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NI contributions

Virtual_Chrissy_Wissy
Posts: 34 Forumite


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
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
0
Comments
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What exactly does your state pension forecast say?
https://www.gov.uk/check-state-pension
Are you still paying/being credited with NI?0 -
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)0 -
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.0
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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 enough0 -
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.0 -
so as long as I pay in for another 7 years? .....0
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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.0
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