Pension Boosting Calculator- PLEASE HELP US TEST!!

Hungerdunger

I don't want to muddy the waters too much, but have you considered Bereavement Benefit? For instance, I'm 57, and have paid my 30 years of contributions, so I don't need to pay any more for my pension, but I haven't paid enough to qualify my wife for the full rate of Bereavement Benefit should I die before she reaches pension age.

As we're both in fairly good health, we've reached the decision that we won't pay extra contributions, but other people might reach different conclusions.

Mozette

Worked for me. I was thinking about doing it - thought I'd be 2 years short, turns out I would only need to buy 1 year, then would have to live 3 1/3 years to benefit. I think I can manage that, even though we're not a long lived family!

Debt_Free_Chick

Martin

Consider making it absolutely clear that its a State Pension calculator. As it is, some folk might think it's a "general" pension boosting calculator and some people do not even realise that there is a relationship between NIC and State Pensions!

Even though you anticipate that folk will find the calculator via the article about State Pensions, Google may well lead some straight to the calculator itself.

seven-day-weekend

Good Calculator!

Agree with Debt-Free Chick, please make sure people understand about the relationship between NI Contributions and State Pension and also make it clear that this is STATE Pension we are talking about.

jancee_2

It's not true to say that all arrears are due to 'rocket by 50%'.

You get up to six years from the end of a tax year to pay for it in arrears [currently due a concession, 12 years with the earlier ones due to expire on April 5 2009]. But crucially, the price that applies at the time is guaranteed for the first two years of the six year period.

Tax year 2007/8, for instance, costs £405.60 paid voluntarily and that price lasts until 5 2010. Similarly, the current year costs £421.20 and the price lasts until 5 April 2011.

Former_MSE_Dan

Debt_Free_Chick wrote: »

Martin

Consider making it absolutely clear that its a State Pension calculator. As it is, some folk might think it's a "general" pension boosting calculator and some people do not even realise that there is a relationship between NIC and State Pensions!

Even though you anticipate that folk will find the calculator via the article about State Pensions, Google may well lead some straight to the calculator itself.

Hey,

We're going to be taking this link down and redirecting the current url to the article once the article is live, so hopefully it won't be a problem

Cheers,

Dan

poundcoin

jancee wrote: »

It's not true to say that all arrears are due to 'rocket by 50%'.

You get up to six years from the end of a tax year to pay for it in arrears [currently due a concession, 12 years with the earlier ones due to expire on April 5 2009]. But crucially, the price that applies at the time is guaranteed for the first two years of the six year period.

Thanks for that info . I have been steadily paying the cheapest 8 contribution years that my wife was short , with the figures provided by the Contributions Office .

I am down to the last 3 and need to pay year 2000 which was £340.60 and 2001 at £351.00 which will be timed out in a couple of weeks but now can delay paying 2006 payment of £392.60 which is a small mercy.

However my accountant threw a spanner in the works when I mentioned these back payments .
Knowing that I/we will only have a small personal pension in addition to the state pension in 5 years he said "I don't know why you are bothering as you can always claim Pension Credit if your earnings/savings are below a certain sum".
Maybe there should be a disclaimer on the calculator to say that for certain low income cases it may be better not to pay the extra contributions but to claim Pension Credit instead ?

MSE_Martin

poundcoin wrote: »

Thanks for that info . I have been steadily paying the cheapest 8 contribution years that my wife was short , with the figures provided by the Contributions Office .

I am down to the last 3 and need to pay year 2000 which was £340.60 and 2001 at £351.00 which will be timed out in a couple of weeks but now can delay paying 2006 payment of £392.60 which is a small mercy.

However my accountant threw a spanner in the works when I mentioned these back payments .
Knowing that I/we will only have a small personal pension in addition to the state pension in 5 years he said "I don't know why you are bothering as you can always claim Pension Credit if your earnings/savings are below a certain sum".
Maybe there should be a disclaimer on the calculator to say that for certain low income cases it may be better not to pay the extra contributions but to claim Pension Credit instead ?

Thats big and large in the guide

poundcoin

MSE_Martin wrote: »

Thats big and large in the guide

Thanks hadn't seen the guide !

Now just read it at:

http://www.moneysavingexpert.com/reclaim/state-pension