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Gap in Pension Contributions - Advice Needed
Goodjob
Posts: 32 Forumite
My wife is 37 and a housewife and has recived a letter from the HMRC that says the following:
My questiuon is - it it worth paying this money - I can get it from savings but its a lot of money to take out?
Thanks
So far you have 14 years which count towards your basic State Pension. You need 30 years which count to get a full basic State Pension. If you want to you can pay £392.60 to make 2006-07 count as well. But you don't have to pay.
A State Pension forecast may help you decide whether to pay or not.
Why might I want to pay?
If you do not pay then 2006-07 will not count towards your basic State Pension or bereavement benefits that are paid to your husband, wife or civil partner if you die and they are under State Pension age.
My questiuon is - it it worth paying this money - I can get it from savings but its a lot of money to take out?
Thanks
__________________________________________________
Do what you have to do, so you can do what you want to do.
Do what you have to do, so you can do what you want to do.
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Comments
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It depends. Currently, if she doesn't work or pay voluntary NI contributions then she will get 14/30 of a state pension when she gets to pension age. If you pay for this year it will mean she gets 15/30 or half a state pension.
But if she intends to go back to work she has more than enough years left in which she could achieve 30/30 naturally.
If you do nothing at all she can claim 60% of a basic state pension against your contributions when both of you reach pension age.
If she is in receipt of child benefit she is getting years credited until the youngest is 12.0 -
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ffacoffipawb wrote: »16 surely?
Nope. 12 after April 6 2010.
ETA: If child is between 12 and 16 at that date protection would stop.0 -
My daughter is one - does that mean that my wife will get another 11 years added to her state pension - meaning that she will only need to work 5 years after the 11 years to get the full pension entitlement?__________________________________________________
Do what you have to do, so you can do what you want to do.0 -
My daughter is one - does that mean that my wife will get another 11 years added to her state pension - meaning that she will only need to work 5 years after the 11 years to get the full pension entitlement?
Yes. It's 30 years either paid for or credited to get a full state pension.0
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