Voluntary NI contributions - No brainer?

Silvertabby

fly-catchers said:

Silvertabby said:

I bought 4 years, all post 2016.  3 years bought me the full £5.29, but the 4th year was just the £4.80 or so that I needed to take me up to the full £185.15. 

I need to buy one year to give me a full state pension at 66 in early 2024 less 41p a week.. I thought of keeping the £800.80 in my 3% account until nearer the time. But is it a good idea not to leave it too near the pension date to ensure it’s all in place when it’s due?

I bought mine 6 months before SPA.  That way, my records were credited with the payments before I submitted my pension claim.

fly-catchers

Silvertabby said:

fly-catchers said:

Silvertabby said:

I bought 4 years, all post 2016.  3 years bought me the full £5.29, but the 4th year was just the £4.80 or so that I needed to take me up to the full £185.15. 

I need to buy one year to give me a full state pension at 66 in early 2024 less 41p a week.. I thought of keeping the £800.80 in my 3% account until nearer the time. But is it a good idea not to leave it too near the pension date to ensure it’s all in place when it’s due?

I bought mine 6 months before SPA.  That way, my records were credited with the payments before I submitted my pension claim.

Once you have brought them does it show on your online forecast quite quickly? Or like this years update to the forecast not until months later!

Silvertabby

fly-catchers said:

Silvertabby said:

fly-catchers said:

Silvertabby said:

I bought 4 years, all post 2016.  3 years bought me the full £5.29, but the 4th year was just the £4.80 or so that I needed to take me up to the full £185.15. 

I need to buy one year to give me a full state pension at 66 in early 2024 less 41p a week.. I thought of keeping the £800.80 in my 3% account until nearer the time. But is it a good idea not to leave it too near the pension date to ensure it’s all in place when it’s due?

I bought mine 6 months before SPA.  That way, my records were credited with the payments before I submitted my pension claim.

Once you have brought them does it show on your online forecast quite quickly? Or like this years update to the forecast not until months later!

About 6 weeks for me, but I suppose  it depends on how busy they are.  Plus method of payment makes a difference.  I paid by bank transfer, quoting the 18 digit pay reference given, but seems that paying by cheque takes a lot longer to sort out.

Sea_Shell

Am I right in thinking that the £185.15 max per week that I can currently attain, will increase in April 23 to £203.80 (after being inflated by 10.1%)

And so, If I buy (at least) these 2 short years, now, I'll increase my weekly forecast amount to £185.07, from April 23

£158.08 (current), plus £10.02 (current gain for vol cont) = £168.10, plus 10.1% = £185.07

molerat

Sea_Shell said:

Am I right in thinking that the £185.15 max per week that I can currently attain, will increase in April 23 to £203.80 (after being inflated by 10.1%)

And so, If I buy (at least) these 2 short years, now, I'll increase my weekly forecast amount to £185.07, from April 23

£158.08 (current), plus £10.02 (current gain for vol cont) = £168.10, plus 10.1% = £185.07

Yes (I make it £185.08 but it is not an exact science with the rounding they use)

NedS

Sea_Shell said:

Am I right in thinking that the £185.15 max per week that I can currently attain, will increase in April 23 to £203.80 (after being inflated by 10.1%)

And so, If I buy (at least) these 2 short years, now, I'll increase my weekly forecast amount to £185.07, from April 23

£158.08 (current), plus £10.02 (current gain for vol cont) = £168.10, plus 10.1% = £185.07

£203.85 is the amount quoted for the New State Pension:

https://www.gov.uk/government/publications/autumn-statement-2022-cost-of-living-support-factsheet/cost-of-living-support-factsheet

Sea_Shell

Well that was painless.

Just spent a few minutes on the phone to HMRC (rang at 8.02am) and got straight through to a human, after listening to their blurb and answering the automated questions.

We agreed all the figures.

18 digit code received, and so once I have the money from a maturing account later this week, I shall get that paid up.

He said it could take up to 6 weeks for the payments to be reflected in my pension forecast.

I can see from the reference that it includes a mixture of the amount to be paid and my NI number.

Audaxer

Sea_Shell said:

Well that was painless.

Just spent a few minutes on the phone to HMRC (rang at 8.02am) and got straight through to a human, after listening to their blurb and answering the automated questions.

We agreed all the figures.

18 digit code received, and so once I have the money from a maturing account later this week, I shall get that paid up.

He said it could take up to 6 weeks for the payments to be reflected in my pension forecast.

I can see from the reference that it includes a mixture of the amount to be paid and my NI number.

Well done @Sea_Shell, I'm planning to make a similar phone call soon to make some voluntary payments. Did you get one 18-digit reference number to cover several years, or do you get a separate reference number for each different tax year payment?

Sea_Shell

Audaxer said:

Sea_Shell said:

Well that was painless.

Just spent a few minutes on the phone to HMRC (rang at 8.02am) and got straight through to a human, after listening to their blurb and answering the automated questions.

We agreed all the figures.

18 digit code received, and so once I have the money from a maturing account later this week, I shall get that paid up.

He said it could take up to 6 weeks for the payments to be reflected in my pension forecast.

I can see from the reference that it includes a mixture of the amount to be paid and my NI number.

Well done @Sea_Shell, I'm planning to make a similar phone call soon to make some voluntary payments. Did you get one 18-digit reference number to cover several years, or do you get a separate reference number for each different tax year payment?

One code to cover the two years I was paying.

The code includes the total cost being paid within it.

He said to make sure I pay the exact amount "not a penny more, not a penny less" as the system wouldn't recognise it otherwise.

Audaxer

Sea_Shell said:

Audaxer said:

Sea_Shell said:

Well that was painless.

Just spent a few minutes on the phone to HMRC (rang at 8.02am) and got straight through to a human, after listening to their blurb and answering the automated questions.

We agreed all the figures.

18 digit code received, and so once I have the money from a maturing account later this week, I shall get that paid up.

He said it could take up to 6 weeks for the payments to be reflected in my pension forecast.

I can see from the reference that it includes a mixture of the amount to be paid and my NI number.

Well done @Sea_Shell, I'm planning to make a similar phone call soon to make some voluntary payments. Did you get one 18-digit reference number to cover several years, or do you get a separate reference number for each different tax year payment?

One code to cover the two years I was paying.

The code includes the total cost being paid within it.

He said to make sure I pay the exact amount "not a penny more, not a penny less" as the system wouldn't recognise it otherwise.

Thanks, I'll bear that in mind as previously I've just paid separate tax years.