I have 40 years of full NI contributions, should I continue to pay voluntary Class 2 NICs?

Crookesmoor

I am assuming I can't improve on the state pension I have earned to date, but am nervous about stopping voluntary Class 2 NICs just in case...
I am three years from retirement age, self employed and earning just a few thousand a year from small pieces of work.
What do people think?

JGB1955

What does your state pension estimate say?  Check your State Pension forecast - GOV.UK (www.gov.uk)  You may already have accrued enough....

Crookesmoor

£200.83 is the most you can get

You cannot improve your forecast any more.

If you’re working you may still need to pay National Insurance contributions until 29 January 2025 as they fund other state benefits and the NHS.

it says I have 40 years contributions (and a few gaps)

Dazed_and_C0nfused

You are under transitional rules so having 40 years doesn't matter, it's what you have accrued to date that counts.

If you check your forecast (make sure you read past the headline figure) you should see what you accrued to date, probably shown to 5 April 2020 if you are registered as self employed for NI purposes.

Crookesmoor

Is this what you mean? - sorry to not quite understand this.
My state pension age will be reached in January 2025.

You have:

• 40 years of full contributions
• 3 years to contribute before 5 April 2024
• 7 years when you did not contribute enough

Dazed_and_C0nfused

No, the number of years doesn't really matter.

What have you accrued in monetary terms and what year is that shown as being accrued to?

Crookesmoor

Thank you but at:
https://www.tax.service.gov.uk/check-your-state-pension/account/nirecord
and
https://www.tax.service.gov.uk/check-your-state-pension/account
the word 'accrued', doesn't appear anywhere.

Dazed_and_C0nfused

It might be worded something like Estimate based on National Insurance record to 5 April 20XX (usually 2020 or 2021)

molerat

Crookesmoor said:

£200.83 is the most you can get

You cannot improve your forecast any more.

If you’re working you may still need to pay National Insurance contributions until 29 January 2025 as they fund other state benefits and the NHS.

it says I have 40 years contributions (and a few gaps)

Which means nothing you have contributed since 2016 has made any difference to your pension, you were at the maximum achievable at the changeover ! 

As long as that is the only figure quoted on the forecast then you do not need to make voluntary contributions for pension purposes unless you like to feel warm and fuzzy inside for contributing to the deficit.  Class 2 though does count towards ESA, maternity allowance and bereavement support payment.

Crookesmoor

OK, thanks everyone!

Dazed_and_C0nfused

I missed your post at 17:31 sorry!