Top up state pension ?

Dazed_and_C0nfused

Buying 4 post 2016 years will take you to £184.42.

I don't think pre 2016 years would add anything.

4 years will cost you ~£3,245.

In return you will get an extra £1,100/year (before any tax that might be due).

But in reality that £1,100 year will be £1,211 from April 2023.  And increase each year under the tripe lock rules.

I doubt you can get a better return on your £3,245.

BreakingGlass

You said in your second post that you 'retired early due to ill health'.

If you apply for 'New Style ESA' you may get Class 1 NI Credits without paying a penny.   This could be the case even if you have too much income (pension) or savings to receive any actual ESA payments, because you will ''satisfy the conditions' for ESA.

I can't post a link because I am a newbie, but search for 'national insurance credit ESA'

xylophone

You mention a company pension.

What is the COPE shown on your forecast? This was used once only in the calculation below.

You say that you had 38 qualifying years when you ceased paid employment in June 2013 and that there have been no NI contributions or credits since.

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

It was the higher of

Old Rules entitlement

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

New Rules Entitlement

{NI years/35 (max) x £155.65 (Full NSP)} - COPE.

Your starting amount was given by the old rules calculation.

It has been index linked since then under the triple/double lock.

You can improve your SP up to a full NSP by making voluntary contributions.

As you had more than 35 qualifying years at 6/4/16, only contributions post 6/4/16 will improve your pension.

You need four years to bring you to within a whisker of full NSP (£184.41).

The fifth year would add only a few pence so you might feel not worth paying.

See p6  (booklet produced to coincide with introduction of NSP) here

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

https://www.moneysavingexpert.com/news/2023/03/state-pension-boost-deadline-extended-july/

See also

https://www.gov.uk/government/publications/new-state-pension-if-youve-been-contracted-out-of-additional-state-pension/the-new-state-pension-transition-and-contracting-out-fact-sheet

https://www.gov.uk/government/publications/state-pension-fact-sheets/contracting-out-and-why-we-may-have-included-a-contracted-out-pension-equivalent-cope-amount-when-you-used-the-online-service