributions.

[rikur_]

Fairly sure you need 37 "qualifying" years now to get a "full" state pension.

at last check it was 35yrs, up from 30yrs.

It used to be that you needed 35 years of NI contributions

Which leaves me confused. The HMRC website tells me that I have 23 full years, and need 7 more to reach maximum.

I must admit I regard it as fairly academic. I expect a few major political changes between now and then, which will no doubt seize and nationalise my private pension pot, and completely change the basis of state pensions. I doubt anyone currently in the 20s/30s/40s will see a retirement anything like what the current over 60s have.

[VRB_20kt]

IIRC if you have contracted out at any stage, you need less years to reach your maximum pension, but your maximum state pension is reduced.

Incidentally, do take care when buying extra years. It appears that only some of the years that can be bought actually add anything to your final pension. Hopefully someone who understands this can explain it. It seems to be related to the 2016 rule changes.

I too suspect state pensions are something of a Ponzi scheme.

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[Colonel Panic]

Well, I'm confused to. https://www.gov.uk/state-pension/eligibility says one needs 30 years, but I have more than that and "they" still say I need to make more contributions in order to get a "full" pension.

This says you need 35 years. https://www.thisismoney.co.uk/money/pen ... nsion.html

As does this Which page https://www.which.co.uk/money/pensions- ... 4hl7u86kpr

Clear as mud !

[PaulB]

Well, I'm confused to. https://www.gov.uk/state-pension/eligibility says one needs 30 years, but I have more than that and "they" still say I need to make more contributions in order to get a "full" pension.

That’s exactly my situation. As you say, clear as mud! A few months ago I rang them up, but the person i spoke to knew less than me.

[PaulB]

Incidentally, do take care when buying extra years. It appears that only some of the years that can be bought actually add anything to your final pension. Hopefully someone who understands this can explain it. It seems to be related to the 2016 rule changes

It is and my whole query is whether (a) I need to buy extra years and (b) whether that would be a sound decision.

I tnink the answers for me would be yes and no. (If the answer to b for anyone is yes, then the “price” increases in April (I think))

[Miscellaneous]

Clear as mud !

CP @PaulB , try the New State Pension page , as I say it went from 30yrs to 35yrs.

...whether that would be a sound decision.

A decision I suggest is best made immediately before reaching pension age and claiming.