State pension top up

Mrs_Mum99

I reach state pension age in May 2019. I currently work but earn beneath the LEL. I have 39 qualifying years for State Pension. I believe that it will be advantageous to buy the three missing years from 2016 onwards. My question is, how late can I leave it to buy the missing years and still get the maximum pension available to me from May 2019 onwards? If I pay for 2016/17 17/18 and 18/19 in April 2019, will they be credited to my record straight away? Similarly, if I pay them later, will I get any back dated pension payments to reflect the extra years I will have paid for?

Brynsam

See https://www.pensionsadvisoryservice.org.uk/news/2013/march/topping-up-your-state-pension

p00hsticks

Brynsam wrote: »

See https://www.pensionsadvisoryservice.org.uk/news/2013/march/topping-up-your-state-pension

That link isn't relevant as it refers to something different - it's for people who've already reached state pension age and had the opportunity (now expired I think) to top up that pension.


The OP is talking about buying additional voluntary Class 3 NI years in order to increase their state pension entitlement to the maximum, as described here.


https://www.royallondon.com/global/documents/goodwithyourmoney/topping-up-your-state-pension-guide.pdf

molerat

Leaving it until April will be a bit late to get the correct amount paid in May, you will get the correct amount backdated but they can often take up to 12 weeks to get their act together. I will be doing mine just after new year. You also need to pay 16-17 before 5 April 19 to get it at £733.20, after then it will cost around £785.

kidmugsy

Mrs_Mum99 wrote: »

I reach state pension age in May 2019. I currently work but earn beneath the LEL. I have 39 qualifying years for State Pension. I believe that it will be advantageous to buy the three missing years from 2016 onwards.

Are you sure? You already have the necessary 35 years. Did you spend some time contracted out?

xylophone

Have you obtained a new state pension statement?

https://www.gov.uk/check-state-pension

Mrs_Mum99

Yes, about 22 years contracted out, the rest either pre 18 years old or HRP.
I've checked my pension forecast, there's about £15 between my starting pension from the old system and the most it says I can get, so looks like 3 years worth of voluntary contributions.
Think I'll pay them all in January 2018 then.
Thanks for your help.