Cannot get through to Future Pensions Service

London2023

Many thanks P00hsticks that is reassuring. Just a bit worried that HMRC will want confirmation that I have got the nod from DWP and I do not like to lie. I am NOT claiming state pension. I am 68 and have been out of work for over 20 years without benefits.

Breganze

For the last 2 weeks I have been ringing Future Pensions on 0800 731 0175. Up to 15 times a day, getting through the selections, only to be cut off after the final digit. I've even tried variations, all to same effect. So annoyed & frustrated.

I have obtained my NI contributions record, and found that I have 40 years full contributions recorded. It further says I have 1-year to contribute before 5 April 2023. It also shows 8 years when I did not contribute enough (Retired).

I do not understand, when 35 years is the contributions required, and at 40 years why do I have to pay more?
I am eligible for my SP in September 2023

molerat

Breganze said:

For the last 2 weeks I have been ringing Future Pensions on 0800 731 0175. Up to 15 times a day, getting through the selections, only to be cut off after the final digit. I've even tried variations, all to same effect. So annoyed & frustrated.

I have obtained my NI contributions record, and found that I have 40 years full contributions recorded. It further says I have 1-year to contribute before 5 April 2023. It also shows 8 years when I did not contribute enough (Retired).

I do not understand, when 35 years is the contributions required, and at 40 years why do I have to pay more?
I am eligible for my SP in September 2023

You misunderstand.  35 years only applies to those starting out from 2016.  For the rest of us it takes as many as are needed, the highest recorded here is 50.  Do you know what is needed to increase your pension  - which years will and will not increase it ?

Breganze

molerat said:

Breganze said:

For the last 2 weeks I have been ringing Future Pensions on 0800 731 0175. Up to 15 times a day, getting through the selections, only to be cut off after the final digit. I've even tried variations, all to same effect. So annoyed & frustrated.

I have obtained my NI contributions record, and found that I have 40 years full contributions recorded. It further says I have 1-year to contribute before 5 April 2023. It also shows 8 years when I did not contribute enough (Retired).

I do not understand, when 35 years is the contributions required, and at 40 years why do I have to pay more?
I am eligible for my SP in September 2023

You misunderstand.  35 years only applies to those starting out from 2016.  For the rest of us it takes as many as are needed, the highest recorded here is 50.  Do you know what is needed to increase your pension  - which years will and will not increase it ?

You are correct.  My SP forecast is currently £142/week.
My shortfall years are every year since 2014/15, that year's Vol Contributions are £554.75 by 5/4/23 this will increase SP to £148
The contributions increase over the remaining years increase each year, up to £800 for this year. Max SP is £179

The total VC total £5051.  In my calculation £30/week is not worth it, taking nearly 4 years to benefit (apart from increased tax on my pension?

E_Miller

molerat said:

E_Miller said:

Heredia said:

I have spent the last week trying to contact the Future Pensions Service as need to pay back missing years, I need the 18 digit number & bank details to make payment is there other way of getting this information, I am concerned that I am going to miss the deadline! 

I have spent the last week trying to contact both the Future Pension Service, and have also tried the HMRC NI Helpline direct. I cannot get through to either. I waited 56 mins in a queue on the HMRC NI Helpline yesterday, got through and was cut off after 17 seconds. The Future Pension Service goes straight to engaged, so no option to wait in a queue. Worrying as I have a two year gap when I was not employed, and bringing up my two new babies, and have not received any NI credit contributions. 

Were you not in receipt of child benefit ? Will those years actually make a difference ?

Yes - I was getting child benefit in those years

p00hsticks

Breganze said:

molerat said:

Breganze said:

For the last 2 weeks I have been ringing Future Pensions on 0800 731 0175. Up to 15 times a day, getting through the selections, only to be cut off after the final digit. I've even tried variations, all to same effect. So annoyed & frustrated.

I have obtained my NI contributions record, and found that I have 40 years full contributions recorded. It further says I have 1-year to contribute before 5 April 2023. It also shows 8 years when I did not contribute enough (Retired).

I do not understand, when 35 years is the contributions required, and at 40 years why do I have to pay more?
I am eligible for my SP in September 2023

You misunderstand.  35 years only applies to those starting out from 2016.  For the rest of us it takes as many as are needed, the highest recorded here is 50.  Do you know what is needed to increase your pension  - which years will and will not increase it ?

The total VC total £5051.  In my calculation £30/week is not worth it, taking nearly 4 years to benefit (apart from increased tax on my pension?

