Should I pay my missing NI years?

jolester

Hi

I am 42, and the following is showing on my NI record

• 24 years of full contributions
• 26 years to contribute before 5 April 2048
• 2 years when you did not contribute enough

The payments for my two missing years are £412.10 (2009-2010 ) and £142.65 (2017-2018 - accountant is looking at this tax year for me)

Given this information, do you think it would be worthwhile me paying to complete these years?

Thank you for any advice

molerat

Without more information it is hard to say.  What is your current amount to April 2022 ? Employed or self employed ?

Linton

You need to get a state pension forecast - https://www.gov.uk/check-state-pension.  That will tell you how many more NI years you need for a full state pension.  Depending on when you retire It is quite possible that between now and 2048 you will accrue sufficient NI years anyway.

If you post all the details from the forecast, removing anything that could identify you,  people here can explain the implications for buying extra years.

jolester

Linton said:

You need to get a state pension forecast - https://www.gov.uk/check-state-pension.  That will tell you how many more NI years you need for a full state pension.  Depending on when you retire It is quite possible that between now and 2048 you will accrue sufficient NI years anyway.

If you post all the details from the forecast, removing anything that could identify you,  people here can explain the implications for buying extra years.

You can get your State Pension on ** July 2048

Your forecast is £185.15 a week, £805.07 a month, £9,660.86 a year

You need to continue to contribute National Insurance to reach your forecast

Estimate based on your National Insurance record up to 5 April 2022

£139.99 a week

Forecast if you contribute another 9 years before 5 April 2048

£185.15 a week

£185.15 is the most you can get

You cannot improve your forecast any further, unless you choose to put off claiming.

molerat

You need 9 more years to get there with 26 years to go.  If you are working you will be paid up by the time you are 52.  If you buy those years and work beyond 52 it is money wasted.  Maybe 17-18 at a pinch.  Are you employed or self employed as you mention your accountant ?

jolester

molerat said:

You need 9 more years to get there with 26 years to go.  If you are working you will be paid up by the time you are 52.  If you buy those years and work beyond 52 it is money wasted.  Maybe 17-18 at a pinch.  Are you employed or self employed as you mention your accountant ?

Thanks Molerat

I have been owner/director of a company since 2009 (probably why there is a discrepancy with this year) and we changed accountants during 2017-18  year which is why she is looking into this.

I hope the business is still going for another 10 years, and if for any reason it isn't then I'd need to get a job !