State Pension

MondayMorning

Silvertabby wrote: »

I, too, won't get the full single tier pension (unless I pay voluntary NI) -

As you are not in the age group that reach SP age after April 2016 with more than 35 years of NICs, but are prevented from getting to the full 35 years for that new SP because of your DoB, why would you not buy those extra years?

molerat

MondayMorning wrote: »

Does that mean that I can buy 2019/20 through voluntary payment to end up with 34/35 of the new state pension? Instead of the 33/35 maximum SP I can get because of my age, which means that all my NICs of more than 30 years are lost before April 2016?

35 years is of no relevance to you as you are on the hybrid transitional scheme. You have what you had accrued up until April 2016 then post 2016 added to that amount. The year in which you reach SP age cannot be used so no point in purchasing it even if you could. As previously posted, get yourself a up to date forecast and see where to go from there. If you need to buy 2016-17 then the price goes up after 5th April so get your skates on !

Silvertabby

“ I, too, won't get the full single tier pension (unless I pay voluntary NI) -
Originally posted by Silvertabby

MondayMorning wrote: »

As you are not in the age group that reach SP age when the new state pension started and who had more than 35 years of NICs, but are prevented from getting the full 35 years for the SP ,why would you not buy those extra years?

I'm certainly going to! As I worked part time for the last few years I benefitted from the post 2002 SP2 low pay top up, so my foundation amount was something like £140 with 5 (post 2016) years available to pay. I've already paid for the first 2 years, and will pay the rest in a year or so.

MondayMorning

molerat wrote: »

35 years is of no relevance to you as you are on the hybrid transitional scheme. You have what you had accrued up until April 2016 then post 2016 added to that amount. The year in which you reach SP age cannot be used so no point in purchasing it even if you could.

That's why I was asking if I could continue to pay NICs after I reach age 65 (as I will be working again) to make up for those years. But now I know that my age group who reach pension age after the new state pension came in, can't have that full state pension due to our DoB, thanks to those on here who explained.



The good news is that I won't have to pay NI anymore.:) And will be reading on here about how to pay more into my pensions from my earnings, to reduce my taxes.:D

EDIT Yikes!! According to Listen to the Taxman, not having to pay NI will save me nearlty 4k a year!

molerat wrote: »

If you need to buy 2016-17 then the price goes up after 5th April so get your skates on !

Thanks.


Thanks to everyone for your time.