Understanding new state pension???

caro424

I am 65 and have looked online at my state pension info. It says I have 37 years...great! However due presumably to contracting out I don't get the full amount. I no longer work but it says if I continue to contribute till next April I could get more. why if I already have 37 years? Wondereing if I should buy a couple of extra years???

molerat

35 years is of no relevance to you as you have a pre 2016 history.  At April 2016 you were given the better of your entitlement under the old or new systems and post April 2016 you could add to that amount to reach the new full pension.  If buying additional years is available they are generally excellent value and pay back the capital outlay in 3 to 4 years, equivalent to a 30% annuity - try beating that.  Post up the full details of your forecast and someone will give you pointers in the right direction.

caro424

I understand that I can buy back whole years which I may do. However I have been looking after grandchildren on a weekly basis several days a week for the last three years and am hoping to apply for childcare credits for that. however I won't have done this for every single week in a tax year, (they might have gone on holiday, I might have done , lockdowns etc). If I fill this application in accurately can I buy back the individual weeks missing? How do you do this???

Dazed_and_C0nfused

This should help,

https://www.gov.uk/government/publications/national-insurance-credits-for-adults-who-care-for-a-child-under-12-fact-sheet/specified-adult-childcare-credits-fact-sheet

molerat

caro424 said:

I understand that I can buy back whole years which I may do. However I have been looking after grandchildren on a weekly basis several days a week for the last three years and am hoping to apply for childcare credits for that. however I won't have done this for every single week in a tax year, (they might have gone on holiday, I might have done , lockdowns etc). If I fill this application in accurately can I buy back the individual weeks missing? How do you do this???

MrsM did that.  Got the equivalent of around £3K of class 3 payments for 6 years of part time child care during school term time.  Quite straightforward to fill in the form in the above link by D&C. You then have 6 years from the end of the year concerned to make up any gaps that are left. https://www.gov.uk/pay-voluntary-class-3-national-insurance

As you are nearing SRA I would claim the child care credits as soon as possible for each year.