State pension forecast query

SnowMan

Devo wrote: »

and the other question is when does he need to pay them by? All of them before April next year or could he do just one initially?

As per molerat

molerat wrote: »

16-17 needs to be purchased before April 2019 to stay at that price, after then it will increase to £780, and the rest before his retirement date.

but not as per Tom99

Tom99 wrote: »

His choice but they will be more expensive after 5th April 2019

Silvertabby

Is he already drawing his contracted out occupational pension?

shiredevon

Hi, dad in question here, from memory I think I converted to a sipp, but had to cash in the shares to fund a failed business venture, so this pension is all I have now,

badmemory

When do you hit state pension age? If it is before 6th April 2019 then contributions for the tax year 18-19 will not be of any help. Otherwise post 2016 contributions have a very short payback time so are well worth it.

Shedman

badmemory wrote: »

When do you hit state pension age? If it is before 6th April 2019 then contributions for the tax year 18-19 will not be of any help. Otherwise post 2016 contributions have a very short payback time so are well worth it.

It says on his pension forecast statement (in first post) that he can get state pension on 6 Nov 19 so paying for the 2018-19 contributions would be worthwhile.

badmemory

Shedman wrote: »

It says on his pension forecast statement (in first post) that he can get state pension on 6 Nov 19 so paying for the 2018-19 contributions would be worthwhile.

That's good news, the payback time is only 3 years which is a very good deal.

shiredevon

GunJack wrote: »

His dad probably wasn't getting child-related credits

I have kids from 4 to 8 hehe, I never learn lol

Devo

SnowMan wrote: »

From earlier

So 2018/2019 is the 1 year and the 2016/2017, 2017/2018 and 2018/2019 years are the 3 years.

So yes, 3 years, but it must be those specific years 2016/2017, 2017/2018 and 2018/2019.

Hi all,

Sorry for resurrecting this topic but my father is in a position now to make some payments against this. The question is... how do we indicate what years we are paying? Hoping to do it all online.

Also, where it asks for a reference number (I will add a screenshot later) I assume that's his NI number?

TIA

Devo

badmemory wrote: »

When do you hit state pension age? If it is before 6th April 2019 then contributions for the tax year 18-19 will not be of any help. Otherwise post 2016 contributions have a very short payback time so are well worth it.

He will hit state pension age on April 20, 2019

Aiki

Hi. if you want to make Voluntary Class 3 NI contributions, the reference number is NOT your NI number. Instead you need contact HMRC.

I did this yesterday by phone from the UK on 0300 200 3500. There is an overseas number on the website. Once he explains the situation they will give him a reference number so you can make the payments.

During the call I discussed my wife's situation as well but they needed to talk to her as well to confirm identity so your father will probably need to make or be involved in the call. The HMRC website is pretty good in explaining the options.