Can my pension forecast be right? Am I reading it wrong?

[Maggiemargherita]

Does this mean I will get a full state pension with 3 more years of contributions? If so I don’t understand why. I’m 44.

It's in 2048 not 2028 I'm afraid. It says 3 more years and you've paid enough though

Ok I’m not the brightest! Why does it say contribute 3 more years before 2048?

If you started contributing before 2016 via NI then you only needed 30 years to get the full pension. Is that what happened in your case? You’ve worked from 16/17?

That’s how I read it. Just need 3 more years any time between now and 2048. (Obviously you don’t actually get the pension in 3 years time!). I’m 50 and mine says I’ve got to the full state pension, and said that when I first checked one or two years ago. I’ve got less than 35 years (about 30 I think) but it’s to do with the change in 2016.

Because that when you can take your pension from - 2048.

Thank you! Yes I did.

I recently stopped working and thought I’d have 8 years to contribute voluntarily so I’m chuffed

Sorry yes I get this. I replied before you edited

I had something like that with my forecast. The lower figure was what I would get in today’s terms if I continued contributing until retirement age. The higher figure was the full state pension ( in todays terms) which I could get if I made up a shortfall of 4 years. If it’s the same thing with you, you may have a shortfall of 3 years somewhere along the line. I didn’t understand it fully, but the helpline lady was very helpful. It was to do with pre and post 2016 contributions.

My husband recently had to pay 3 years to plug the ni gaps and he worked continuously for 40+ years. Why would this be?

I'm pleased you asked this as I checked mine last night (after the SERPS thread) and couldn't work out why I only needed another 3 when I'm only 47 and started contributing at 21. I'd assumed I needed 35 years so it's good to know about the 30.

Not that it matters as I'll still be working for many more than 3 years. I was just worried there was a mistake.

@Maggiemargherita did he have to plug it? I've got a few years where I could plug it, the uni years where I earnt a bit but not enough but there's no point as I'll be working long enough to make up for them

To get the full pension, yes he had to plug it last year at 65, he’s turned 66 this week. He worked for a corporate that did something funny with pensions. But still don’t get why he had gaps and why I only need 30 years when he worked 40+

He more than likely "contracted out" this is where you paid less NI and more into a private pension. It means he didn't get the full state pension entitlement for those years.

https://www.gov.uk/contracted-out

Thank you. Yes this makes sense now.

I might be wrong but I think the 30 year rule (30 years' NI contributions to get a full state pension) only applies to people on the old state pension ie those who reached state pension age before 6th April. Otherwise you'll come under the new state pension rules which require 35 years.

www.ageuk.org.uk/information-advice/money-legal/pensions/state-pension/basic-state-pension/

My post above should say "6th April 2016" *

OP started NI contributions before 2016 so would have a recalculation done at that point. She may have needed more or less years depending on various factors. Her forecast shoes that she will get the New State Pension amount for her 30 years contributions.

It seems to be bit more complicated than that. I clicked new state pension from your link and read this (though don’t fully understand it). I’m going to trust the forecast and finally feel grateful for my McDonald’s job at 16 😆

My interpretation is this. Even if you continue to contribute until 2048 you will be 3 years short. I think currently you need 35 years for a full pension.

If you weren't contracted out of SERPs and paid full rather than reduced NI then the number of years required for a full state pension is reduced. Sounds like the opposite for DH, if he was contracted out for many years he would need more than 35 years NI contributions for a full state pension.

I did wonder if this is how I was reading it wrong but that wouldn’t make sense either. If I carried on working until 2048, I’d have worked for 51 years!
i don’t think you’re right but happy to stand corrected.

Your interpretation is wrong. It clearly states on her forecast that if she contributes another 3 years before 2048 she will get the full state pension

You are correct. You only need to contribute 3 more years.

You definitely currently need 35 years to get the full SP. I know b/c I've just started receiving mine and I had to top up another 3 years to reach it.

My understanding of your situation OP is that you must currently have 32 years, so only need another 3, even though you won't be entitled to receive it until 2048 and if you're working right up to retirement, you'll pay in far more than 3, but anything above 35 years won't increase your entitlement

I definitely don’t have 32 years. I wasn’t paying NI at 12!