Guess I fell lucky, at 51yo, traditional retirement of 65/66yo wasn't even on my radar, then few years back I decided to aim for 55yo, so started looking into my UK pension and seeing what i can do with my private ones. 55yo still achievable if I can pay my house off in next 4 years, which is more than doable.
The bit you've pasted only applies if you were born this century, if you were then you are correct and I apologise. If you were born last century then the section below applies to you.yeah, it wasn't working yesterday when i tried to check
just going off what's published here:You must be logged on to see external links
Your State Pension will be calculated entirely under the new State Pension rules.
The full amount of the new State Pension is £221.20 per week for 2024/25.
Each qualifying year gives 1/35th of the full amount, so if you have made or been credited with less than 35 years of qualifying contributions, you’ll receive a lower amount.
For example:
- 35 years gives 35/35 x £221.20 = £221.20 a week
- 30 years gives 30/35 x £221.20 = £189.60 a week
- 10 years gives 10/35 x £221.20 = £63.20 a week.
happy for anyone to provide and clarification (for me as well)
UPDATE:
The pension forecast site is up today and I do get a different forecast compared to that formula BUT that's also VERY different to a forecast I was given over the phone last year by someone from the Pensions team (online more than double what was said over the phone).
how can anyone plan if it's so all over the place, particularly the difference between advice from pensions over the phone v online ?
Don’t know what you do but I would suggest trying consultancy/expert work if your skillset allows. I retired at 61 nearly 13 years ago, used to work around 90 days a year until I was 70 and still do a bit, just picked up 3 jobs which will entail about 45 days work. Most of my work is done at home with odd trip to London.
Yeah, I want some time out at 55yo, with a view to make permanent lifestyle, however, I'm an Engineering Consultant, so I could probably re-enter the jobs market if/when it suits.
Use the link that someone posted, when it starts working again, I'm certain that tells you what your pension is at, of today, and what you could get?Bugger....!
Any ideas on how I find out what my 'starting amount' will be (instead of a forecast based on contributing up until i'm 67)? that's he magic number i need so i can work out if it's worth paying any missed or future years.
I guess it's back to calling them up with that specific question in mind.
Maybe time to do a bit of revision, beats working for someone else even if only part time.
Yeah, mine stated around 90 pounds per week on my current 15 years contributions, it then also gives you a figure of the 221 pounds I can achieve if I do the max contributions.
I worked out of UK for a foreign employer being paid from Singapore. I paid NI voluntary contributions and get full pension, well the the old one.
When you go on there does it not have the amount you can get in a green box but then underneath it theres a line that tells you what you will get based on NI contributions up to last year, then underneath that a line saying forecast if you contribute xxx years?
