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NI contributions

Hi all
I am in my mid 50s and have just used the GOV.UK facility to see how much by the way of stamp contributions I have paid in. Whilst there is nothing I can do about my 20s (6 years in higher education) of the few years where I have not paid enough my current suggested voluntary contributions are around the £1,000 mark. As in a typical year the contributions tend to be in the £1-2,000 range I was wondering if it is worth doing this to ensure I will get a full state pension (I also appreciate that the charges are likely to go up after April).

with many thanks

Comments

  • xylophone
    xylophone Posts: 45,749 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    What exactly does your state pension forecast say?

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

    Are you still paying/being credited with NI?
  • according to that:

    forecast is

    £164.35 a week

    You need to continue to contribute National Insurance to reach your forecast
    Estimate based on your National Insurance record up to 5 April 2018
    £134.51 a week
    Forecast if you contribute another 7 years before 5 April 2029
    £164.35 a week

    so I may be OK? (I am still working and paying in)
  • molerat
    molerat Posts: 35,028 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    edited 28 March 2019 at 12:39AM
    Still not ALL the info from the forecast. How many years have you currently got ? Were you contracted out ? In many cases purchasing pre 2016 years will have no effect on the pension amount which is why every detail is needed to make informed comment. You have 11 years, including 18-19, to make the 7 needed.
  • Hi all
    have found out more info. I should add that I was out of work between 2008 and 2014 but signed on where appropriate for NI credits only. Towards the end of this period I did some home tutoring so I stopped signing on. As the income from this was essentially pin money I declared to HMRC that this income was not enough to be considered as being self-employed (the name of the form escapes me at the moment but I can of course look it up).

    thanks again

    Details:
    2018-19 Your record for this year is not available yet

    2013-14 Year is not full
    We are checking this year to see if it counts towards your pension. We’ll update your record when this is finished, you do not need to do anything.

    2012-13 Year is not full
    You did not make any contributions this year
    You can make up the shortfall
    Pay a voluntary contribution of £689 by 5 April 2023. This shortfall may increase after 26 April 2019.

    2011-12 Year is not full
    You have contributions from
    Paid employment: £427.30
    You can make up the shortfall
    Pay a voluntary contribution of £214.20 by 5 April 2023. This shortfall may increase after 26 April 2019.

    2009-10 Year is not full
    You have contributions from
    National Insurance credits: 42 weeks
    These may have been added to your record if you were ill/disabled, unemployed, caring for someone full-time or on jury service.
    You can make up the shortfall
    Pay a voluntary contribution of £132.50 by 5 April 2023. This shortfall may increase after 26 April 2019.

    1986-87 Year is not full
    1985-86 Year is not full
    1984-85 Year is not full
    1983-84 Year is not full
    1982-83 Year is not full
    1981-82 Year is not full

    Summary
    30 years of full contributions
    11 years to contribute before 5 April 2029
    10 years when you did not contribute enough
  • Forecast if you contribute another 7 years before 5 April 2029
    £164.35 a week

    so I may be OK? (I am still working and paying in)
    11 years to contribute before 5 April 2029

    So the first thing to consider is how many of those 11 years do you expect to be qualifying years?

    If it is 7 (or more), including the tax year about to finish, it may make it an easier decision.
  • so as long as I pay in for another 7 years? .....
  • It is possible that earlier contributions may increase your forecast.

    But I don't believe it is ever going to get to more than £164.35 (£168.60 from 6 April 2019) so if you can get there simply by continuing to work for another 6 years and a week then that seems the cheaper option.

    But if you might not work that long it would be different.
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