voluntary NI contribution worth it?

stillEuropean

I've just started receiving my state pension this month after a couple of years of deferring it. It's not much as it's based on only 12 years of being in the UK working. I have the option of paying £865 for a year I missed but I can't figure out if this is worth it. How much extra would I get if I paid it? Second question, I am still self-employed and could pay voluntary Class 3 contributions for another year, but would this increase my current pension? I assume I would have to tell them about it to increase the current amount?
Thanks for any advice on this.

molerat

You cannot pay for post retirement years, only pre retirement.  Paying a missed year is generally well worth it, up to an extra £5.29 per week depending on what your original pension amount was at retirement date.

stillEuropean

Thanks for that. By my calculations that would mean it would take more than 3 years to have paid for the extra year and then, at best,  one would have an extra £275/year so you're right - could be worth it.

molerat

Note UP TO £5.29 pw, do you know what your SP original amount was at the date of retirement, that up to £5.29 could be as low as a few pence or it may be worth £0 if a pre 2016 year.  More details needed.