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Author Topic: State Pensions and NICs  (Read 142 times)

Offline tecspec

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State Pensions and NICs
« on: 19 July, 2018, 11:46:24 AM »
I'm confused.
I had the understanding that to qualify for full state pension you had to have a certain number of years of National Insurance Contributions (NICs). I believed that it was 30 years.
As we are planning on retiring next year, I've just checked my expected Pension. It says that I have 42 years of NICs but as 4 years were not full (2011-2014) my state pension will be lower than expected.

Is the sum they quoted just an estimate? Do they calculate from your pension age backwards or for your whole working life?

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Offline P-Kasso2

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Re: State Pensions and NICs
« Reply #1 on: 28 August, 2018, 12:05:18 PM »
I'm confused.
I had the understanding that to qualify for full state pension you had to have a certain number of years of National Insurance Contributions (NICs). I believed that it was 30 years.
As we are planning on retiring next year, I've just checked my expected Pension. It says that I have 42 years of NICs but as 4 years were not full (2011-2014) my state pension will be lower than expected.

Is the sum they quoted just an estimate? Do they calculate from your pension age backwards or for your whole working life?

Very good question Tec. The Pension authorities are a total mystery. I don't think even the Chief Pension Honcho knows how the pension department works.

To me, the way they work seems to be based on a convoluted system based on a large bag of intestines.

What one pension officer says will probably be dismissed by the next pension office worker you ask - and so on and on, right down the corridors of power.

All you can do is ask as many pension officers as possible and get their best offer given to you in writing (preferably in triplicate). Then you can wave your bit of paper under the nose of the next pension officer you talk to...and point to your previous best offer and say "Beat that if you can!"

It might confuse them long enough for you to actually claim an amount that suits you rather than one that suits a slack-lipped pension officer's idea of what pittance you need to live on.

"I live in hope"