Have you checked your state pension forecast?

Things change I've changed

Things change I've changed

Things change I've changed

Soldato
Joined
27 Jul 2005
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The Orion Spur
I found this interesting link yesterday and thought it might be fun to post up your state pension/NI stats,

https://www.tax.service.gov.uk/checkmystatepension

It's pretty easy to join, especially if you have a passport handy, doesn't matter if it's expired, took me a couple of minutes.

Apparently I've got only ten more years of national insurance contributions to pay and I've maxed out my state pension which is a bit annoying, as since the rule change recently even though I could end up with 52 years of national insurance contributions by retirement age I won't get any higher state pension, I guess it's time to invest in a private pensions scheme maybe.

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You can also check you National insurance record to see if their are any gaps and top them up if needs be,

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No gaps in mine but my partner had a few gaps and she has been able to top them up which is handy, it will tell you how much you need to top up if you don't have a full qualifying year and it's good to check as there is a time limit to top up, I think 5 years.
 
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lowrider007 said:
Apparently I've got only ten more years of national insurance contributions to pay and I've maxed out my state pension which is a bit annoying, as since the rule change recently even though I could end up with 52 years of national insurance contributions by retirement age I won't get any higher state pension, I guess it's time to invest in a private pensions scheme maybe.
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You've been working 23 years and you're only just thinking about a private pension? You've left it a bit late. Compound interest FTW!
 
currently £79 a week, need another 18years to get full before 2051

but currently on average salary pension as well. so should be good, that's if I stay on it.
 
10 years of full contributions
38 years to contribute before April 2054
4 years when you did not contribute enough
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Apparently I've four years of gaps - this was whilst I was at Uni. The there years prior to Uni (16/17/18) I apparently contributed in full despite being at school/sixth form at not working :confused:.

It also shows that if I contribute for another 24 years I'll hit £155.65, guess there's zero point topping up those lost years then :p
 
Pho said:
Apparently I've four years of gaps - this was whilst I was at Uni. The there years prior to Uni (16/17/18) I apparently contributed in full despite being at school/sixth form at not working :confused:.

It also shows that if I contribute for another 24 years I'll hit £155.65, guess there's zero point topping up those lost years then :p
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You get automatic contributions whilst in school from when you turn 16.

However, university doesn't count. That was your choice.

do_ron_ron said:
By 2045 £145 will be worth about £80, if you are lucky.
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State pension is currently triple locked. Under the lock, by 2045 it will be worth a lot more than current amounts even accounting for inflation.

It will always increase at least by inflation (the higher of inflation, 2.5% or average wage growth). Given inflation is very low right now and likely for the next few years, it has been increasing a lot in real terms.
 
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lowrider007 said:
I'm 38 years old now, is that too late then? And yes unfortunately I have only just started thinking about a pension.
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It's not too late. Assuming you retire aged 68 you've got a good 30 years of saving ahead of you. Remember that when you pay into a pension scheme you don't pay income tax on what you pay in, and your employer is legally obliged to contribute to your pension as well.
 
lowrider007 said:
I'm 38 years old now, is that too late then? And yes unfortunately I have only just started thinking about a pension.
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As mentioned it's not a terrible point to start.

Your salary is likely at its highest point in your career so you can afford to put a lot away and hopefully get 40% tax relief if you are in the higher rate.

Even people that start early, likely make the majority of their contributions from around your age.

You have lost 15-20 years of asset price growth in the mean time, but if you've been putting that money into a house or something in the mean time it might have actually worked out better.
 
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muon said:
State pension is currently triple locked. Under the lock, by 2045 it will be worth a lot more than current amounts even accounting for inflation.

It will always increase at least by inflation (the higher of inflation, 2.5% or average wage growth). Given inflation is very low right now and likely for the next few years, it has been increasing a lot in real terms.
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As you said 'currently triple locked' but when the economic downturn happens I wonder how long that will last. Everyone's inflation rate is separate. The 'basket' of items used to calculate this includes things a lot of people will never buy.
 
do_ron_ron said:
As you said 'currently triple locked' but when the economic downturn happens I wonder how long that will last. Everyone's inflation rate is separate. The 'basket' of items used to calculate this includes things a lot of people will never buy.
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It's an average. Some people's will be higher, but equivalently some people's will be lower. So what are you doing exactly? Picking the unluckiest pensioner possible who spends all their money on something which will see very high inflation?

Claiming that a £145 pension now will be a £80 pension in 2045 money is completely wrong.
 
Pho said:
Apparently I've four years of gaps - this was whilst I was at Uni. The there years prior to Uni (16/17/18) I apparently contributed in full despite being at school/sixth form at not working :confused:.

It also shows that if I contribute for another 24 years I'll hit £155.65, guess there's zero point topping up those lost years then :p
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I think you only need 25 years of full contributions to qualify for the full state pension. You can technically stop paying then.

I can't find that in writing though, but it's what I was told :o
 
EVH said:
I think you only need 25 years of full contributions to qualify for the full state pension. You can technically stop paying then.

I can't find that in writing though, but it's what I was told :o
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you have to carry on paying until retirement regardless.

look at the bottom of the first image in op.
 
Yeh, NI is a tax. You don't get to decide if you want to pay it. The government still needs to raise money to pay all expenditures, including current pensions.
 
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