Apologies, another unsuccessful Future Pension Centre caller ...

Big_Dragon

Hello

Like many others, I haven't been able to get through to the Future Pension Centre in spite of numerous attempts ...

So I'm hoping someone can please help based on my figures:

Age: 59 
State Pension Forecast: £203.85 (if I contribute another 8 years before 2030)
NI Record: 30 years of full contributions up to and including 2015/16. No contributions paid since then.  
Current estimate: £161.98
COPE estimate: £41.11

Anything could change, but I don't currently expect to be making future NI contributions via work before official retirement. So for years 2016/17 to date I have the option of paying the following voluntary contributions by specified dates:
2016/17 - £824.20 by 31 July 2023
2017/18 - £824.20 by 5 April 2024 (shortfall may increase after 31 July 2023)
2018/19 - £824.20 by 5 April 2025 (shortfall may increase after 31 July 2023)
2019/20 - £824.20 by 5 April 2026 (shortfall may increase after 31 July 2023)
2020/21 - £795.60 by 5 April 2027 (shortfall may increase after 31 July 2023)
2021/22 - £800.80 by 5 April 2028 (shortfall may increase after 5 April 2024)

I have read somewhere that the shortfall amount will increase from £804.20 to £907.40 from 1 Aug 2023 (with, presumably, further increases in years to come).

In my position, therefore, does it make most sense just to pay the 2016/17 shortfall now (as 31 July 2023 seems to be an absolute deadline), then to pay each subsequent year's shortfall on an annual basis?  I appreciate that the shortfall amount may go up each year, but then again it's possible if my circumstances change that either I will be working or (if I am unlucky) no longer around.  Or is there a clear advantage in paying more than just the 2016/17 shortfall now?

Thanks very much in advance for any advice.

molerat

7 more years will take you to £202.75 and the 8th will add the final £1.10 so maybe not worth paying.  Up to you how to play it.  The downside of paying ahead of time is that it is all lost if you step under a bus all is lost.  If you are going to pay as you go along in future it would be a better plan to get 20-21 and 21-22 as your starter.

Big_Dragon

Thanks, Molerat, presumably 20/21 and 21/22 as starters simply because the shortfall amount is smaller?

molerat

yes, and no need to get in to the FPC scrabble.