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State Pension Forecast - A Warning

B

Badger11

Member
Location
Beckenham
Country
England
I had a nasty shock this week so thought I would share with those who are close to retirement.

I unofficially retired about 13 years ago but my state pension age is 67.

I have always believed that I was 2 years short of the 35 years required for a full state pension. However this week I had a conversation with Future Pensions and they confirmed that I need 38 years of NI contributions for a full pension and not 35. Apparently this is because I opted out in the seventies so paid a reduced rate. I have already paid them for what I though was the missing 2 years.

Simply put I need to pay them almost another 3k for the 3 extra years I hadn't expected. I need to do my sums to decide if it is worth it of course the longer I live the better for me.

I am not looking for sympathy I just wanted to warn people that this much quoted 35 years for a full pension is simply not correct. I only have 2 years to make a decision, I wish I had known this earlier but I guess this is down to me not understanding the complexities.

Anyway please don't assume you are okay you need to check what your status is, the sooner the better.
 
I filled in everything to catch up on mine. I'm abroad and there's a deadline. Of course, although I did the correct procedure and even did it twice, I haven't heard anything back and the deadline's gone. I'll probably (almost definitely) never hear back. Oh well, here's to poverty in old age. Presumably government policy. "Don't want these bed blockers lasting too long".
 
essentially make sure you log on to the gov.uk website and check your NI position and years of contributions well in advance.

Like you i must have opted out when i was in a company scheme and need 37 years, rather than the standard 35.

I'm in my 50s so time on my side.

Essentially the 35 years is a guide and not a rule
 
ASCPFC said:
I filled in everything to catch up on mine. I'm abroad and there's a deadline. Of course, although I did the correct procedure and even did it twice, I haven't heard anything back and the deadline's gone. I'll probably (almost definitely) never hear back. Oh well, here's to poverty in old age. Presumably government policy. "Don't want these bed blockers lasting too long".
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Speak to Future Pensions on 0800 731 0175 they were able to confirm they had received my top up payments and applied them correctly which was a shock when they said they need 3 more years. I had assumed incorrectly they had mislead my payments.
 
Badger11 said:
Speak to Future Pensions on 0800 731 0175 they were able to confirm they had received my top up payments and applied them correctly which was a shock when they said they need 3 more years. I had assumed incorrectly they had mislead my payments.
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I spoke to them and was directed to an online form. Then you fill that in and apparently wait for a letter. This was in March. Nothing since. Anyway, guess I'll get back onto them at some stage.
 
Thanks badger, last time I checked on the pension checker I’m okay, but as I get mine 67 like you and I’ve just turned 60 I think I’ll double check.
My biggest fear is that they’ll move the goalposts and change me to 68 or worse before I get there, I only work part time now because of a private pension I took early but I’m ready for full time retirement now!! I’m not one of these who say “ ooo I’ll get bored” sod that, give me boredom over work any day if the week 🤣
 
BromleyMonkey said:
Thanks badger, last time I checked on the pension checker I’m okay, but as I get mine 67 like you and I’ve just turned 60 I think I’ll double check.
My biggest fear is that they’ll move the goalposts and change me to 68 or worse before I get there, I only work part time now because of a private pension I took early but I’m ready for full time retirement now!! I’m not one of these who say “ ooo I’ll get bored” sod that, give me boredom over work any day if the week 🤣
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My missus who is 62 had a letter at w/e to inform her she will now have to wait till she is 68 to claim her pension.
 
I took early retirement aged 57 in 2014. But I had 39+ years of NIC so thought I’d be OK. There was some tinkering with the SP in 2016, which meant I had a shortfall. I ended up paying £5.6k to top up to full Pension. Just need to live till I’m 70 to get my money back.
Seriously, if you are nearing SP age phone the helpline number above. They were fantastically helpful, spelt out my options and the cost etc.

Still gutted I had to pay a fair amount upfront but hopefully I’ll live long enough to benefit !
 
