Completing National Insurance Record when not working

Chomeur

I reach the age of 67 in October 2035 which I believe that will be the state retirement age for men at that time. I currently have 24 years of NI contributions. You need 35 years in order to get the full state pension. I'm not currently working, but am able to afford voluntary contributions. I think they are about £300/year. By my reckoning, the logical thing to do would be to make voluntary contributions for each of the 11 years ending from April 2025 to April 2035, to get the total up to 35. I could make a start now, but if I do start working again at some time in the future, then I would be obliged to pay contributions, and I might end up with more than 35 years' contributions, which wouldn't help me.

Does that make sense? I could easily be missing something.

Savvy_Sue

You can pay up to 6 years in arrears, so no need to do anything immediately. However I'd put the money aside now / on an on going basis: lots could happen between now and 2025.

missile

Is this your guesstimate or have you obtained a pension forecast?
How likely are you likely to regain employment?

olgadapolga

Chomeur said:

I reach the age of 67 in October 2035 which I believe that will be the state retirement age for men at that time. I currently have 24 years of NI contributions. You need 35 years in order to get the full state pension. I'm not currently working, but am able to afford voluntary contributions. I think they are about £300/year. By my reckoning, the logical thing to do would be to make voluntary contributions for each of the 11 years ending from April 2025 to April 2035, to get the total up to 35. I could make a start now, but if I do start working again at some time in the future, then I would be obliged to pay contributions, and I might end up with more than 35 years' contributions, which wouldn't help me.

Does that make sense? I could easily be missing something.

I think you'd do well to post on the pensions board about this as the "35 years to get a state pension" isn't that clear cut for those of us who started paying NI contributions before 2016.

There's a calculation that would have been made to calculate a starting amount and then they work out how many more years are needed to reach the full state pension, although the number of years you have left to contribute should be showing on your state pension forecast (which is available online or by ringing the pensions people).

I don't think that your figure of about £300/year is anywhere near correct either, more like £700+/year if you're not self-employed.

But I could be wrong so probably best to post on the pensions board as the experts are over there 

Chomeur

OK, I've reposted on the Pensions board.

cutho

If you help look after a relative  put in for carer's credit, you don't get paid  but you get your NI credit.  This can be back dated also.  Worth a try, DWP told me about in when I phoned with a query on my NI .  I had never heard of it.

pearl123

At present it’s over £800 a year.

cutho

at present its about 700/800  year.   Worth looking at carer's credit if you look after anyone