Worth paying voluntary Class 2 NI ?

moneymabel

Hi all, been a while since I was on here and must have aged as I have gone from the debt free wannabee forum to the pension one - sad times!

Ok, I am self employed and earning under the threshold to have to pay Class 2 NI. I am 47 and to get full pension I need to pay another 18 years of voluntary contributions. Just wondering if this is actually worth it?

The only other pension I have is a NEST one that i am putting £25 a month in and is currently worth about a grand :-/

Just want to check before I voluntarily give the government money and get sod all back! Thanks for any help MSE'rs

xylophone

Have you obtained a new state pension statement?

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

See

https://www.royallondon.com/siteassets/site-docs/media-centre/good-with-your-money-guides/topping-up-your-state-pension-guide.pdf

moneymabel

xylophone wrote: »

Have you obtained a new state pension statement?

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

See

https://www.royallondon.com/siteassets/site-docs/media-centre/good-with-your-money-guides/topping-up-your-state-pension-guide.pdf

Hi yes, it came today, I'll get £81.37 a week - or £164 if I pay another 18 years of NI :eek:

Thanks for the link, i'll take a look :-)

TBC15

I’ve always regarded class 2 as free money, has anything changed?

maisie_cat

I voluntarily pay class 2 simply for the extra year on my pension

moneymabel

TBC15 wrote: »

I’ve always regarded class 2 as free money, has anything changed?

How do you mean? For the pension aspect?

moneymabel

maisie_cat wrote: »

I voluntarily pay class 2 simply for the extra year on my pension

Thankyou :-)

OldMusicGuy

It is most definitely worth it. Make sure you pay it to get the maximum SP.

moneymabel

OldMusicGuy wrote: »

It is most definitely worth it. Make sure you pay it to get the maximum SP.

Thankyou I will be doing that :-)

Thanks for all the advice everyone

POPPYOSCAR

Self-employed class 2 contributions are so cheap it is a no brainer.