Pension forecast

paul235

I reach retirement age this year and according to gov.uk/check-state-pension  forecast I can pay  £ 824 in voluntary contributions for the missing financial years preceding 2021/2022 but £800.80 and £795.60 for 2021/2022 and 2020/2021. I can not explain the difference and if this is the correct amount payable.

I also notice for two years 87/88 and 93/94 I paid missing weeks voluntary contributions for the time I was unemployed but these years are shown as not fully paid , just a few weeks missing. I do not have bank statements from that time but I remember I paid. Is it likely that HMRC would believe me.


2021 to 2022

Year is not full

You did not make any contributions this year

You can make up the shortfall

Pay a voluntary contribution of £800.80 by 5 April 2028. This shortfall may increase after 5 April 2024.

2020 to 2021

Year is not full

You did not make any contributions this year

You can make up the shortfall

Pay a voluntary contribution of £795.60 by 5 April 2027. This shortfall may increase after 9 April 2023.

molerat

Yes they are the correct amounts for the years.  Each year increases in price but stay at the same price for 2 years as indicated in the text.

As for the older years, you will need to speak to HMRC, does it show any weeks voluntary contributions at all,  but it may be that those years make no difference to your forecast.

Do you actually need to fill those gaps ?

What exactly does your forecast show ?

Current £.pp amount accrued up to April 2022
Number of pre 2016 NI years full
Number of post 2016 NI years full
Any COPE amount shown

p00hsticks

paul235 said:

I reach retirement age this year and according to gov.uk/check-state-pension  forecast I can pay  £ 824 in voluntary contributions for the missing financial years preceding 2021/2022 but £800.80 and £795.60 for 2021/2022 and 2020/2021. I can not explain the difference and if this is the correct amount payable.

The NI rates are increased each year with inflation.
When purchasing previous years, the rates of the two most recent are held at the original rates, while those futher back are charged at the same rate as the current year. 

• In 2020/21 the weekly Class 3 rate was £15.30 - so the yearly rate is 52 x £15.30 = £795.60

• In 2021/22 the rate rose 10p so the yearly charge is 52 x £15.40 - £800.80

• And for the current year 2022/23 the weekly charge is £15.85, the yearly one £824.20 - this is also the rate currently charged for years prior to 2020/21.

In July (a date deadline extended from April) the price for voluntary Class 3 contributions rises by the 10.1% inflation figure to £17.45 a week, £907.40 a year, and this will also become the price for years earlier than 2021/22.

Note that years between 2006/7 and 2016/17 will cease to be available to buy after the July deadline, and those prior to April 2016 may not necessarily increase your pension.

paul235 said:

I also notice for two years 87/88 and 93/94 I paid missing weeks voluntary contributions for the time I was unemployed but these years are shown as not fully paid , just a few weeks missing. I do not have bank statements from that time but I remember I paid. Is it likely that HMRC would believe me.

I very much doubt it - and it's far too late to make any further payments to fill those years now.

paul235

Your State Pension summary
You can improve your forecast

You have shortfalls in your National Insurance record that you can fill and make

count towards your State Pension.

The most you can increase your forecast to is

£185.15 a week

It then lists the years I can make voluntary NI contributions , does this mean that the full pension is guaranteed to be paid if I make up the missing years to have 35 years contributions? I reach retirement age this September.

molerat

It means you can achieve the maximum by purchasing more years.  Those 2 years you mentioned will add to your pension at £5.29 each up to the maximum £185.15.  What is your amount at April 2022 ?

xylophone

@paul 235

What exactly does your forecast show ?

Current £.pp amount accrued up to April 2022 ?

Number of pre 2016 NI years full ?

Number of post 2016 NI years full ?

Any Contracted Out Pension Equivalent  amount shown ?

For COPE, follow the link in your forecast.