Voluntary Class 3 National Insurance Contributions

iwaddo77

I have until 2033 to make up 4-years of missing National Insurance contributions to receive a full State Pension.

If I pay 2-years now I can save a little by paying the rates for 2020-2021 & 2021-2022.  For the other 2-years I have to pay them both at the 2022-2023 rate.

Assuming the rate is only going to go up each year it feels right to pay sooner rather than later, so my question is whether or not future year Class 3 amounts are known or predictable? I cannot find them anywhere?

Any help appreciated.

Regards

Silvertabby

Are you sure that you won't return to work or otherwise be eligible for NI credits in the next 10 years?

molerat

iwaddo77 said:

 so my question is whether or not future year Class 3 amounts are known or predictable? I cannot find them anywhere?

Any help appreciated.

Regards

They rise in line with CPI

iwaddo77

Silvertabby said:

Are you sure that you won't return to work or otherwise be eligible for NI credits in the next 10 years?

I guess, returning to work is an outside possibility and something to consider to ensure not overpaying.

The question is when to pay and or if to pay the arrears and by how much and when to secure a full return.

Silvertabby

iwaddo77 said:

Silvertabby said:

Are you sure that you won't return to work or otherwise be eligible for NI credits in the next 10 years?

I guess, returning to work is an outside possibility and something to consider to ensure not overpaying.

The question is when to pay and or if to pay the arrears and by how much and when to secure a full return.

I had 6 years in which to pay the 4 years I needed to take me up to the full single tier level.  I paid this in 2 lots, 6 months apart, in my last year before SPA.

With 10 years to go you are really in crystal ball territory, I'm afraid - but if there is the slightest chance that you will return to paid employment then it may be wise to hold off making the full payment now.

iwaddo77

Thank you, this was also in my thinking, but I was worried about the cost.

Perhaps, I should just buy a lottery ticket instead