NI Voluntary Contributions - Stuck in the middle

Bimbly

With around 20 years left to work, I don't think you need the need to plug any NI gaps at the moment. Maybe look at it again in 15 years time and see how you're getting on.

If you want to provide your forecast details, as suggested above, the clever people here will assess how you're getting on so far.

JayBeeCymru

I had a look at my forecast and it says the following:

"Estimate based on your National Insurance record up to 5 April 2023 - £117.57 a week

Forecast if you contribute another 15 years before 5 April 2044 - £203.85 a week"

My pension records say I have:

"21 years of full contributions

21 years to contribute before 5 April 2044

9 years when you did not contribute enough" (3 of these were after April 2016)

I've have only ever worked in the public sector so my pensions are through civil service and NHS.  I checked the contracting out and it says this:

"Your COPE estimate is £24.49 a week

This will not affect your State Pension forecast. The COPE amount is paid as part of your other pension schemes, not by the government."

I don't really know how COPE works 

JayBeeCymru

molerat said:

You have not given the important information which is your current amount up to April 2022 (or 2023) and any COPE amount in your forecast.  35 years is of no relevance to you with a pre 2016 history.  Which FY do you reach state retirement 43-44 or 44-45 ?

It says I can get my state pension in 44-45

I had a look at my forecast and it says the following:

"Estimate based on your National Insurance record up to 5 April 2023 - £117.57 a week

Forecast if you contribute another 15 years before 5 April 2044 - £203.85 a week"

My pension records say I have:

"21 years of full contributions

21 years to contribute before 5 April 2044

9 years when you did not contribute enough" (3 of these were after April 2016)

I've have only ever worked in the public sector so my pensions are through civil service and NHS. I checked the contracting out and it says this:

"Your COPE estimate is £24.49 a week

This will not affect your State Pension forecast. The COPE amount is paid as part of your other pension schemes, not by the government."

I don't really know how COPE works 

molerat

As your forecast shows, you need another 15 years to reach the full amount with 21 years left to get there.  It is likely not worth buying earlier years - you don't need them, you have plenty of time to fill up - and they only increase with inflation so effectively cost the same.  There may be some point in buying those part filled years if they are cheap enough - how much are they priced at ?

COPE was only ever used in working your starting amount at entry into the 2016 pension, it has no real world relevance.

JayBeeCymru

molerat said:

As your forecast shows, you need another 15 years to reach the full amount with 21 years left to get there.  It is likely not worth buying earlier years - you don't need them, you have plenty of time to fill up - and they only increase with inflation so effectively cost the same.  There may be some point in buying those part filled years if they are cheap enough - how much are they priced at ?

COPE was only ever used in working your starting amount at entry into the 2016 pension, it has no real world relevance.

Thanks for the information. 

There is only 1 partial year (2018/19) which is priced at £500. The other 6 consecutive gaps (that go back to 2012/13) where I can make a voluntary payment are priced at £824

So what you are saying is that I will get the full state pension if I make 15 FY contributions before I reach retirement age, which is 21 years away. If I buy back any partial or full years of those that are after April 2016, I will reduce the 15 years requirement?

molerat

So what you are saying is that I will get the full state pension if I make 15 FY contributions before I reach retirement age

Yes

With only 17 pre 2016 years you can safely purchase any available years, the pre 2016 barrier does not apply to you. All will add value but pre 2016 will only add £5.21 against £5.82 for a post 2016. In your OP you mentioned a part filled pre 2016 year ?

JayBeeCymru

molerat said:

So what you are saying is that I will get the full state pension if I make 15 FY contributions before I reach retirement age

Yes

With only 17 pre 2016 years you can safely purchase any available years, the pre 2016 barrier does not apply to you. All will add value but pre 2016 will only add £5.21 against £5.82 for a post 2016. In your OP you mentioned a part filled pre 2016 year ?

That was a typo. I only have 1 part filled year and it was 2018/19.

If I purchase that and say another full year, does this mean I will only need to contribute another 13 full years before my retirement, for example?