Assistance with VNI contributions for state pension

homer2012

Excellent advice on this forum.  First Rate.  I have read through all 35 pages after no luck telephoning the FPC but still feel the need to get a bit of reassurance on my own personal circumstances, particularly around the 2016 issue. I would be extremely grateful if someone could best advise.  Here goes.....

Estimate based on your National Insurance record up to 5 April 2022  -  £161.17 a week

Forecast if you contribute another 5 years before 5 April 2031  -  £185.15 a week

Will reach state pension age in December 2031

I have not worked since March 2013 on medical grounds - medical discharge from police service and been unfit to work due to illness.

I have paid 33 years of full NI contributions from 1980-81 until 2012-13.

My only partial year is 2013-14 where I have paid 19 weeks NI contributions and can pay £523.05 to make up the full year.  Given the whole 2016 conundrum I do not know if it makes economic sense to pay this pre 2016 shortfall as I cannot determine if my pension forecast will improve on so doing ??  I do not have a COPE figure.

The following years from 2014-15 through 2019-20 indicate that I can pay the full £824.20 for each of these years, however again some of these years are pre/2016 and I am unsure what years are best to select to make up my 5 years of NI contributions ??

Years 2020-21 and 2021-22 afford me a slight reduction at £795.60 and £800.80 respectively.

I would be extremely grateful if someone would inform me of the best five years to select for the most economical payment.

In respect of my medical condition I do not know if I could possibly qualify for free NI Credits since ill-health retirement in 2013 however suspect that getting a definitive answer in time for the 5 April cut off is not realistic.

Thank you very much for any advice/direction.

Regards

homer2012

molerat

I do not have a COPE figure.

Have you clicked the link in the "You have been in a contracted out pension scheme", that will give you the COPE.  That is the essential information for the pre 2016 question.

Sense checking your figures shows you must have a COPE of at least £11.25 but I suspect it will be much higher

pinnks

RE NI Credits, have a read of National Insurance credits: Eligibility - GOV.UK (www.gov.uk).  

homer2012

Hi molerat.  Thanks for your reply.  
I didn't mean to create a new board/forum so please excuse my mistake.
Is the link that you speak of concerning COPE on my HMRC page?

p00hsticks

homer2012 said:

In respect of my medical condition I do not know if I could possibly qualify for free NI Credits since ill-health retirement in 2013 however suspect that getting a definitive answer in time for the 5 April cut off is not realistic.

I'm not a benefits expert, but /i think it unlikely that you'd qualify. The two main ill-health benefits are /pip, which you may be eligible for but does not come with NI credits, and new style ESA, which does, but requires a recent record of NI contributions that you don't have. Universal /credit is the other option; this does give credits, but is means tested and requires savings of less than £16k. And it's not something that would be backdated. '

molerat

homer2012 said:

Hi molerat.  Thanks for your reply.  
I didn't mean to create a new board/forum so please excuse my mistake.
Is the link that you speak of concerning COPE on my HMRC page?

Yes, near the bottom of your forecast in you on line tax account.

homer2012

Hi pinnks.  Thanks for your reply.
I did have a look at this page earlier however with my then circumstances in 2013 with reduced medical pension and partial lump sum I did not qualify for any benefits/allowances at the time.  I feel that this will still probably be the case and I won't qualify as a result although without enquiry I will never know.  I have probably been putting off completing any related form/paperwork due to this negativity on my part and was hoping to telephone someone instead to get a quick response given the timeframe.  I will follow this up tomorrow    

homer2012

Thanks molerat.  I've tried to log back into my HMRC account however i'm now getting the 'sorry, service unavailable' message.  I will post the COPE information as soon as I can ascertain it, if you are able to kindly review this.  Many thanks for the clarification.

molerat

homer2012 said:

Thanks molerat.  I've tried to log back into my HMRC account however i'm now getting the 'sorry, service unavailable' message.  I will post the COPE information as soon as I can ascertain it, if you are able to kindly review this.  Many thanks for the clarification.

I suspect The Martin Lewis Show currently broadcasting has crashed the system ! 

I honestly suspect that pre 2016 years will not be a viable option for you and only a maximum of 2 could count in the best case scenario anyway. It is only one that is cheap-ish and you have sufficient post 2016 gap years and / or years going forward to make it up so it is not a deal breaker situation.  Any post 2016 years will count so it is simply a case of cheapest first if you want to buy past years.  The 5th year will only pay out £2.82 but IMO still worth it.

homer2012

Many thanks p00hsticks for the information.
I suspected as much that I would not qualify even with the reduced pension and remaining savings. This was probably the reason that I had not actively pursued it all this time (until a desperate attempt at the last minute!).
Thanks again

homer2012

Thanks for your earlier response molerat.

I have now managed to access my HMRC account.

My COPE figure is £60.98 per week should that make any difference to your earlier pre/post 2016 answer ??

Many thanks for any further clarification /advice.

All the very best