Guide discussion: Voluntary national insurance contributions

Dazed_and_C0nfused

eastcorkram said:

I paid £824.20 on April 9th to buy a missing year, 2006-7. 

Today the forecast has updated, and in the meantime, 2023-24 has also been added. 

Now have total of 33 years. Forecast is now at £228.82 (£11,939.50 per year). This forecast cannot be improved. 

Reach 66 next year. Happy days. Just have to live long enough now. 

In that situation did 2023-24 add anything though?

It seems as though if that year (2023-24) was material then it has added an amount above the standard £221.20/week.  Which I didn't think was possible 🤔

eastcorkram

Dazed_and_C0nfused said:

eastcorkram said:

I paid £824.20 on April 9th to buy a missing year, 2006-7. 

Today the forecast has updated, and in the meantime, 2023-24 has also been added. 

Now have total of 33 years. Forecast is now at £228.82 (£11,939.50 per year). This forecast cannot be improved. 

Reach 66 next year. Happy days. Just have to live long enough now. 

In that situation did 2023-24 add anything though?

It seems as though if that year (2023-24) was material then it has added an amount above the standard £221.20/week.  Which I didn't think was possible 🤔

No, 23-24 didn't add anything to the amount of pension. Just added a year to the total number of years . 

Forecast up to April 23 was £223.59.

molerat

I can't see how it has gone from £223.59 to £228.82, a pre 2016 year should have added £5.65 but the difference in those two is only £5.23 ?

eastcorkram

molerat said:

I can't see how it has gone from £223.59 to £228.82, a pre 2016 year should have added £5.65 but the difference in those two is only £5.23 ?

No idea, but this was the way it was  previously.
Today, just the higher figure, saying it cannot be improved.

molerat

Figured it out but haven't done the maths.  As you were already over the max at April 2016, even if some years were filled post 2016, then the additional year has only increased by CPI from the April 2016 amount rather than the triple lock increase 😊 When I get home I will bung it into my spreadsheet and see if it copes 🤔

eastcorkram

molerat said:

Figured it out but haven't done the maths.  As you were already over the max at April 2016 then the additional year has only increased by CPI from the April 2016 amount rather than the triple lock increase 😊 When I get home I will bung it into my spreadsheet and see if it copes 🤔

Makes sense, but don't spend too much time on it ! 

molerat

My spreadsheet came up pretty accurate at £228.83.

dougal76

Forgive my ignorance but been checking for my wife as she didn't move to the UK until 2002 and took time out of work to go back to university. Her situation is that she needs to pay in fourteen more years in the next 18 years (when she can receive her state pension). She has 4 missing years (while at Uni) that she can top up. I presume if we buy/top them up she would only need 10 more years of paying in to get her full state pension?? Is this right?? She will be able to retire in 12 years with her company pension, so would be beneficial if these extra years meant she'd get her full state pension before she retires. Any info greatly appreciated!! 

Suhusa

Paying the missing years may (or may not) mean that she has paid up for the full amount of state pension by the time she can get her company pension, but it won't mean that she can access her state pension earlier.

molerat

dougal76 said:

Forgive my ignorance but been checking for my wife as she didn't move to the UK until 2002 and took time out of work to go back to university. Her situation is that she needs to pay in fourteen more years in the next 18 years (when she can receive her state pension). She has 4 missing years (while at Uni) that she can top up. I presume if we buy/top them up she would only need 10 more years of paying in to get her full state pension?? Is this right?? She will be able to retire in 12 years with her company pension, so would be beneficial if these extra years meant she'd get her full state pension before she retires. Any info greatly appreciated!! 

As long as her forecast clearly states she needs another 14 years to reach the max then filling those years will reduce that number but due to them being pre 2016 years they may not reduce it by the full 4 depending on her precise circumstances.  Post up the following details and someone will tell you exactly what effect it will have.

Current weekly £££.pp amount accrued up to April 2023 or 2024, some have been updated so please specify.
Number of pre April 2016 NI years full
Number of post April 2016 NI years full
Tax year you reach state retirement
Any COPE amount shown, in a click link in "You've been in a contracted-out pension scheme", if there is one.
Years which show not full and prices