Voluntary NI contributions - No brainer?

gamston

hi again all, been trying to sort out the extra payments i can make to push up my state pension phoned them 3 times each time i get cut off after going though 3 different options is that normal ?

molerat

gamston said:

hi again all, been trying to sort out the extra payments i can make to push up my state pension phoned them 3 times each time i get cut off after going though 3 different options is that normal ?

Who are you trying to call ?  Usually best just before 8am and Monday is generally a bad day as everyone has been thinking about things over the weekend.

gamston

trying to get HM pension forecasts

RG2015

gamston said:

trying to get HM pension forecasts

Are you phoning HMRC or The Future Pensions Service? 

The Future Pensions Service is 0800 731 0175 and is easier to contact.

HMRC is the one that is dreadful on Mondays and Fridays after about 08:30

Tues to Thur at about 07:55 is often queue free.

The number I use for HMRC is 0300 200 3500 

p00hsticks

gamston said:

trying to get HM pension forecasts

If you are confident about what years you want to pay and how much they'll cost, and have a cheque book, you can circumvent the phone line  entirely by writing a cheque and posting it (you don't need an 18 digit reference, you can simply use your NI number instead)

https://www.gov.uk/pay-voluntary-class-3-national-insurance/by-post

Cottage_Economy

Can someone check my understanding of something please.

My husband retired at 60 in 2021 with 37 years of full contributions. On checking his record it says he has a part year for 2021/22  and can make up the shortfall by paying £277.20. 

The current estimate of his state pension based on his National Insurance record up to 5 April 2022 is £181.35 a week

The forecast if he contributes another year before 5 April 2028 will be £185.15 a week, the maximum he can get.

Does that mean if I complete this 2021/22 record (i.e. one more year) he will get the full state pension?

molerat

Cottage_Economy said:

Can someone check my understanding of something please.

My husband retired at 60 in 2021 with 37 years of full contributions. On checking his record it says he has a part year for 2021/22  and can make up the shortfall by paying £277.20. 

The current estimate of his state pension based on his National Insurance record up to 5 April 2022 is £181.35 a week

The forecast if he contributes another year before 5 April 2028 will be £185.15 a week, the maximum he can get.

Does that mean if I complete this 2021/22 record (i.e. one more year) he will get the full state pension?

Yes. After April 5th it will be £314.10 so best pay before then.

p00hsticks

Cottage_Economy said:

Can someone check my understanding of something please.

My husband retired at 60 in 2021 with 37 years of full contributions. On checking his record it says he has a part year for 2021/22  and can make up the shortfall by paying £277.20. 

The current estimate of his state pension based on his National Insurance record up to 5 April 2022 is £181.35 a week

The forecast if he contributes another year before 5 April 2028 will be £185.15 a week, the maximum he can get.

Does that mean if I complete this 2021/22 record (i.e. one more year) he will get the full state pension?

I believe so - but if so there should also be a line in the forecast to say that there are gaps available to fill. Is there ?

molerat

p00hsticks said:

Cottage_Economy said:

Can someone check my understanding of something please.

My husband retired at 60 in 2021 with 37 years of full contributions. On checking his record it says he has a part year for 2021/22  and can make up the shortfall by paying £277.20. 

The current estimate of his state pension based on his National Insurance record up to 5 April 2022 is £181.35 a week

The forecast if he contributes another year before 5 April 2028 will be £185.15 a week, the maximum he can get.

Does that mean if I complete this 2021/22 record (i.e. one more year) he will get the full state pension?

I believe so - but if so there should also be a line in the forecast to say that there are gaps available to fill. Is there ?

I suspect you may be referring to the "You can improve your forecast" statement which will only be there if you cannot reach the full amount going forward.

Perksy5

I dont know if this is common knowledge but just spoke to Future Pension service about whether or not I should buy 2 of my cheapest years that are currently not filled.
I need 30 more years of contributions, so I was looking to shave some time off.
I noticed that they are due to increase in price April 5th 2023 and the agent said they won't increase in price, they'll be gone forever.
So if people are looking to repay any years from 2016 to 2006 apparently you need to do before April 5th 2023, FYI.
Bit of a bummer as my sharesave matures in November but maybe I'll borrow or use some savings in the short term just to get those 2 years over the line and !!!!!! the other 5 (other 5 are over £800ea I can't afford atm).