We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
NI Contributions top up or just start a new pension scheme?
Ravenshade
Posts: 114 Forumite
Hi,
Bit of food for thought. I'm quite young so I have plenty of years left with which to acquire more years of NI contributions. But I was wondering whether it would be worth paying in more to top it up.
Or
To just put that money into a private pension pot instead.
Notes.
At the moment I'm on benefits and considered unfit to work, I'm hoping to change that asap but in the mean time. I live frugally, which means I could put in a small amount a month into a pension pot.
Bit of food for thought. I'm quite young so I have plenty of years left with which to acquire more years of NI contributions. But I was wondering whether it would be worth paying in more to top it up.
Or
To just put that money into a private pension pot instead.
Notes.
At the moment I'm on benefits and considered unfit to work, I'm hoping to change that asap but in the mean time. I live frugally, which means I could put in a small amount a month into a pension pot.
Be Warned: Any decision made by ATOS should be treated with the contempt and suspicion in rightly deserves. If in any doubt, make sure to appeal any and all decisions by ATOS. Do not take their word for it, do not give them an inch of trust.
When judging if ATOS were fit for work, it looks like they self-assessed. //Rant-Disclaimer End.
When judging if ATOS were fit for work, it looks like they self-assessed. //Rant-Disclaimer End.
0
Comments
-
Well if you're employed (rather than self-employed) you wouldn't have the choice. Full NI would be paid automatically by your employer.0
-
Ravenshade wrote: »Hi,
Bit of food for thought. I'm quite young so I have plenty of years left with which to acquire more years of NI contributions. But I was wondering whether it would be worth paying in more to top it up.
The proposed new scheme gives you maximum State Pension if you've got 35 years of contributions. You can't top that up any further. (When I reached State Pension age under the existing rules I needed 30 years of contributions for full pension; I had 46. The extra 16 got me no top up at all. That's that.)Free the dunston one next time too.0 -
So...start a private one and just hope for it?Be Warned: Any decision made by ATOS should be treated with the contempt and suspicion in rightly deserves. If in any doubt, make sure to appeal any and all decisions by ATOS. Do not take their word for it, do not give them an inch of trust.
When judging if ATOS were fit for work, it looks like they self-assessed. //Rant-Disclaimer End.0 -
well, it's not worth making voluntary NI contributions when you're young. it can be when you're nearer retirement. as you can then see what you'll be getting, and whether you need more years; and because the pay-off for buying an extra year comes much sooner.
do you have money that you're prepared to tie up for a few decades? if you do, a pension is a possible option, a stocks & sharesISA is another 1.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.3K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.2K Work, Benefits & Business
- 603.9K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards