Another Voluntary NI Contributions Question

Clare128

My situation is that I have 32 years full year NI contributions prior to 2016 (until 2006/7 actually) but no contributions since. I have a Pension Forecast currently of around £146 per week out of the total £185.15. I have spoken to the pensions advice people and they state that if I pay additional voluntary contributions back to 2016/17 and for the next 2 years(22/23 and 23/24) until my pension due date in November 24, I will have paid sufficient to get the maximum state pension. Dies that sound correct to you experts?

molerat

Sounds about right. How much exactly is the current amount as the 8th year may not add very much

Audaxer

Clare128 said:

My situation is that I have 32 years full year NI contributions prior to 2016 (until 2006/7 actually) but no contributions since. I have a Pension Forecast currently of around £146 per week out of the total £185.15. I have spoken to the pensions advice people and they state that if I pay additional voluntary contributions back to 2016/17 and for the next 2 years(22/23 and 23/24) until my pension due date in November 24, I will have paid sufficient to get the maximum state pension. Dies that sound correct to you experts?

I think 7 extra years will take you up to £183.03, so it may not be worth it paying the 8th year for an extra £2.12 per week. EDIT: It might be slightly different as I was thinking your forecast was exactly £146.

Clare128

Hi, I have looked again and current forecast is £143.30 so I assume that justifies the last year's contributions being required. Still worth doing, I paid 3 years worth today and will pay the remaining back years in a couple of months time when I amass sufficient income from other private pensions.

molerat

Does your forecast show contracted out and a COPE amount? If not the numbers don't make sense.  If there is the 8th year will get you £5.09 so worth buying.

Clare128

Yes I was contracted out and my COPE amount is estimated as £81.04 per week

molerat

Clare128 said:

Yes I was contracted out and my COPE amount is estimated as £81.04 per week

That's bigger than mine !

All looks good then.  The 3 you have just bought give you £5.29 per year and take you to £158.90.  Another 4 will take you to £180.06 and the last one gives you  £5.09 taking you to the magical £185.15.

Clare128

 Thanks for your help everyone. Good to go now and start saving for payments.