BromleyMonkey said:
Thanks badger, last time I checked on the pension checker I’m okay, but as I get mine 67 like you and I’ve just turned 60 I think I’ll double check.
My biggest fear is that they’ll move the goalposts and change me to 68 or worse before I get there, I only work part time now because of a private pension I took early but I’m ready for full time retirement now!! I’m not one of these who say “ ooo I’ll get bored” sod that, give me boredom over work any day if the week 🤣
Click to expand...
I retired nine years ago (it was early, thank you - get my state pension next month) and have been asked a few times about getting bored. It's honestly never happened, it may help that after 40 years of work I was bored shirtless by that, but now? It's like a constant holiday. Get up when you want, read a book, watch a film or sport on TV, go out, potter about, have a kip, go to the pub - how can anyone get bored with all this choice?
 
Badger11 said:
I had a nasty shock this week so thought I would share with those who are close to retirement.

I unofficially retired about 13 years ago but my state pension age is 67.

I have always believed that I was 2 years short of the 35 years required for a full state pension. However this week I had a conversation with Future Pensions and they confirmed that I need 38 years of NI contributions for a full pension and not 35. Apparently this is because I opted out in the seventies so paid a reduced rate. I have already paid them for what I though was the missing 2 years.

Simply put I need to pay them almost another 3k for the 3 extra years I hadn't expected. I need to do my sums to decide if it is worth it of course the longer I live the better for me.

I am not looking for sympathy I just wanted to warn people that this much quoted 35 years for a full pension is simply not correct. I only have 2 years to make a decision, I wish I had known this earlier but I guess this is down to me not understanding the complexities.

Anyway please don't assume you are okay you need to check what your status is, the sooner the better.
Click to expand...
I had exactly the same. Apparently as I worked for Civil Service in the early 70s, I had opted out ( for an unknown reason and I was not aware of this). Luckily just before I retired a colleague had a similar situation so I contacted Pensions. Despite having worked continuously for nearly 44 years, I still needed to make up years to get full pension. Was a similar amount to you,
 
ASCPFC said:
I spoke to them and was directed to an online form. Then you fill that in and apparently wait for a letter. This was in March. Nothing since. Anyway, guess I'll get back onto them at some stage.
Click to expand...
🤣 I wrote to them with an enquiry in November 2023, eventually got a reply in June 2024, which basically said what I had told them in my letter. Good luck!
 
Teddy Eagle said:
I retired nine years ago (it was early, thank you - get my state pension next month) and have been asked a few times about getting bored. It's honestly never happened, it may help that after 40 years of work I was bored shirtless by that, but now? It's like a constant holiday. Get up when you want, read a book, watch a film or sport on TV, go out, potter about, have a kip, go to the pub - how can anyone get bored with all this choice?
Click to expand...
Exactly mate, looking forward to it. I plan to buy a T4 camper when the time comes and bugger off down to Cornwall for a few months every summer as well…….the wife can come if she wants🤣
 
BromleyMonkey said:
....... and bugger off down to Cornwall .....
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oh no , not you also ?

Retirement & Pensions. I always had a fear of setting up a fantastic pension and then doing a James Gandalfini before i could enjoy my hard earned gains. After enjoying a Rock 'n Roll lifestyle for many decades, i will be mightily p1.s$ed off if i live to 87. I could even live long enough to see us getting a stadium worthy of an average Championship club.
 
PalazioVecchio said:
oh no , not you also ?

Retirement & Pensions. I always had a fear of setting up a fantastic pension and then doing a James Gandalfini before i could enjoy my hard earned gains. After enjoying a Rock 'n Roll lifestyle for many decades, i will be mightily p1.s$ed off if i live to 87. I could even live long enough to see us getting a stadium worthy of an average Championship club.
Click to expand...
That famous old saying “live long enough to be a hindrance to your children” 🤣
 
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