Do I have time to increase my nSp Nov 16

neilvw

Brilliant explanation. Just one small thing - the new State Pension amount in 2014/15 was assumed to be £148.40 (5p above the Pension Credit standard minimum guarantee which was then £148.35).

30/35 x £148.40 = £127.20

saver861

SnowMan wrote: »

If you purchase these 5 cheapest years your state pension will increase by a gross amount of £22.24pw (£1,156.48pa) from £133.41pw to £155.65pw.

That's a comprehensive explanation for sure!!

OP should have everything needed there in terms of info.

xylophone

Xylophone, is there any reason that you would recommend buying NI contributions after 6 April rather than before?

You cannot draw the pension earlier than November so might as well leave the money earning interest in your bank account until later in the year.

teralin

That was an amazing and very accurate assessment of my situation Snowman. Thank you very much for taking the time to do that.