Lazy NI Question 28 February at 4:28PM in Pensions, annuities & retirement planning 6 replies 217 views

billy2shots

I know I need to call the future pension service (or whatever it's called). 

However before I do, maybe you helpful people can save me time on hold. 

My wife (43) has 18 years left to contribute to reach full state pension provision. Currently £93.07. 

We are in the fortunate position of not needing to work for all of those 18 years. I'm not wanting to get bogged down with pay contributions now or at the end and would rather concentrate on what we know now. 

3 years that are available to buy back 

06-07 £824.30
07-08 £824.20
08-09 £538.90


Is there a way of telling if these will or rather most likely won't affect my wife's NI position. Once again I know I need to phone but I have seen you clever peeps rule out other forum members based on certain info. 

molerat

Post up the full pension details.  With only £83.07 it is likely they will each add £5.29 but need the full details for certainty.
Number of pre 2016 years full
Number of post 2016 years full
Financial year you reach state retirement
Any COPE amount shown

billy2shots

molerat said:

Post up the full pension details.  With only £83.07 it is likely they will each add £5.29 but need the full details for certainty.
Number of pre 2016 years full
Number of post 2016 years full
Financial year you reach state retirement
Any COPE amount shown

2047 pension age.

£93.07 current

Max of £185.15 if 18 more full years are contributed. 

7 full years before 2016/17 + the 3 outstanding in OP

6 full from 16/17 + this year will be full so 7 years. 


Originally from Turkey, no UK employment earlier. 

molerat

Looks like a fairly large S2P with those 7 years, £27.84 basic pension and £23.73 S2P at April 2016.

As the starting amount came under the old rules, £51.57 v £31.13, each of those 3 years will add £4.73 bringing the current amount up to £107.26 needing another 15 years to make up the £77.89 shortfall.

billy2shots

molerat said:

Looks like a fairly large S2P with those 7 years, £27.84 basic pension and £23.73 S2P at April 2016.

As the starting amount came under the old rules, £51.57 v £31.13, each of those 3 years will add £4.73 bringing the current amount up to £107.26 needing another 15 years to make up the £77.89 shortfall.

So you think those 3 years will change the landscape and it's worth a phone call (and hour in hold)?

molerat

billy2shots said:

molerat said:

Looks like a fairly large S2P with those 7 years, £27.84 basic pension and £23.73 S2P at April 2016.

As the starting amount came under the old rules, £51.57 v £31.13, each of those 3 years will add £4.73 bringing the current amount up to £107.26 needing another 15 years to make up the £77.89 shortfall.

So you think those 3 years will change the landscape and it's worth a phone call (and hour in hold)?

That gets into the now or later argument but she has 25 years to get the necessary 18.  In real terms a future voluntary year will cost no more than those past years, apart from the part full 08-09, as the price only goes up with inflation.

billy2shots

molerat said:

billy2shots said:

molerat said:

Looks like a fairly large S2P with those 7 years, £27.84 basic pension and £23.73 S2P at April 2016.

As the starting amount came under the old rules, £51.57 v £31.13, each of those 3 years will add £4.73 bringing the current amount up to £107.26 needing another 15 years to make up the £77.89 shortfall.

So you think those 3 years will change the landscape and it's worth a phone call (and hour in hold)?

That gets into the now or later argument but she has 25 years to get the necessary 18.  In real terms a future voluntary year will cost no more than those past years, apart from the part full 08-09, as the price only goes up with inflation.

Many thanks for your help.