Boosting State pension

Maryp

Hi

Can you boost your state pension by buying more contributions once you have started taking your pension.

Only when I initially retired I could not afford to purchase more contributions but, I can know five years later !!

Many thanks

atush

I don't think so. But ask DWP.

Otherwise save that other money and invest it for income.

McKneff

Do you get a full state pension ie £107 a week; Did you have 39 years of NI contributions.

You couldnt get any more than that anyway other than deferring it at the time of retirement.

Maryp

Thats a shame, but where can I invest that sort of money and get those returns ? Interest for savers is just going down and down.

McKneff

Well, no one can help you if you dont say what 'that sort of money' amounts to.

Maryp

Hi McKneff

No only a part pension as I went on to a reduced married women's contribution for about 10 years, it doesn't seem to count for anything. i'm now divorced from him and I have since remarried.

Maryp

I understand it is about £650 for every year you can boost your contribution by, so if i could do three or four years its not a lot to invest for the return you would get.

Sobraon

Maryp please do your own checking ... but I have been told that this may be possible after state retirement age, you send them a cheque and they send you a possibly larger one back because the state pension is backdated. I have no idea about the limits but this was apparently done by a friend of a friend (bit tenuous sorry!).

xylophone

http://www.pensionsadvisoryservice.org.uk/state-pensions/voluntary-national-insurance-contributions

kidmugsy

Consider suspending your pension for a year (or longer) and take your reward as extra pension. Each year off adds a little more than 10% to your pension once you restart. Viewed as an investment in an inflation-linked annuity, it's a wonderful deal (so wonderful that the proposed new old age pension system will halve the reward, so you may want to act soon.)

McKneff

Sobraon wrote: »

Maryp please do your own checking ... but I have been told that this may be possible after state retirement age, you send them a cheque and they send you a possibly larger one back because the state pension is backdated. I have no idea about the limits but this was apparently done by a friend of a friend (bit tenuous sorry!).

It is not possible, seeing as you have been getting your state pension for 5 years.

You have no basis for anything at all you have said in your post.

You send them a cheque BEFORe retiring, to pay for additional NI years, which would boost your pension. But never 5 years later. lol.
Once you have taken your state pension, that's it. Sorry

I;m also of the era where married womans stamp was the norm, therefore I only paid for about 20 years full stamp, enough to get 50% state pension but then I claimed on my OHs pension and got 60% a little bit extra each month but better than nothing.