Voluntary NICS - worksheet to know if it's worth it?

squirrelpie

... I suppose I'll buy 9 years of pre 2016 and 5 years of post 2016. For hubby, we'll buy ...

Don't start supposing and buying. Work out the actual answer first and then buy. I don't think you've even said what ages you are yet, which obviously affects how many recent years you can buy.


Go back to the future pensions centre and ask them polite but specific questions:
(1) are your pension forecast starting amounts on the old or new basis?
(2) which years will increase your state pensions if you pay NI for them (i.e. a list of years)?

Wicked_Lady

Some of this depends on your date of birth and thence your retirement age

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

debydiver

Wicked_Lady wrote: »

Some of this depends on your date of birth and thence your retirement age
https://www.gov.uk/new-state-pension

I am 50 in January and hubby is 54. We've been told we can buy years going back to 2006-7 for me and 2007-8 for him.

molerat

You also need to look at whether it is class 2 or class 3 you need to pay as I assume the forecast just quotes the class 3 £600 - £700 per year


As you have stated you were contracted out what COPE amounts do you each have ?


In any case paying up to 30 pre 2016 years cannot fail to add benefit, the complicated part is whether paying any more pre 2016 years will help.


Interested to know why hubby can only pay back to 2007-08 if you were both out of the country prior to 2006.

debydiver

molerat wrote: »

You also need to look at whether it is class 2 or class 3 you need to pay as I assume the forecast just quotes the class 3 £600 - £700 per year
As you have stated you were contracted out what COPE amounts do you each have ?
In any case paying up to 30 pre 2016 years cannot fail to add benefit, the complicated part is whether paying any more pre 2016 years will help.
Interested to know why hubby can only pay back to 2007-08 if you were both out of the country prior to 2006.

Hubby is mostly class 2 throughout. I'm a bit of a mixture because sometimes I've been working and sometimes not. So his years are cheaper than mine. But in future neither of us will be working so we'll have the more expensive class 3 going forward. I think for me its straightforward. I have 21 years so I should buy another 9 pre 2016.

Hubby is a bit different because he already has 25, so he can buy 5, but should he buy more? I just don't know.

COPE for me is £29.85 and £43.48 for him.

And yes, no idea why the dates etc are different. We both left the uk the same date, both started our new jobs overseas the same date etc.

Tom99

Its like getting blood out of a stone with that organisation, as if it was their own personal money they were giving away. Keep it hidden and you may give up etc.
I eventually got a reply after months by writing to:

[FONT=Tahoma, sans-serif]The Pension Service 9
Mail Handling Site A
Wolverhampton
WV98 1LU
[/FONT]
[FONT=Tahoma, sans-serif]DON'T write to:[/FONT]

[FONT=Tahoma, sans-serif]HM Revenue and Customs
National Insurance Contributions and Employer Office
BX9 1AN [/FONT]

They will also take months to reply but only tell you which years you can pay for and how much but NOT which of those years will add to you pension. If you happen to pay for a year which will not add to your pension they will quickly cash your cheque and not let on.
[FONT=Tahoma, sans-serif]
[/FONT]

Linton

Tom99 wrote: »

Its like getting blood out of a stone with that organisation, as if it was thier own personal money they were giving away. Keep it hidden and you may give up etc.
I eventually got a reply after months by writing to:

[FONT=Tahoma, sans-serif]The Pension Service 9
Mail Handling Site A
Wolverhampton
WV98 1LU
[/FONT]
[FONT=Tahoma, sans-serif]DON'T write to:[/FONT]

[FONT=Tahoma, sans-serif]HM Revenue and Customs
National Insurance Contributions and Employer Office
BX9 1AN [/FONT]

They will also take months to reply but only tell you which years you can pay for and how much but NOT which of those years will add to you pension. If you happen to pay for a year which will not add to your pension they will quickly cash your cheque and not let on.
[FONT=Tahoma, sans-serif]
[/FONT]

You get the info on which years will add to your SP from the Future Pensions Centre. We found them easy to contact by phone and very helpful.

molerat

Glad you are aware of the class 2/3 situation. Hubby will definitely not benefit going beyond 30 with that COPE, £155.65 - £43.68 = £112.17 which is lower than the old basic £119.30. Yours depends on the actual amount of additional pension you have as £155.65 - £29.85 = £125.80 so above the basic £119.30.

OldBeanz

Tom99 wrote: »

Its like getting blood out of a stone with that organisation, as if it was thier own personal money they were giving away...

I would hope they would be as diligent with my tax money as they are with their own money.

debydiver

Tom99 wrote: »

Its like getting blood out of a stone with that organisation...
They will also take months to reply but only tell you which years you can pay for and how much but NOT which of those years will add to you pension. If you happen to pay for a year which will not add to your pension they will quickly cash your cheque and not let on.
[FONT=Tahoma, sans-serif]
[/FONT]

Yes that's what we got too. These are the years you didn't pay so you CAN pay all these. But they wouldn't say which we SHOULD pay because they can't give advice. I'll try the address you gave, thank you. Or maybe just keep on calling them and asking until they get tired of me!