State Pension Voluntary Contributions

diamond_dave

I am due to get my state pension in October -the forecast I received several ago informed me that I had the required 30 years contributions giving me £120 odd a week. Now, it seems that I can pay the extra 5 years contributions to get the new pension but the problem is that class 2 rate(self employed) is £11 a week cheaper than class 3 rate. I have been owning/managing/ refurbishing rental property for the last 10 years or so. Could this be classed as self employment as I have not had any employment during that time and fill in a self assessment form each year. I don't want to stir up HMRC and start them looking into my record etc, and have to pay any back taxes/penalties should there be any.5 years class 3 conts. would be about £3600 and that SHOULD give me an extra £25 a week. Comments please. Thanks.

greenglide

Is the "extra 5 years" from an up to date forecast from DWP by post or on the online site?

If you had a forecast under the old system to need a new one because the difference isnt just "an extra five years" get you the new state pension. You may already qualify (or you may not).

You can't pay class 2 NI retrospectively (as far as I am aware) so it sounds like class 3 is your option but you need a proper forecast first. Go to https://www.tax.service.gov.uk/checkmystatepension

diamond_dave

Just checked my NI record and pension forecast as advised and brilliant! Full pension for me!! £155 thanks.

diamond_dave

Many thanks,greenglide.