Cannot get through to Future Pensions Service

Breganze

molerat 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 ?

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 ?

Thank you all, I have not viewed it in this light.

molerat,  my NI + years as follows:
April 2022, No contributions this year.              VC £800.80
April 2021, No contributions this year.              VC £795.60
April 2020, No contributions this year.              VC £824.20
April 2019, No contributions this year.              VC £824.20
April 2018, Paid employ £55.23 this year.         VC £665.70
April 2017, No contributions this year.              VC £824.20

molerat

Even better, £158.50 less to pay so £5558.90 which pays back gross in 150 weeks or 137 at the new rate.

But

Most of those prices are only available until 5th April, the years 17-18 to 20-21 increase to £907.40 after that, part year 18-19 to £732.90 and 16-17 ceases to be available..

Michael1b

molerat 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 ?

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 ?

Hi Molerat I thought if you were a certain age you could still pay missing contributions for years back to 2006 but this is only available until April this year? Have I misunderstood that?

xylophone

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

You state that you had 40 qualifying years, the last being 2015/16.

At 6/4/16, two calculations were done to establish your "starting amount" for new state pension.

The SA was the higher of

Old Rules

NI years/30 (max) x £119.30 (Full Basic) + (Additional State Pension - (if applicable) Deduction for Contracting Out)

New Rules

{NI years/35 (max) x £155.65 (Full NSP)} -  (if applicable) Contracted Out Pension Equivalent. 

Your starting amount was under a full NSP and you had a number of years to go before you reached SPA.

See https://www.dpf.org.uk/explorer/files/TOPPING-UP-YOUR-STATE-PENSION-GUIDE.pdf

on page 6.

You can improve your starting amount only by Voluntary Contributions for post 6/4/2016.

xylophone

Presumably you have a state pension forecast?

https://www.gov.uk/check-state-pension

It will show any COPE, used once only as above.

molerat

Michael1b said:

Hi Molerat I thought if you were a certain age you could still pay missing contributions for years back to 2006 but this is only available until April this year? Have I misunderstood that?

You can currently buy back years to 2006-07 ..... but ...... in many cases years from 2015-16 and earlier will not add to the pension amount. That is why we ask for some specific points from the forecast as those will determine the viability of pre 2016 years.

Breganze

molerat said:

Even better, £158.50 less to pay so £5558.90 which pays back gross in 150 weeks or 137 at the new rate.

But

Most of those prices are only available until 5th April, the years 17-18 to 20-21 increase to £907.40 after that, part year 18-19 to £732.90 and 16-17 ceases to be available..

My understanding(?) is that I need an 18-digit Reference number in order to pay VC's.

The FPC phone line remains choked, albeit now has a message stating that owing to the service being inundated in an unprecedented manner, late claims after the 5th April 2023 will be accepted. It didn't quantify 'late'.

Is there any other way to pay this?  I've read of suggestions to pay via HMRC, is this viable?

Iiyama

In my case, I have spoken to the future pensions department. I have spent over an hour every weekday for the past 3 weeks trying to get my 18-digit code and the exact amount I need to pay.

I have not managed to get through yet! So frustrating.

p00hsticks

Breganze said:

molerat said:

Even better, £158.50 less to pay so £5558.90 which pays back gross in 150 weeks or 137 at the new rate.

But

Most of those prices are only available until 5th April, the years 17-18 to 20-21 increase to £907.40 after that, part year 18-19 to £732.90 and 16-17 ceases to be available..

My understanding(?) is that I need an 18-digit Reference number in order to pay VC's.

The FPC phone line remains choked, albeit now has a message stating that owing to the service being inundated in an unprecedented manner, late claims after the 5th April 2023 will be accepted. It didn't quantify 'late'.

Is there any other way to pay this?  I've read of suggestions to pay via HMRC, is this viable?

It's always been HMRC that you actually pay - the Future Pension Centre merely advises on which gap years you have will actually be worth paying andincrease your forecast, as not all will. (Although I have heard on here that in some cases having established that they will transfer you directly to HMRC to make the payment). 

 to make voluntary Class 3 contributions - you either phone up HMRC NI enquiries to tell them what years you want to pay and get the 18 digit reference and bank details to make an online faster payment,
Pay voluntary Class 3 National Insurance: Make an online or telephone bank transfer - GOV.UK (www.gov.uk)
 or you write a letter with  the relevant details and post it to them with a cheque. 
Pay voluntary Class 3 National Insurance: By cheque through the post - GOV.UK (www.gov.uk)