how much SP will this buy?

Brie

looking at the OH's SP and wondering if someone could assist with these predictions.....

So the forecast tool states:

You have:

• 29 years of full contributions
• 3 years to contribute before 5 April 2025
• 18 years when you did not contribute enough

and 

2016 to 2017 Year is not full

You have contributions from

National Insurance credits: 38 weeks

These may have been added to your record if you were ill/disabled, unemployed, caring for someone full-time or on jury service.

Find out more about gaps in your record and how to check them.

You can make up the shortfall

Pay a voluntary contribution of £221.90 by 5 April 2023. This shortfall may increase after 5 April 2023.

AND

Estimate based on your National Insurance record up to 5 April 2022 - £165.45 a week

Forecast if you contribute until 5 April 2025 - £181.32 a week

So - there won't be any further contributions made to NI so the £181.32 is a pipe dream and I'm going to do any calculations based on £165.45/week (which hopefully will improve with inflation).  The only thing that I can see is that a payment of £221.90 could be made this tax year to get the benefit of the 2016/7 tax year.   But how much would that actually buy?  Saying all of that there will be a small amount of NI this year so potentially another contribution amount could be made after 5/4/23 but I would guess that would be the same amount that we might buy (but for a higher price)?  

And another also - is there any possibility of going back to 1980 - 87 to get some credit of some sort while being a student?  When I check there's a small amount that was paid (not sure on what basis at this point - student grant? summer job??) but never enough to give a credit.

Hope that makes sense.

molerat

Buying 2016-17 for £221.90 will add £5.29 to the pension amount, an absolute no brainer.  It will not increase in price at April 2023, it will cease to be available to purchase from then.

Generally the purchase of any year will add £5.29 per week.

You can only fill years from 2006-07, anything prior to that is lost unless you can prove some sort of negligence by DWP / HMRC.

Estimate based on your National Insurance record up to 5 April 2022 - £165.45 a week

Forecast if you contribute until 5 April 2025 - £181.32 a week

There should also be another figure - "you can improve your forecast" - which I suspect will be £185.15

Are you not willing / able to purchase more years ?

NannaH

Any Grandchildren under 12 being looked after?   just an hour or two a week will suffice,  claim specified adult credits from the parent receiving child benefit. 

p00hsticks

Brie said:

And another also - is there any possibility of going back to 1980 - 87 to get some credit of some sort while being a student?  When I check there's a small amount that was paid (not sure on what basis at this point - student grant? summer job??) but never enough to give a credit.

No, there are (and never were) credits for being a student (assuming you mean over 18 at university). Until 2010 everyone automatically got credits for the years they turned 16, 17 and 18 but this was stopped when the number of years required for a fullstate pension was decreased.

It's far too late now to go back and buy them.

Until 5th April you can currently buy years back to 2006, and with only 29 years in total buying at least one pre-2016 would increase the forecast - more pre-2016 may or may not depending on the specifics. Next year the deadline reverts to being only able to go back six years.       

Brie

Unfortunately at this point there is nothing else to buy at this point.  Basically this is all that's showing though it does follow on down to 1980.  

2022 to 2023 - Your record for this year is not available yet

2016 to 2017 - Year is not full

2005 to 2006 - Year is not full

1998 to 1999 - Year is not full

1997 to 1998 - Year is not full

1994 to 1995 - Year is not full

So no problem from 2017 to 2022.  No problem between 2006 & 2016.  No problem between 1999 & 2005. No problem between 1995 & 1997.

No caring duties are possible - and as there's only me I'm hoping it stays that way.

And so presumably as MiL has now died (OH was her carer) there may or may not be a need to purchase for this year and the next which will add to the pot.  

Fortunately my forecast is a bit better - I just need to find out what I might need to do about this year as so far no one has been able to give me an official answer and I've given up on trying to play the benefit game as the players are so incredibly inept and annoying.  

af1963

Current figure £165.  Buying the incomplete year 16/17 increases this by about £5 per week and only costs £220, so they would get the cost back in a single year, definitely worth doing.

There are then the options to buy for 22/23  ; 23/24, and 24/25. You'll be able to buy these in future.  These will cost more - currently about £800 if no other NI payments or credits have been received for the year - and will each add another £5 or so. That's enough to get up to about £185 per week.  Each of these extra years would 'pay back' the cost in at most four years of receiving the pension.