Pensions and National Insurance contributions

47Driver

Following MSEs recent topic of unpaid NI contributions I checked my contributions record which shows 47 years full contribution and three years when I did not pay enough.
I took early retirement from work and used the work pension as my income source. I did not claim any benefits from the government and paid Income Tax on my pension.
The three years I did not pay enough NI relate to this early retirement period.
In addition to my work pension I receive £164.21 state pension currently £20ish short of the full amount.
Is it worth paying the additional amounts (approx £800 for each year) to get a full pension.

p00hsticks

Which years are they ?
Pre-2016 years won't add anything. 
Post-2016 years will each add £5.29 a week. 
2016-17 won't be available to buy after 5th April this year. 
Later ones will but the price will increase, and as you've already reached state pension age I don't believe the resulting increase in pension  is backdated beyond when the payments are actually made - it will take a while for DWP to recalculate your entitlement once you've made any payments. 
You don't say how old you are or what your life expectancy is - only you can really make the call as to whether you think it is worth it.   

47Driver

43 years full pre 2016
4 years full post 2016
3 years, as stated in my original post, when I did not pay enough.
Using my work pension as income.

47Driver

I am 67, in very good health. So subject to avoiding buses running me over, I plan to be around for sometime yet.
If I’m understanding correct, by paying approx £2400 for the three deficient years I will benefit in around three years.
Do the DWP need to be further notified or does paying the shortfall automatically trigger the increased pension payment amount?

Linton

Unless you are near to death now paying voluntary NI is worth it.  Your contribution will be repaid in extra pension (even I think after tax).in less than 4 years.

GrubbyGirl_2

47Driver said:

43 years full pre 2016
4 years full post 2016
3 years, as stated in my original post, when I did not pay enough.
Using my work pension as income.

As your missing years are all post 2016, each year you buy you will get £5.29 so the 3 years will get you £15.87 (£825.24 pa).  And don't forget it's going up by 101% in April so that's £17.47 (£908.59)

47Driver

Thank you guys.