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Voluntary NI contributions - No brainer?

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  • Sea_Shell
    Sea_Shell Posts: 10,028 Forumite
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    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.

    All done.

    Entered the 18 digit number, linked through to my bank account, made payment.

    Email confirmation received.

    It said it will take just a few days to register ?!?..but I've diary'd for a month's time, to check my SP forecast has been updated .
    How's it going, AKA, Nutwatch? - 12 month spends to date = 2.60% of current retirement "pot" (as at end May 2025)
  • RG2015
    RG2015 Posts: 6,054 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper Photogenic
    Sea_Shell 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.

    All done.

    Entered the 18 digit number, linked through to my bank account, made payment.

    Email confirmation received.

    It said it will take just a few days to register ?!?..but I've diary'd for a month's time, to check my SP forecast has been updated .
    Can you confirm that you received an email confirmation from HMRC.

    I haven't ever received emails from them.

    From comments on here and my experience, they take ages to update their records, but if you phone them after a few weeks they will update them while you are speaking to them. 
  • Sea_Shell
    Sea_Shell Posts: 10,028 Forumite
    Tenth Anniversary 1,000 Posts Photogenic Name Dropper
    Yep, email from "HMRC on line payments"!!! 😎
    How's it going, AKA, Nutwatch? - 12 month spends to date = 2.60% of current retirement "pot" (as at end May 2025)
  • Sea_Shell
    Sea_Shell Posts: 10,028 Forumite
    Tenth Anniversary 1,000 Posts Photogenic Name Dropper
    When they finally process this payment, will it automatically show on my SP forecast and also that those years are no longer 'gaps' in my NI record?

    I know it's only been about 6 weeks (including xmas) so I'm not going to ring up just yet, but wanted to know what I should be checking, or looking out for.

    Thanks
    How's it going, AKA, Nutwatch? - 12 month spends to date = 2.60% of current retirement "pot" (as at end May 2025)
  • Silvertabby
    Silvertabby Posts: 10,144 Forumite
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    Sea_Shell said:
    When they finally process this payment, will it automatically show on my SP forecast and also that those years are no longer 'gaps' in my NI record?

    I know it's only been about 6 weeks (including xmas) so I'm not going to ring up just yet, but wanted to know what I should be checking, or looking out for.

    Thanks
    Yes.  If my memory is correct, I think my record said that the year had been filled by voluntary payments.  Took about 6 weeks for mine to be updated, but that wasn't over Christmas/NY.
  • I have a small shortfall on the state pension forecast of £182.30 a week instead of the full £185.15

    I've paid 33 years full NI and there's 9 years incomplete. The cheapest of those missing years is £795 - paying that would according to the government future pension forecast helpline, give be the full pension. But that will take just over 5 years to pay for itself - i.e. it will take 5 years before the extra 2.85 I gain per week matches the £795 I paid out to get it. I don't think its worth it, or am I missing something?   
  • I have a small shortfall on the state pension forecast of £182.30 a week instead of the full £185.15

    I've paid 33 years full NI and there's 9 years incomplete. The cheapest of those missing years is £795 - paying that would according to the government future pension forecast helpline, give be the full pension. But that will take just over 5 years to pay for itself - i.e. it will take 5 years before the extra 2.85 I gain per week matches the £795 I paid out to get it. I don't think its worth it, or am I missing something?   
    Yes, two things in fact.

    That £2.85 will become £3.13 from April 2023.

    And you could be getting it for 30+ years.

    It's not as clear cut as getting the full £5.29 but it's not a bad deal.
  • RG2015
    RG2015 Posts: 6,054 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper Photogenic
    I have a small shortfall on the state pension forecast of £182.30 a week instead of the full £185.15

    I've paid 33 years full NI and there's 9 years incomplete. The cheapest of those missing years is £795 - paying that would according to the government future pension forecast helpline, give be the full pension. But that will take just over 5 years to pay for itself - i.e. it will take 5 years before the extra 2.85 I gain per week matches the £795 I paid out to get it. I don't think its worth it, or am I missing something?   
    Yes, two things in fact.

    That £2.85 will become £3.13 from April 2023.

    And you could be getting it for 30+ years.

    It's not as clear cut as getting the full £5.29 but it's not a bad deal.
    If the shortfall is currently £2.85/week instead of a full year of £5.29/week, shouldn't there be a cheaper year's payment than the full £795?

    Or in other words, a year that has been part filled rather than empty.
  • molerat
    molerat Posts: 34,600 Forumite
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    edited 11 January 2023 at 5:51PM
    RG2015 said:
    I have a small shortfall on the state pension forecast of £182.30 a week instead of the full £185.15

    I've paid 33 years full NI and there's 9 years incomplete. The cheapest of those missing years is £795 - paying that would according to the government future pension forecast helpline, give be the full pension. But that will take just over 5 years to pay for itself - i.e. it will take 5 years before the extra 2.85 I gain per week matches the £795 I paid out to get it. I don't think its worth it, or am I missing something?   
    Yes, two things in fact.

    That £2.85 will become £3.13 from April 2023.

    And you could be getting it for 30+ years.

    It's not as clear cut as getting the full £5.29 but it's not a bad deal.
    If the shortfall is currently £2.85/week instead of a full year of £5.29/week, shouldn't there be a cheaper year's payment than the full £795?

    Or in other words, a year that has been part filled rather than empty.
    I don't follow your logic there. There is no correlation between the amount needed to bring the pension up to the full amount and the price of a year. If the only year available to buy is a full price year then it will still be full price whether it produces an increase of £5.29 or 1p.
    My SIL's would blow your mind, buying 7 years produced 4 different pension increase amounts per year- £2.64, £3.89, £4.73 and £5.29. A smarty point for the correct reasons why :)

  • RG2015
    RG2015 Posts: 6,054 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper Photogenic
    molerat said:
    RG2015 said:
    I have a small shortfall on the state pension forecast of £182.30 a week instead of the full £185.15

    I've paid 33 years full NI and there's 9 years incomplete. The cheapest of those missing years is £795 - paying that would according to the government future pension forecast helpline, give be the full pension. But that will take just over 5 years to pay for itself - i.e. it will take 5 years before the extra 2.85 I gain per week matches the £795 I paid out to get it. I don't think its worth it, or am I missing something?   
    Yes, two things in fact.

    That £2.85 will become £3.13 from April 2023.

    And you could be getting it for 30+ years.

    It's not as clear cut as getting the full £5.29 but it's not a bad deal.
    If the shortfall is currently £2.85/week instead of a full year of £5.29/week, shouldn't there be a cheaper year's payment than the full £795?

    Or in other words, a year that has been part filled rather than empty.
    I don't follow your logic there. There is no correlation between the amount needed to bring the pension up to the full amount and the price of a year. If the only year available to buy is a full price year then it will still be full price whether it produces £5.29 or 1p.
    My SIL's would blow your mind, buying 7 years produced 4 different pension increase amounts per year- £2.64, £3.89, £4.73 and £5.29. A smarty point for the correct reasons why :)

    Okay, my mistake. I thought there was a correlation.

    I thought I recalled having a part filled year that could have been filled with a smaller payment proportional to the number of missing weeks.
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