Guide discussion: Voluntary national insurance contributions

alfonso

Thanks for your patience

I have just found the COPE figure which says

Your COPE estimate is £92.92 a week

This will not affect your State Pension forecast. The COPE amount is paid as part of your other pension schemes, not by the government.

molerat

alfonso said:

Thanks for your patience

I have just found the COPE figure which says

Your COPE estimate is £92.92 a week

This will not affect your State Pension forecast. The COPE amount is paid as part of your other pension schemes, not by the government.

It doesn't affect your pension but was instrumental in calculating your 2016 starting amount and essential in working out if pre 2016 years can add value which in your case as was already surmised was a big fat no.

alfonso

molerat said:

alfonso said:

Thanks for your patience

I have just found the COPE figure which says

Your COPE estimate is £92.92 a week

This will not affect your State Pension forecast. The COPE amount is paid as part of your other pension schemes, not by the government.

It doesn't affect your pension but was instrumental in calculating your 2016 starting amount and essential in working out if pre 2016 years can add value which in your case as was already surmised was a big fat no.

Does that mean the max years I can pay back is 6?

molerat

alfonso said:

molerat said:

alfonso said:

Thanks for your patience

I have just found the COPE figure which says

Your COPE estimate is £92.92 a week

This will not affect your State Pension forecast. The COPE amount is paid as part of your other pension schemes, not by the government.

It doesn't affect your pension but was instrumental in calculating your 2016 starting amount and essential in working out if pre 2016 years can add value which in your case as was already surmised was a big fat no.

Does that mean the max years I can pay back is 6?

Yes.  You can only buy back as far as 2016-17, so 6, but do have 4 going forward, 2022-23 to 2025-26, so 10 available to get your 8 viable years.  2016-17 ceases to be available from April.

snowdrop56

molerat said:

With a full contracted out employment it is unlikely that pre 2016 contributions will add value, knowing the COPE amount is the only way to be certain so unless you happen to have that handy .....  Yours would have been at least £27, most likely much higher, and anything above that would mean that pre 2016 years were definitely not viable.  Each post 2016 year will add £5.29.  You need 8 to reach the max, £185.15 - £143.52 = £41.63 / 5.29 = 7.9, so the 6 available, 2016-17 to 2021-22, will get you to £175.26.  You need to get a move on though as 2016-17 ceases to be available after April 5th and the rest increase to £907.40 from then.  And DWP / HMRC are inundated with calls.

Thank you so much, Molerat.  I will indeed get my skates on!!

auntmatilda

Hi all. I would just like my mind put at ease please if possible. I have paid my voluntary contributions and it is shown on my bank account but as yet it is not showing on my ni contributions. 

I appreciate it’s very busy but could someone confirm for me as I have made the payment prior to the deadline I am good to go? 

Also does anyone know the timescale for updating the information from payment?
Many thanks 

pinnks

It can take anything between a few days and may months for your record to be update but it will happen.  Just check your records from time to time and if it is not there by by May or June, give them a call but best to wait until the current madness has subsided.

auntmatilda

Thank you pinnks, yes I don’t want to try to call now lol but as I have made the payment before the deadline I don’t need to worry? 

pinnks

No.  Even if you put the wrong reference or something, it will go into a suspense account and be traceable when you finally have to contact HMRC.  They have a lot of experience of people not properly identifying money they send to them, so have robust systems to trace and allocate it when necessary

auntmatilda

Thanks thanks so much for this.