New flat rate pension

Billo03

Hi, I will receive my pension when I am 66 (am 60 now) and my forecast is £119 a week (reduction due to my teachers pension!!) I have 41 NI qualifying years and 3 incomplete years. Can I buy those 3 years back? And if I want to buy extra years do I have a time limit in which I need to do it. Can anyone help?

p00hsticks

There will be no benefit to buying pre-2016 years, but going forward each additional NI year from 2016-2017 until the last full year before you retire will add £4.45 to your weekly amount.

If you are not still working, you could buy additonal Class [edit: 3, NOT] 2 NI credits going forward at around £770 a year.

This guide takes you through it
https://www.royallondon.com/Global/documents/GoodWithYourMoney/TOPPING-UP-YOUR-STATE-PENSION-GUIDE.pdf

Silvertabby

Class 3 credits.

If you are still working, then there is no need to do anything. Contracting out ended in April 2016 so your State pension will increase by £4.45 per week for every year you work/pay NI. However, the year you reach SPA won't count, so £119 plus 5 years = £141.25 per week maximum State pension.

Of course, this is on top of your Teacher's pension.

Billo03

i am only doing casual work now so don't earn enough for NI contributions

Silvertabby

i am only doing casual work now so don't earn enough for NI contributions

In that case, look at p00hsticks link re buying Class 3 NI going forward.