State pension forecast

adeo

I'm 60 next March, unemployed but a full time carer for a parent claiming carer's allowance. I was checking my state pension forecast and my NI contributions history via UK government gateway website and found out that I have made enough NI contributions to qualify for full state pension in another 8 years or so at the current government legislation. But I have quite a few NI contributions shortfalls from previous years especially in last 5 year's as a full time carer but I didn't claim carer's allowance until last few years. I have options to make voluntary contributions until April 2023, but total amount is £3,645!!! 
I could pay it but would really struggle financially especially now with cost of living crisis!  if the state pension forecast says I qualify for full state pension is there any justified reason for me to pay to make up the shortfall? Any helpful advice would be much appreciated, especially if anyone has similar situation!

RobM99

Posted before?

molerat

RobM99 said:

Posted before?

https://forums.moneysavingexpert.com/discussion/6389821/national-insurance-contributions#latest

Exactly the same post in the benefits board but they have been directed here.

OP,  What exactly does your forecast show ? Not just the top line figure but all the 2 or maybe 3 different amounts shown.  The important one is the one that states "based on contributions up to April 2022" (or maybe still April 2021).

adeo

molerat said:

RobM99 said:

Posted before?

https://forums.moneysavingexpert.com/discussion/6389821/national-insurance-contributions#latest

Exactly the same post in the benefits board but they have been directed here.

OP,  What exactly does your forecast show ? Not just the top line figure but all the 2 or maybe 3 different amounts shown.  The important one is the one that states "based on contributions up to April 2022" (or maybe still April 2021).

• 36 years of full contributions
• 7 years to contribute before 5 April 2029
• 8 years when you did not contribute enough

xylophone

 I was checking my state pension forecast

https://www.which.co.uk/money/pensions-and-retirement/state-pension/your-state-pension-forecast-explained-a24r12y9jt41

See example above.

What is the actual amount shown at

Estimate based on  your NI record up to 5 April 2021?

Is a COPE shown on your forecast?

adeo

xylophone said:

 I was checking my state pension forecast

https://www.which.co.uk/money/pensions-and-retirement/state-pension/your-state-pension-forecast-explained-a24r12y9jt41

See example above.

What is the actual amount shown at

Estimate based on  your NI record up to 5 April 2021?

Is a COPE shown on your forecast?

sorry don't know what COPE is tbh!

molerat

In that case there is nothing more you can do and nothing more you should do.  You have already reached the full entitlement.  Paying those part years is not necessary.

COPE is a deduction made from your 2016 starting amount for being in a contracted out pension scheme.  Further down that page would be a mention of you being contracted out if you were.  Do you have a final salary work pension ?

adeo

molerat said:

In that case there is nothing more you can do and nothing more you should do.  You have already reached the full entitlement.  Paying those part years is not necessary.

COPE is a deduction made from your 2016 starting amount for being in a contracted out pension scheme.  Further down that page would be a mention of you being contracted out if you were.  Do you have a final salary work pension ?

The only private pension I have is only couple thousand which I and employer paid into for a couple of years before I became unemployed !

xylophone

The only private pension I have is only couple thousand which I and employer paid into for a couple of years before I became unemployed

What kind of pension was this?

https://www.gov.uk/pension-types