Can I make Class 3 voluntary NI contributions

suemcgorrigan

I was contracted out of Serps by my employer when I joined their workplace pension. This means that despite having 31 years of NI contributions, my state pension forecast is for £123 a week rather than the newly introduced flat rate of £155.

The forecast suggests that I will need to work and carry on making NI Contributions for a further 8 years in order to make good the shortfall as a result of opting out of serps. I do not intend to work this long and may take early retirement and a reduced works pension within the next few years.

In the meantime, whilst I am still working, does anyone know whether I am able to make Class 3 voluntary additional NI contributions, and if so, how I go about it?

I want to make the payments now whilst I still have a 'proper' income rather than possibly being made to wait till I am retired and have limited funds.

Silvertabby

You don't need to make class 3 contributions while you are still working and paying NI. Assuming that the £123 you quote is your foundation amount - ie, your State pension as at April 2016, for each full year you work/pay NI you will increase that by £4.45 per week.