SERPS

[rogersh]

The flat rate full basic pension in 2016/17 was £119.30 per week
The basic state pension in 2019/20 rose to £129.20 p/w
Once you have 30 years National insurance contributions.

The new state pension introduced in 2016 was £155.60 per week
The figure has increased in this tax year (2019/20) to £168.60
Once you have 35 years NI contributions.

My state pension age is 66 in 2022

In 2016 I received my state pension forecast starting amount. – with 40 years NI contributions. It was less than the full rate of new pension. (due to contracting out of SERPS/SSP)

From the state pension statement booklet; “you can increase it by adding further qualifying years”.

For each full tax year since April 2016 I have added 1/35th of the new state pension to my forecast amount.
In 2016 £4.45 per annum
“”2017 £4.56 “””””””””
“”2018 £4.70”””””””””
“”2019 £4.81”””””””””

With 2 more years to add.

Note; “However your starting amount plus anything you add after the 6th April 2016 cannot be more than the full rate of the new state pension.”

[heapsy]

If you register on the government gateway you can get a forecast of your state pension provision. I did mine earlier this year and it said I needed 4 more full years to qualify for the state pension of £168.60 and my estimate as of April 2019 was £152.63. I’m 55 and have been with RM since 1985. So I was contracted out for 31 years.

I also did this a few months back. I was 51 at the time, 52 now. Started with RM in 88. I needed 6 years contributions when I checked. Well worth doing.

[TheStrangler]

How do you go about paying up front" as it were to get the maximum pension when you're that age?
My record says no gaps", but I couldn't see any way to pay a lump up front. If I were to pack up work it would appear I'm 4 years short of getting the full state pension @66.
If you can't pay an up front amount can you just claim pension credit to make up the shortfall or doesn't it work like that?

[rogersh]

https://www.gov.uk/government/publicati ... -explained" onclick="window.open(this.href);return false;

[RobertT]

How do you go about paying up front" as it were to get the maximum pension when you're that age?
My record says no gaps", but I couldn't see any way to pay a lump up front. If I were to pack up work it would appear I'm 4 years short of getting the full state pension @66.
If you can't pay an up front amount can you just claim pension credit to make up the shortfall or doesn't it work like that?

As the link rogersh has provided says, it's possible to purchase years or even just weeks of NI credits where you might have gaps in your record, enabling you to get up to the full rate of state pension.

But you can only buy what you've already missed, rather that what you expect to miss. So for example: If you if you had gaps in the current tax year(2019/2020), you won't be able to make those up until after 6th April 2020.

Purchasing missing NI credits can be a very cost effective thing to do over the longer term, as you're likely to get your money back after around 3 years or so of reaching state pension age. Everything afterwards is 'profit'.

You might find this useful: https://www.which.co.uk/money/pensions- ... 0q09p37nsj" onclick="window.open(this.href);return false;

[TheStrangler]

Thanks Robert and as has been said elsewhere, your help is always very much appreciated.

[heapsy]

Just checked my pension again. Only need 4 more years to get the full state pension. Turned 52 in August. Started at RM 31 years ago this Thursday.

[RobertT]

I would recommend everyone looks into their state pension entitlement. Once who've set up your online account, you can check it anytime to make sure you're on track.

Many people will probably assume they'll get the full rate(currently £168.60 per week), but that might not necessarily be the case. So if you know what you'll get in advance it'll help with your financial planning, you won't get any nasty surprises at the point of claiming your state pension and you'll have time to do something about any shortfall you may have.

I've just checked mine, and as of 5th April 2019 I have 4 more years to contribute until I hit the maximum I can get. Which takes me up to just before my 55th birthday.

Shame I won't be able to claim it until I'm 67.

[standanddeliver]

Specified Adult Childcare credits may also be of help to increase your level of contributions if for example you look after a Grandchild under 12 years of age. This is made possible by your Son or Daughter (who is employed and pays National Insurance) transferring the National Insurance part of their Child Benefit to you.
Have a look at the Gov.uk link -

https://www.gov.uk/government/publicati ... fact-sheet" onclick="window.open(this.href);return false;

[Navalron]

How do you go about paying up front" as it were to get the maximum pension when you're that age?
My record says no gaps", but I couldn't see any way to pay a lump up front. If I were to pack up work it would appear I'm 4 years short of getting the full state pension @66.
If you can't pay an up front amount can you just claim pension credit to make up the shortfall or doesn't it work like that?

Yes, pension credit makes everybody who has never worked/ worked enough, get the full state pension. For people who have paid into a retirement/pension like most people who work you won't qualify for pension credit because your pension when in payment is classed as income. But a lot of people don't know that you can claim a savers pension credit. It's for or who have made pension provision for themselves. It's not as generous as it was a few years back but still about £11 per week in your tail. I deal with this every day and it really annoys me that I'm awarding people who have never worked the full rate pension and pension credit. And they know how to claim all the rest that's available but our bosses under pressure from ministers will not hear a bad word about pensioners. Anyway most posties will qualify for savings credit but it is being done away with soon but not sure as I'm away from that section just now.

[heapsy]

I would recommend everyone looks into their state pension entitlement. Once who've set up your online account, you can check it anytime to make sure you're on track.

Many people will probably assume they'll get the full rate(currently £168.60 per week), but that might not necessarily be the case. So if you know what you'll get in advance it'll help with your financial planning, you won't get any nasty surprises at the point of claiming your state pension and you'll have time to do something about any shortfall you may have.

I've just checked mine, and as of 5th April 2019 I have 4 more years to contribute until I hit the maximum I can get. Which takes me up to just before my 55th birthday.

Shame I won't be able to claim it until I'm 67.

Paying extra via PSE helps to avoid the extra NI payments, as you know. So wrong that you get nothing for them. Another example of how people are ripped off in this country.
As I'm a similar age, I also will have to wait until 67 to get my state pension.