When is it beneficial to buy extra pension by paying voluntary contributions?

Hannover29

I am in receipt of a State Pension and my NI records show that for 6 years I have not paid enough contribution to receive the maximum state pension. I haven’t received my pension forecast yet to confirm whether it is beneficial to pay those years and the opportunity to pay for two years expires 5.4.23. Superficially it appears obvious that I can benefit but with all the caveats provided on whether it is beneficial I have no idea what to do. I have a contracted out private pension. Can anybody point me to a calculator or advice post as I am running out of time with no apparent hope of deadline extension.

Dazed_and_C0nfused

How much is your weekly state pension now?

How many of the available years are 2016:17 or later?

p00hsticks

Dazed_and_C0nfused said:

How much is your weekly state pension now?

How many of the available years are 2016:17 or later?

And in what tax year did you reach state pension age ? (as buying that year won't help).

Hannover29

Thank you. £129.23.4 years 2016-17 to 2019-20

Hannover29

66 in tax year 2020-2021 

molerat

Those 4 years will add £5.29 each to your pension amount. Need paying before April though as 2016-17 ceases to be available and the other 3 increase to £907.40 each.

Dazed_and_C0nfused

p00hsticks said:

Dazed_and_C0nfused said:

How much is your weekly state pension now?

How many of the available years are 2016:17 or later?

And in what tax year did you reach state pension age ? (as buying that year won't help).

Good point!

molerat

Dazed_and_C0nfused said:

p00hsticks said:

Dazed_and_C0nfused said:

How much is your weekly state pension now?

How many of the available years are 2016:17 or later?

And in what tax year did you reach state pension age ? (as buying that year won't help).

Good point!

But it would not show as available to buy

Hannover29

Thank you so much. If it appears that this is straight forward why are there so many caveats about whether additional payments are beneficial. I tried to sort this out when notified of the pension but with Covid delays and going around the maze of the government gateway I got lost. It wasn’t until  I heard a podcast recently that I found the right phone numbers but am running out of time.

Why does it seem overly complicated?

thanks again

molerat

The big caveat is over pre 2016 years which may or may not, depending on personal history, add to your pension.  Post 2016 years are a dead cert will add.

xylophone

£129.23.

OP, is this the weekly amount that you are receiving now?

How many qualifying years did you have at 6/4/16?