New state pension question

[Deleted User]

Hi, can anyone advise if the autumn statement contained the detail on the cost of a year's voluntary class 3 NIC for tax year 2016/17 and subsequent years? I'm hoping to bring my starting amount as at 5 April 2016 (£119) up to the new single tier amount by making voluntary contributions for tax yearyears 2016/17 to 2022/23 inclusive (I reach 66 in 2023, after 5 April). Any advice as to when to buy these years? Thanks.

xylophone

http://www.bellpenny.com/news-and-media/as-national-insurance-contributions/

The indication above is that the amount has stayed the same but there is a disclaimer....you might just have to wait until after the Budget in March.

http://citywire.co.uk/new-model-adviser/news/steve-webb-how-to-boost-new-state-pension-payments/a827032

gadgetmind

Deleted_User wrote: »

I suppose I mean by the situation the fact that I don't really understand the transitional arrangements between the old and the new.

Ah, OK. Here is an overview.

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/181237/single-tier-pension-fact-sheet.pdf

More detail here.

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/181229/single-tier-pension.pdf

To understand how you'll be affected in detail, you'll need a state pension statement.

Regards continuing to earn additional years, Class 2 is the cheapest option, but it does require that you register as self-employed, which could affect benefits. (But I don't know as my knowledge of the benefits/credits system is exactly zero!)