Additional Pensions Contributions 29 October 2006 at 8:04PM in Over 50s MoneySaving 2 replies 918 views

wadewade

I claim my state pension in May of next year. I have obtained a Pensions Forecast which says I missed three year's contributions (agreed) and that I can pay about £1,050 to make these up in which case my forecast pension will increase by about £300 per annum. This seems a fair bet provided my wife and I don't peg out in the next four years!

It says these contributions have to be paid by 5 April 2009. If I put off paying them until March 2009 will my increased pension be backdated to May 2007 (by which time I shall be due nearly £600 arrears). Or is that hoping too much?

If I owe three years, do I have to pay exactly three years arrears of contributions or could I just pay (say) 75% (or whatever) of each year and still qualify for the increase?

See why I say life gets complicated!!! Thanks anyone in advance.

djohn2002uk

If I were you I would contact the board guide Edinburghlass and ask her to move your post to the "Pensions, Annuities and Retirement Planning" board where CIS will see it and give you some expert advice.
I have since seen CIS posting in the thread below this one so he will no doubt see it and answer in here.

CIS

IIRC , its a while since I thought about this, your pension wont be backdated, it will be paid only from when the contributions are paid - to get the full year, you need to pay the exact figure given - no more,no less.