Should I pay to update previous years state pension shortfall or continue paying in private pension

krissy08

Hello all,
I wonder if you can help. I am confused. I was born here but spent my youth with family abroad. I returned to the UK in 2001. About 5 years ago I had enough set aside and I started to pay in regularly into a private pension as most of my jobs have tended to be contract positions.
I actually thought they were all going into the same pot but now I understand that's not the case and I probably do have shortfalls in NIC and some years that don't qualify for a state pension.
Should I stop paying into the private and update that first? Many thanks 

Black_Cat2

Hi Krissy, can you give us more details?  How many years NIC have you missed? How old are you etc? 

molerat

Making assumptions is of no use to you or anyone who could help.  Start by getting a state pension forecast which will also show your NI record then come back  along with more details about your age etc. https://www.gov.uk/check-state-pension

krissy08

Hello again,
Sorry it's taken a while. I have now set up an account and checked my pension forecast as advised. I missed one year where my contributions were not enough and I am predicted £175.20  per week if I contribute for another 11 years and I cannot improve that forecast.
My OH joined me in 2002 and has shortfalls in four years in total  (the last year in 2016 appears as year not in full) however he is predicted the exact same state pension of £175.20 as I am.

Why is that?- I am 7 years younger and I have only a shortfall for the first year I came back in 2001.

Dazed_and_C0nfused

krissy08 said:

Hello again,
Sorry it's taken a while. I have now checked set ip an account and my pension forecast as advised. I missed one year where my contributions were not enough and I am predicted £175.20  per week if I contribute for another 11 years and I cannot improve that forecast.
My OH joined me in 2002 and has shortfalls in four years in total  (the last year in 2016 appears as year not in full) however he is predicted the exact same state pension of £175.20 as I am.

Why is that?- I am 7 years younger and I have only a shortfall for the first year I came back in 2001.

You are both under transitional rules so the reason is almost certainly that you can both only get the standard maximum of £175.20, no doubt all from adding to your 2016 starting amount.

If you expect to accrue another 11 qualifying years from now until your State Pension age then paying for missing years is of no value.

pensionpawn

Also, if there is any chance of looking after your grandchildren before you reach SPA then you could apply for this https://www.yourmoney.com/retirement/grandparents-providing-childcare-can-claim-ni-credits/
which would prevent you diverting money away from your private arrangements!