Just been for a walk down to the Pharmacy to pick up an item they didn;t have yesterday
It is warmer and far more humid out there than I thought
now soaked in sweat!!!!
Also been onto the Old Age pension people and sorted out my pension/National Insurance payments - I had 2 years missing
that should be enough for me to get the full pension when I am old enough
although I suspect I will have to give them some more money next year - but that should be all
When I was working and paying NI - the explanation of why it said "contracted out" never said that I would have to pay extra once I retired to make up the bloomin' difference
not sure this wasn;t a fiddle!
anyway - I would suggest anyone who is not old enough to claim the pension yet contacts them to see how things are going!
Can I suggest you double-check this as I’m not sure it’s correct. If you have two missing years now, you may have more by the time you’re 66. You’re retired now but below State Pension age. As you’re no longer employed you’re not paying NI which is the important point for the state pension. I don’t know what age you are but lets say it’s 64, and your SP age is 66. If you make no NI contributions in the next two years I think you will find you have a choice; either accept a reduced SP or “buy” the additional years to receive the full SP. You can check all this on the .gov.uk website
My wife retired at 60 with an SP age of 66. To receive the full SP she had to buy the years , between 60 and 66, in order to receive the full SP. Financially it was a no brainer as the return on investment is very good, especially for those who’ve enjoyed the last two significant leaps in the SP.
The proportion you contracted out should have outperformed Additional State Pension (SERPS) making the pension you receive higher than it would otherwise have been. You haven’t been fiddled. It’s clear to you your SP is reduced, what you don’t know, is just how much your other pension increased by virtue of contracting out. Generally, it was a good thing to do.
