UK state pension forecast question

Tergat

Thanks all. Would have saved a lot of time I just posted that in the OP!!

Dazed_and_C0nfused

Tergat said:

Thanks all. Would have saved a lot of time I just posted that in the OP!!

Don't worry you're one of many many posters who have done the same 😃

Tergat

Dazed_and_C0nfused said:

Tergat said:

Thanks all. Would have saved a lot of time I just posted that in the OP!!

Don't worry you're one of many many posters who have done the same 😃

Thanks. You had actually given me some good initial help on my own personal circumstances around hoping to pay some class 2 contributions to top up my own NI contributions in this thread too: https://forums.moneysavingexpert.com/discussion/6358689/guide-discussion-voluntary-national-insurance-contributions/p11

Turns out I have just 3 years and my own statement calls out I need to lay 32 years NI to qualify for the full amount so hoping it falls under class 2 and I can get some backdated years in 2004 was last one I got NI contributions for, although I'm 36 and so could easily just pay 1 NI years contributions per year from now until I retire at 68+. If I qualify for class 2 I think I will pay a chunk of years from 2004 - 2022 to lock in the low class 2 payments in the event they may be pulled.

Linton

Tergat said:

Dazed_and_C0nfused said:

Tergat said:

Thanks all. Would have saved a lot of time I just posted that in the OP!!

Don't worry you're one of many many posters who have done the same 😃

Thanks. You had actually given me some good initial help on my own personal circumstances around hoping to pay some class 2 contributions to top up my own NI contributions in this thread too: https://forums.moneysavingexpert.com/discussion/6358689/guide-discussion-voluntary-national-insurance-contributions/p11

Turns out I have just 3 years and my own statement calls out I need to lay 32 years NI to qualify for the full amount so hoping it falls under class 2 and I can get some backdated years in 2004 was last one I got NI contributions for, although I'm 36 and so could easily just pay 1 NI years contributions per year from now until I retire at 68+. If I qualify for class 2 I think I will pay a chunk of years from 2004 - 2022 to lock in the low class 2 payments in the event they may be pulled.

Normally you can only pay backdated NI for the previous 6 years. The ability to go back to 2006 ends next April.

Tergat

Linton said:

Tergat said:

Dazed_and_C0nfused said:

Tergat said:

Thanks all. Would have saved a lot of time I just posted that in the OP!!

Don't worry you're one of many many posters who have done the same 😃

Thanks. You had actually given me some good initial help on my own personal circumstances around hoping to pay some class 2 contributions to top up my own NI contributions in this thread too: https://forums.moneysavingexpert.com/discussion/6358689/guide-discussion-voluntary-national-insurance-contributions/p11

Turns out I have just 3 years and my own statement calls out I need to lay 32 years NI to qualify for the full amount so hoping it falls under class 2 and I can get some backdated years in 2004 was last one I got NI contributions for, although I'm 36 and so could easily just pay 1 NI years contributions per year from now until I retire at 68+. If I qualify for class 2 I think I will pay a chunk of years from 2004 - 2022 to lock in the low class 2 payments in the event they may be pulled.

Normally you can only pay backdated NI for the previous 6 years. The ability to go back to 2006 ends next April.

Yeah that had prompted me to get some NI years banked before the deadline but need to get approval to make class 2 payments which obviously make a big difference!

SusieT

Tergat said:

Dazed_and_C0nfused said:

Tergat said:

Thanks all. Would have saved a lot of time I just posted that in the OP!!

Don't worry you're one of many many posters who have done the same 😃

Thanks. You had actually given me some good initial help on my own personal circumstances around hoping to pay some class 2 contributions to top up my own NI contributions in this thread too: https://forums.moneysavingexpert.com/discussion/6358689/guide-discussion-voluntary-national-insurance-contributions/p11

Turns out I have just 3 years and my own statement calls out I need to lay 32 years NI to qualify for the full amount so hoping it falls under class 2 and I can get some backdated years in 2004 was last one I got NI contributions for, although I'm 36 and so could easily just pay 1 NI years contributions per year from now until I retire at 68+. If I qualify for class 2 I think I will pay a chunk of years from 2004 - 2022 to lock in the low class 2 payments in the event they may be pulled.

Just a quick note to say please check with the future pensions department before paying any years before 2016, in some cases they will not add anything to the pension, so always check first as the HMRC website will show all years that are not full regardless of them adding to the pension

p00hsticks

SusieT said:

Tergat said:

Dazed_and_C0nfused said:

Tergat said:

Thanks all. Would have saved a lot of time I just posted that in the OP!!

Don't worry you're one of many many posters who have done the same 😃

Thanks. You had actually given me some good initial help on my own personal circumstances around hoping to pay some class 2 contributions to top up my own NI contributions in this thread too: https://forums.moneysavingexpert.com/discussion/6358689/guide-discussion-voluntary-national-insurance-contributions/p11

Turns out I have just 3 years and my own statement calls out I need to lay 32 years NI to qualify for the full amount so hoping it falls under class 2 and I can get some backdated years in 2004 was last one I got NI contributions for, although I'm 36 and so could easily just pay 1 NI years contributions per year from now until I retire at 68+. If I qualify for class 2 I think I will pay a chunk of years from 2004 - 2022 to lock in the low class 2 payments in the event they may be pulled.

Just a quick note to say please check with the future pensions department before paying any years before 2016, in some cases they will not add anything to the pension, so always check first as the HMRC website will show all years that are not full regardless of them adding to the pension

Although the point you make is generally correct, in this particular case as the OP only has three years at present we can safely say that, all years , both pre-and post-2016, will increase their pension forecast.

It's only when someone gets to the point where they are approaching 30 pre-2016 years that it gets  more complicated.

Tergat

Thanks for the heads up Susie but I had looked at this with my own specific circumstances in mind and given the little amount I have banked so far my understanding is the same as p00hsticks above.

Great that people share such information and try so much to help.