Can this be right?

fatbeetle

I've been looking into my UK state pension figures, (currently living in Aus.)

I have received this;

Breakdown
Estimate based on your National Insurance record up to 5 April 2016
• £97.69 a week
Forecast if you continue to contribute until 5 April 2024
• £133.27 a week

Pay a voluntary contribution of £733.20 by 5 April 2023. This shortfall may increase after 5 April 2019.

Excuse me being a bit dense, but are they really telling me that if I pay them £733.20 by 5 April 2023, I will get an extra £35.50* per week when I retire? Or an extra £1850.16 pa?

Sounds like a bargain!


* £133.27 - £97.69 = £35.50

ischofie1

I'm pretty certain the £733.2 just buys 1 extra year of the higher rate new pension.
This will give you something like an extra £4.30 ish PW, I.E. you'll need multiples of £733.2 to get the extra £35.5.
Still excellent value just not as good as you wished for.

I'm sure someone will confirm this soon.

molerat

That is to buy one missing pre 2016 year. It will give you an extra £4.45 per week and will add to your current £97.69 or your predicted £133.27 if you continue to contribute for another 8 years. Does it not also give a "you can improve your forecast" figure ?

fatbeetle

Ah, cheers guys!

I'll lob in the required contributions then.

xylophone

https://www.royallondon.com/Global/documents/GoodWithYourMoney/TOPPING-UP-YOUR-STATE-PENSION-GUIDE.pdf

mlb1984

If you're working in Australia and you worked in the UK immediately before you left, you might be able to pay Class 2 voluntary contributions. These are much cheaper than Class 3.

fatbeetle

Thanks again all, this site and it's membership, are a great resource.

(I will be returning to live in Blighty next year.)