Is it worthwhile to pay additional Class 3 National Insurance Contributions?

David_Bond

I am a married woman aged 53 and have 17 qualifying years towards a state pension of my own. However, I have not worked since 2001 and, due to caring responsibilities, do not intend to do so again.

My husband David is 56 and expects to receive a full state pension at age 65.

Assuming that we both reach pensionable age can you please advise me if it will it be worthwhile for me to make additional voluntary Class 3 National Insurance Contributions to make up my missing years?

Can anyone help? or direct me to a site where I can get help on this subject? The Pension Service's own booklet doesn't give specific examples or guidence.

Thanks

Margaret

oldagetraveller

Have you read National Insurance Contributions booklet CA93? "Shortfall in your NICs." There's some useful information in that. Or is that the one you've already read?!
Why not contact HM Revenue & Customs, National Insurance Contributions Office on 0191 225 5996?(number correct as at September 2005) They were very helpful and informative when I had to contact them about a similar thing for myself. However. I do have the required number of contributing years. It was just that my forecast did mentioned Class 3 (voluntary) contributions. Could you ask them for a forecast? That might also advise your options?
My nearest library also has a visiting State Pensions etc. advisor in residence at limited times and days. Very helpful with another State Pension related matter - they had some incorrect information.:rolleyes:

EdInvestor

Presumably you are being credited HRP for your caring responsibilities and these will continue for 12 years until retirement age by which time you will have 29 years?

The Government has signalled its intention to reduce the total number of years required to get a full state pension to 30 from 2010.

Thus it seems to me that if you pay one back year, assuming the new plan goes ahead, you should be OK for the full amount.

But check with the pension service.