Voluntary NI contributions and pension
ColinClean
Posts: 2 Newbie
Hello,
I am new here, very grateful for a fabulous resource, and quite probably going over old ground (I'm very much a newbie when it comes to any sort of serious financial management) for which I apologise.
That said...
I've just used the pensions caluculator at .GOV.
It tells me that I cannot increase my forecast pension payout other than by delaying claiming it.
But I have an incomplete year in my National Insurance record - 2008-9 - that I can make up with a payment now (the amount will go up in 2019, the site tells me).
Am I misunderstanding things? I thought if I made voluntary contributions it would improve my pension situation. Or will those contributions simply go towards coverage of other benefits.
I'm self-employed now, but wasn't at the time the contributions fell short.
Thank you in advance for any help you can give.
I am new here, very grateful for a fabulous resource, and quite probably going over old ground (I'm very much a newbie when it comes to any sort of serious financial management) for which I apologise.
That said...
I've just used the pensions caluculator at .GOV.
It tells me that I cannot increase my forecast pension payout other than by delaying claiming it.
But I have an incomplete year in my National Insurance record - 2008-9 - that I can make up with a payment now (the amount will go up in 2019, the site tells me).
Am I misunderstanding things? I thought if I made voluntary contributions it would improve my pension situation. Or will those contributions simply go towards coverage of other benefits.
I'm self-employed now, but wasn't at the time the contributions fell short.
Thank you in advance for any help you can give.
0
Comments
-
If you have been contracted out, then topping up your pre 2016 record won't necessarily increase your pension.
How old are you/how long were you contracted out for/how many full years of NI do you have/what is your current forecast?0 -
Thank you for your answers.
That amazingly detailed chart is wonderful, Xylophone, thank you. It seems I can't top up.0
This discussion has been closed.
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