New effort to boost women's state pension

EdInvestor

http://business.scotsman.com/personal-finance/Jeff-Salway-Lord39s-to-consider.4605639.jp


Lords Bill would allow women retiring before 2010 to buy more back years.

glitterkitty

that article isnt quite accurate - at the moment, up to TWELVE years of NI can be bought back as long as there are gaps in NI in the years. This will only be the case until April 2009 though.

EdInvestor

glitterkitty wrote: »

that article isnt quite accurate - at the moment, up to TWELVE years of NI can be bought back as long as there are gaps in NI in the years. This will only be the case until April 2009 though.

I'd thought it was 10 years (or perhaps now 9)?

This relates to the DWP failing to advise people in the late 90s that they would fall short of a full year's entitlement. Those who weren't informed can still pay up for the relevant years. Normally you can only back pay up to 6 previous years.

The Lords Bill IIRC would enable women to buy up any six years over the whole working life.

glitterkitty

EdInvestor wrote: »

I'd thought it was 10 years (or perhaps now 9)?

This relates to the DWP failing to advise people in the late 90s that they would fall short of a full year's entitlement. Those who weren't informed can still pay up for the relevant years. Normally you can only back pay up to 6 previous years.

The Lords Bill IIRC would enable women to buy up any six years over the whole working life.

its from 1996 to now. if someone knows they didnt work or claim a benefit in 07/08 or 08/09 they can pay for them by class 3 now.

i work for NI and this has never been mentioned to us. if something is even just in talks we have to know about it in case we are asked anything.

flossy_splodge

could you please explain EXACTLY how
1. you check if you fall into this category and
2. what the process is for buying back?
Many thanks.:eek:

glitterkitty

0845 915 5996 thats the number for Deficiency Notices. you can ask if you have any gaps in NI from 1996-2006/7 (and later if you are below state pension age and know you havent worked or claimed benefit in 07/08 and 08/09) and how much it would be to pay back. then you can just send in a cheque.
also you should get a pension forecast from 0845 3000 168

EdInvestor

flossy_splodge wrote: »

could you please explain EXACTLY how
1. you check if you fall into this category and
2. what the process is for buying back?
Many thanks.:eek:

Current rules are here:

http://www.hmrc.gov.uk/nic/class3.htm

Having checked you are eligible and would benefit by doing it, you just send a cheque.

glitterkitty

if you call the first number tomorrow (open 8am till 8pm) then call the pension forecasting team on the second number, you should be able to find out how much your pension would change by.
Then you make your cheque out to "HM Revenue and Customs Only"
put your NI Number and tax years you are paying for on the back
and send to:
HMRC
NICO
Accounts Office
Benton Park View
Newcastle Upon Tyne
NE98 1ZZ

P.S EdInvestor: i'm going to ask about that article at work tomorrow, see if anyone in the NICO office has actually heard of it, cause we may end up getting a lot of calls about it. Trouble is, theres always stuff like that in the media and most of it isnt true.

EdInvestor

glitterkitty wrote: »

EdInvestor: i'm going to ask about that article at work tomorrow, see if anyone in the NICO office has actually heard of it, cause we may end up getting a lot of calls about it. Trouble is, theres always stuff like that in the media and most of it isnt true.

The first time this Bill was presented it ran out of time and was dropped. Interesting it's back again. There's no doubt in my mind that women have been severely disadvantaged under the old state pension rules, and now more of them are getting to realise it. It's hard to know how many women the Bill would help if passed however.

EdInvestor

http://www.telegraph.co.uk/finance/personalfinance/pensions/3250297/Thousands-of-women-to-receive-full-pension-after-government-about-turn.html


Women who stayed at home to be allowed to buy up to 6 extra back years until 2015:T

The latest proposal, to be announced today by James Purnell, the Work and Pensions Secretary, will apply to women who reach the state retirement age betweenApril 6 2008 and April 5 2015.

You also have to have 20 years NICs already to be allowed to buy another 6.

seven-day-weekend

Yay....excellent news EdInvestor!