National Insurance record - Do you have any gaps?

EdGey said:
My wife is in exactly this situation after she left work to raise our family. I suspect women on the whole are much worse off when it comes to retirement planning.
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Sure but, currently, a person has circa 47-50 years to make the required contributions which means someone can essentially "miss" 12-15 years off and still make it. Even then, they can purchase several years back.

Retirement planning has been relatively high profile for quite a number of years especially since things like the Waspi problem and the workplace pension scheme rollout so people should really be aware to at least the point of making sure they are paying into one and where their current standing is for future financial security.
 
EdGey said:
My wife is in exactly this situation after she left work to raise our family. I suspect women on the whole are much worse off when it comes to retirement planning.
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Richie said:
Sure but, currently, a person has circa 47-50 years to make the required contributions which means someone can essentially "miss" 12-15 years off and still make it. Even then, they can purchase several years back.
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This is why it's important to claim Child Benefit, even if you're over the threshold and have to pay it back. Because a woman claiming child benefit still gets Class 3 NI to complete her record every year whilst the child is under 12
 
Richie said:
Sure but, currently, a person has circa 47-50 years to make the required contributions which means someone can essentially "miss" 12-15 years off and still make it. Even then, they can purchase several years back.
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This is what my wife did.
She missed loads of years with kids and she retired early 3 years ago but needed to pay one year to make it up.

Mrs Sexy just said the calculator said she had got enough so didn't have to pay however she will have state pension of £221.20 unlike the enhanced pension I get which is £249.
 
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Richie said:
What is the extra you get and what did you do to qualify for it as £221.20 is the full state pension.
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Since 2016 I have been paying National Insurance when I had already paid in full.
I rang up and they said my extra 8 years was the extra payment

POUYMry.jpeg
 
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SexyGreyFox said:
Since 2016 I have been paying National Insurance when I had already paid in full.
I rang up and they said my extra 8 years was the extra payment

POUYMry.jpeg
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Cheers for uploading that. In typical government style, I still don't quite grasp it. You mention you paid NI after you paid in full - what do you mean? I ask because many people continue paying full NI after they have paid their full years e.g. currently 35 years.

I follow that, due to you reaching your State Pension Age (65?) after 2016, you get the new SP of £221

I see the Protected Pension section and I assume that it's the first part that is relevant to you surrounding the starting amount?

Can someone translate that part of the letter into dumb ass for me? :o

I'm asking genuinely BTW
 
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SexyGreyFox said:
Since 2016 I have been paying National Insurance when I had already paid in full.
I rang up and they said my extra 8 years was the extra payment

POUYMry.jpeg
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Isn't that to do with the previous SERPs? That only applies to men born before Apr 1951.

Additional State Pension, also known as the State Earnings-Related Pension Scheme (SERPS) and State Second Pension, is an extra amount of money you could get on top of your basic State Pension if you're a man born before 6 April 1951 or a woman born before 6 April 1953.
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It is possible to have a starting amount higher than the full new State Pension if you have some Additional State Pension. The difference between the full new State Pension and your 'starting amount' is called your 'protected payment'
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If your starting amount is more than the full State Pension amount, the extra amount is called your 'protected payment'. This is paid on top of your new State Pension when you claim and increases each year in line with inflation.
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So yea, its a

dlockers said:
Boomer bonus
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:p
 
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Richie said:
Cheers for uploading that. In typical government style, I still don't quite grasp it. You mention you paid NI after you paid in full - what do you mean? I ask because many people continue paying full NI after they have paid their full years e.g. currently 35 years.

I follow that, due to you reaching your State Pension Age (65?) after 2016, you get the new SP of £221

I see the Protected Pension section and I assume that it's the first part that is relevant to you surrounding the starting amount?

Can someone translate that part of the letter into dumb ass for me? :o

I'm asking genuinely BTW
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Under the old scheme you could make additional contributions based on earnings, so you had the basic state pension and SERPS or additional state pension. That protected payment is a protected part of the old state pension schemes, its nothing to do with extra NI contributions post 2016 or anything like that. You cant pay more NI to get a higher state pension now.
 
200sols said:
The letter explains it, you have a protected payment from pre2016. Its nothing to do with contributions post 2016.
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I rang them up and it was because I'd been paying for an extra 8 years.
I had no protected payments except for the payments after 2016.
So perhaps the extra payments had been turned into protective payments.
It wasn't any payments I made before 2016.
 
SexyGreyFox said:
I rang them up and it was because I'd been paying for an extra 8 years.
I had no protected payments except for the payments after 2016.
So perhaps the extra payments had been turned into protective payments.
It wasn't any payments I made before 2016.
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I don't know what they told you on the phone, but the letter clearly says it's to do with pre-2016 payments.

SexyGreyFox said:
Born 1958
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I don't know why the protected payment is there then <shrug>

Edit : Maybe the rules changed regarding the age and anyone who paid SERPs now gets it?
 
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Isn't it just because he would have been paid more under the old system than the new system - so there's an adjustment to make him not worse off? But someone messed up because now he's better off? Maybe because they didn't know if he would work future years after the change or not, so paid everyone affected in the same way?
 
SexyGreyFox said:
I rang them up and it was because I'd been paying for an extra 8 years.
I had no protected payments except for the payments after 2016.
So perhaps the extra payments had been turned into protective payments.
It wasn't any payments I made before 2016.
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Then whoever you spoke to is wrong. Protected payments are for pre 2016 stuff.
Freakbro said:
I don't know why the protected payment is there then <shrug>
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You already said it, most likely SERPS payments which meant they have a higher starting rate than the new state pension.

From HMRC
The State Pension changed on 6 April 2016 for people who reach State Pension age from then onwards. This is men born on or after 6 April 1951 and women born on or after 6 April 1953.
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If your ‘starting amount’ is more than the full amount of the new State Pension​

You will get this higher amount when you reach State Pension age. It is possible to have a starting amount higher than the full new State Pension if you have some Additional State Pension. The difference between the full new State Pension and your ‘starting amount’ is called your ‘protected payment’.
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The one thing that is certain is that its nothing to do with extra NI payments after 2016.
 
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