When to pay voluntary contributions?

lulu999

Like most people suffering massive problems getting through to HMRC I finally got the 18 digit code. (I involved my MP in the end due to fear of missing the deadline after having done everything else humanly possible.)

In their apology letter, with the 18 digit code, they also gave me the breakdown on what years to pay contributions that would maximise my pension for the lowest outlay.

This letter was received before the deadline was extended to Apr 2025.

When would be the optimum time to make the contributions?

Are there any disadvantages to leaving payment to just before the deadline (and earn interest on the payment sum in the meanwhile)?

or

could anything change between now and then to potentially disadvantage me?

la531983

Personally I would be sorting it as soon as so that you aren't flirting with the deadline and the potential for something else to go wrong, but that's just me. 

pinnks

That's a good question and depends on a host of factors. 

For instance, is it worth sticking the money in a fixed rate account for a year to get some interest?  Depends on the amounts involved but if it is several thousand pounds it could be worthwhile.  

How is your health; how risky is your job/life?  Once paid the money is paid it cannot be refunded, so delaying payment until nearer to the deadline avoids the consequences of an early demise, either by the actions of nature, or the coming together of person and London omnibus etc.  Personally, I am paying each year shortly before the price will increase but that is personal choice.

How likely are you to "forget" and then get tangled in the early 2025 rush?

And so on...

badmemory

Is there not a use by date on the code?

pinnks

Not sure about that but it is specific to the year(s) and amount.  But the amount and year(s) won't change, so all that can happen is that you need a new code...