40 Years of NI contributions = £119.35 :(

jem16 wrote: »

Have a read at this as it's easy to follow. As has already been said you can make post 2016 contributions.


http://www.royallondon.com/Global/documents/GoodWithYourMoney/TOPPING-UP-YOUR-STATE-PENSION-GUIDE.pdf

frank777 wrote: »

Gers 2015/2016 doesn't count for any extra State Pension - a waste of money in your case - 2016/17 will count - molerat will confirm what I say!

I'm due to retire next year and I am gathering information too from the good people on this board.

HMRC staff don't have a clue, I believe you have 90 days to ask for a refund for 2015/2016, if your lucky!

The guide was very easy to follow, thank you.

It indicates that I am able to make class 3 contributions for 2015 / 2016 in my case so I'm not sure why Frank777 says I'm not.

Gers wrote: »

It indicates that I am able to make class 3 contributions for 2015 / 2016 in my case so I'm not sure why Frank777 says I'm not.

As DaveMcG says you are able to make the contributions but it won't improve your pension so is a waste of money. This is because you already have 35 years and it is your contracted out years that are reducing your amount from the full £155.65.

If you are able to make contributions after April 2016 then this will increase your pension.

So as frank777 says I would advise seeing if you can get that payment refunded and put it to use for contributions from 2016 on.

When do you reach spa and what did your forecast say you would get?

Gers wrote: »

Thanks - I'll give them a ring tomorrow or Tuesday.

I'm a 62 year old female with SPA date of July 2019 and 46 years of NI contributions. I can't recall (or access) what the paper forecast said right now but there was a shortfall because of my final salary pension which I''m already taking.

So at the most you will be able to make contributions for 2016/17 and 2017/18 which would increase your pension by around £8.90pw.

It's so very confusing! I thought I had it all sorted last week and my online forecast now shows the full amount. I'll do some more digging.

Your online forecast will show two sets of figures. One based on what you have earned so far and the other based on what you would get should you continue to contribute till spa.

Which one are you referring to that shows the full amount? I'm presuming it's the one that shows what you will get should you still be contributing.

I ceased full time employment totally on 31 March 2015 and later in that year began a two hour a week role and a casual other role. Only had a shortfall of 17 weeks for 2015 / 2016

With £142.01 which will now have increased due to inflation, you should indeed be able to make it up but only with contributions for 2016/17 and 2017/18.

I've just phoned HMRC (surprisingly easy first thing this morning) - the agent I spoke to wasn't particularly helpful though that probably wasn't her fault.

She told me to write to them requesting a refund and stating why. I've printed off a form from the website. The archived section gives a new link which then links back to the archived page!
Then I rang DWP, the agent there confirmed that 2015 / 16 are of no benefit to me. She also explained that, to get the full SP, I need to make payments for two years. Payments in 2016 / 17 will enhance my SP by £4.45 and in 2017 / 18 by £3.41 to take me the full pension.

I dug out my forecast from July 2016 which has-

We estimate that when your reach your SP age on 06 July 2019 your SP will be £147.79 a week. <snip> …you have 46 qualifying years up to tax year 2015 / 16…we estimate your COPE amount is £53.90 a week.

I'll post off the form this morning.

HUGE thanks to frank777 for pointing out the problem, Jem16 and DMcG too.

:T:T:T

OldBeanz wrote: »

Now if you were to start a job, delivering papers for friends, trading on eBay, etc., you could register as self employed and pay class 2 This would save you £500 less the few pounds tax on earnings.

I'm already doing two very part time jobs so the shortfall - at least for 2016 / 17 won't be too much. NOT doing anything self employed!