Top up or not? NI contribs

p00hsticks

atush wrote: »

Well paying the three lowest ones would be worth it, but you /(if you keep working) have 37 years contributions- isnt that enough for the full amt? Ie 32+5?

I think the 'if you keep working' proviso is key - it looks as if the current 'sporadic work' that the OP undergoes has not been sufficent to acquire a full years NI record for a number of years now, so - assuming that remains unchanged - they are going to have to make some voluntary contributions at some poinr if they want more than £140 a week. And a relatively small one off payment could get them an extra £28 a week, so is almost certainly worth doing.

I'd second Linton's advice for the OP to speak to the Future Pensions Centre to discuss which years are best to buy......

atush

It is just they said they had 32 Full years. Then plus 5.

I agree they need the FPC. And then tell us what they said as i am still confused.

But if they just need a few years, cherry pick those smaller ones.

xylophone

Assuming 32 full years as at 6/4/16

Old rules Full basic (£119.30) as he had more than 30 years NI + (ASP - any deduction for contracting out).

New rules 32/35 x £155.65 - (any COPE)

His starting amount was the higher of the two.

If there were no COD/COPE, then his SP would have been at least £142. 30 which by now would be £154.24.

If he already had a full basic at 6/4/16 then he could only increase to a full new state pension by adding from 6/4/16 onwards.

Pedue

Sorry for the very long delay in replying to all the great comments here.

I stopped fulltime work something like 20 years ago, and although I do some sporadic pieces of work, I'm really a house husband. I'm 62 now and I doubt whether any full-time employment prospect is a reality: plus I'm happy supporting my younger wife as a house husband.

I wonder if this helps?

molerat

Pedue wrote: »

Sorry for the very long delay in replying to all the great comments here.

I stopped fulltime work something like 20 years ago, and although I do some sporadic pieces of work, I'm really a house husband. I'm 62 now and I doubt whether any full-time employment prospect is a reality: plus I'm happy supporting my younger wife as a house husband.

I wonder if this helps?

Still not answered the all important question alluded to by myself and a couple of others which will decide if any pre 2016 payments will be worthwhile, you will be safe filling any post 2016 gaps.

molerat wrote: »

One check to be safe on the COPE question as it is not mentioned on the front page of the forecast and people do miss it, you have to click on a link. Does the forecast mention you being in a contracted out scheme, do you have a works pension ?


Looking at the numbers you must have a COPE amount. 32 years pre 2016 at the new rate would be £154.24 so you must be on an old scheme amount which means buying any pre 2016 years would not add to your pension. To get the full house you need the full 5 years going forward from 2018-19 (it is not full so is not showing yet, should show up any time now) to 2022-23 plus one back, 2016-17 or 2017-18. 2017-18 is a definite, £427.50 one off for £4.82 per week inflation linked for the rest of your life.

And another all important question - do you look after grandchildren whilst the parent is at work, can be a nice little NI earner