Should I pay Voluntary Contributions

Confused_Grad

Hi everyone,
Was hoping to get some advice on voluntary contributions. I have six years unpaid on my national insurance record because I was still in education and didn't work during that time. It would cost me just under £800 per year to meet the full yearly contributions. I'm not sure if it's worth doing this as I don't fully understand the impact it'll have on my pension. I've got about two years left to pay the first five years. Should I make the contributions?

Dazed_and_C0nfused

You might get helpful responses if you told us what your State Pension forecast shows (in detail not just the headline £175.20).

And how old you are.

And your expectations for work between now and State Pension age i.e. will you naturally accrue additional years

Confused_Grad

Dazed_and_C0nfused said:

You might get helpful responses if you told us what your State Pension forecast shows (in detail not just the headline £175.20).

And how old you are.

And your expectations for work between now and State Pension age i.e. will you naturally accrue additional years

It doesn't really seem a more detailed section, just part saying that I'm looking £175.20 as the most I can get. Apparently it's assuming that I'll contribute for another 33 years. I'm in my early 20s and have 44 years left to contribute, with a couple years where I've already contributed in full. I plan to (hopefully) be working consistently but I've got a serious lack of knowledge about pensions and national insurance, as you can probably tell.

HarryGray

Well as long as you get 35 years qualifying then it doesn't really matter whether you voluntarily contribute. At your age I probably wouldn't contribute voluntarily because you'll most likely be working for 30+ years. If you voluntarily pay and then end up working for 35 years you have wasted your money. 

Prioritise finding a decent job and put 20% in your workplace pension from the get go. 

molerat

I suspect you have at least 44 years to contribute as your pension age will more than likely be 70.  So you have 11+ years spare over and above the 33 needed.  Very little (no!) point in spending to buy past years unless you have some very cheap part years available and intend to retire very early.