That is of course your choice to make. 
Another way of looking at is is that breaking even after those four years only takes you to the age of 70, considerably under average life expectancy, and after that you are £30 a week in profit for the rest of your life. 
By comparison, see what £5051 would buy you as an inflation linked annuity - it woudl be considerably less than £30 a week. 

molerat

Breganze said:

molerat said:

Breganze said:

For the last 2 weeks I have been ringing Future Pensions on 0800 731 0175. Up to 15 times a day, getting through the selections, only to be cut off after the final digit. I've even tried variations, all to same effect. So annoyed & frustrated.

I have obtained my NI contributions record, and found that I have 40 years full contributions recorded. It further says I have 1-year to contribute before 5 April 2023. It also shows 8 years when I did not contribute enough (Retired).

I do not understand, when 35 years is the contributions required, and at 40 years why do I have to pay more?
I am eligible for my SP in September 2023

You misunderstand.  35 years only applies to those starting out from 2016.  For the rest of us it takes as many as are needed, the highest recorded here is 50.  Do you know what is needed to increase your pension  - which years will and will not increase it ?

You are correct.  My SP forecast is currently £142/week.
My shortfall years are every year since 2014/15, that year's Vol Contributions are £554.75 by 5/4/23 this will increase SP to £148
The contributions increase over the remaining years increase each year, up to £800 for this year. Max SP is £179

The total VC total £5051.  In my calculation £30/week is not worth it, taking nearly 4 years to benefit (apart from increased tax on my pension?

2015-16 and earlier will not add to your pension, only 2016-17 onwards will add value.

Paying voluntary contributions is generally a very good investment.  £800ish will get you £275 taxable per year for life.  Put that £800 into an annuity and you would get around £32 taxable per year. How does that look now ?  7 years, 2016-17 to 2022-23, at £5717.40 will give you £37.03 per week returning the outlay gross in 155 weeks or 140 weeks at the rates when you will start receiving it.

What is the exact amount at April 2022 ?

GrubbyGirl_2

p00hsticks said:

Breganze said:

molerat said:

Breganze said:

For the last 2 weeks I have been ringing Future Pensions on 0800 731 0175. Up to 15 times a day, getting through the selections, only to be cut off after the final digit. I've even tried variations, all to same effect. So annoyed & frustrated.

I have obtained my NI contributions record, and found that I have 40 years full contributions recorded. It further says I have 1-year to contribute before 5 April 2023. It also shows 8 years when I did not contribute enough (Retired).

I do not understand, when 35 years is the contributions required, and at 40 years why do I have to pay more?
I am eligible for my SP in September 2023

You misunderstand.  35 years only applies to those starting out from 2016.  For the rest of us it takes as many as are needed, the highest recorded here is 50.  Do you know what is needed to increase your pension  - which years will and will not increase it ?

The total VC total £5051.  In my calculation £30/week is not worth it, taking nearly 4 years to benefit (apart from increased tax on my pension?

That is of course your choice to make. 
Another way of looking at is is that breaking even after those four years only takes you to the age of 70, considerably under average life expectancy, and after that you are £30 a week in profit for the rest of your life. 
By comparison, see what £5051 would buy you as an inflation linked annuity - it woudl be considerably less than £30 a week. 

I agree with you.  I'm a high rate tax payer and still think it's worth it.  I won't get my money back for around 6 years but that's based on current rates and it could be as little as 4 years with inflation increases. Interest I make on that money in the bank will never beat inflation so will only devalue more over those years, money in the state pension will still be worth the same.  My parents lived into their 90's so I hope I'll be drawing pension for 20+ years

xylophone

The total VC total £5051.  In my calculation £30/week is not worth it, taking nearly 4 years to benefit (apart from increased tax on my pension?

Don't forget that the pension increases each April under (currently) the triple lock arrangement.

You could look at it as a loan to the Govt whereby they start to repay the principal in the first year and add interest (the increase) in the second and subsequent years -  after the fourth year your loan has been repaid and after that it's all jam.....

molerat

E_Miller said:

molerat said:

E_Miller said:

Heredia said:

I have spent the last week trying to contact the Future Pensions Service as need to pay back missing years, I need the 18 digit number & bank details to make payment is there other way of getting this information, I am concerned that I am going to miss the deadline! 

I have spent the last week trying to contact both the Future Pension Service, and have also tried the HMRC NI Helpline direct. I cannot get through to either. I waited 56 mins in a queue on the HMRC NI Helpline yesterday, got through and was cut off after 17 seconds. The Future Pension Service goes straight to engaged, so no option to wait in a queue. Worrying as I have a two year gap when I was not employed, and bringing up my two new babies, and have not received any NI credit contributions. 

Were you not in receipt of child benefit ? Will those years actually make a difference ?

Yes - I was getting child benefit in those years

But will those years actually add to your pension ?  Which years are they ?