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Can I make this small pension entitlement work more efficiently for me?

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  • System
    System Posts: 178,432 Community Admin
    10,000 Posts Photogenic Name Dropper
    I have paid in for 41 years but at least 35 of those were contracted out. I keep a close check on my state pension forecast and NI record. Today I paid a small lump sum to ensure that 2017/2018 was a full year (Year 41). I checked my account yesterday and I was given this information online. I confirmed with phone call to HMRC this morning.
    I now have to contribute until April 2024 to ensure I get the full pension. I will be 66 in July 2024. I did not begin full time work until the age of 23 but got some credit years for sixth form and university.
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • System
    System Posts: 178,432 Community Admin
    10,000 Posts Photogenic Name Dropper
    I took my teachers pension at the age of 58 but have worked part-time since then, with a gap of only a few months, paying into the new career average scheme. I also have a casual zero hours contract for exam invigilation which probably brings in about 1200 before tax.
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • kidmugsy
    kidmugsy Posts: 12,709 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    You could have a look to see whether any local colleges or universities might pay you for invigilation.

    Long ago I made useful money in my first Easter vac at university by coaching a youngster for O levels. Piece of cake: he was bright as buttons but had missed quite a bit of schooling through ill health.
    Free the dunston one next time too.
  • System
    System Posts: 178,432 Community Admin
    10,000 Posts Photogenic Name Dropper
    I have a casual invigilation contract with my old school which pays quite a decent rate. Living in a semi rural area surrounded by sea can limit opportunities a little!
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • System
    System Posts: 178,432 Community Admin
    10,000 Posts Photogenic Name Dropper
    I am also currently on a fixed term contract at another school. I earn enough on that to pay NI this year.
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • System
    System Posts: 178,432 Community Admin
    10,000 Posts Photogenic Name Dropper
    I have updated some points made above on another thread. Just for completeness I am also paying NI as working part-time again. When that stops I will pay voluntary contributions up until April 2024. This at today's rates will give me £167.9 a week SP from age 66. 63p short of maximum but I will cope lol!!! Would have paid in a total of 47 years but was contracted out for many of those. A good deal all around.
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
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