Voluntary National Insurance Contributions

newlandlord555

If I am not on any benefits are not working but have  a small income from renting out a flat, therefore are not getting NI stamp paid for ....can I then voluntalily pay the NI contribution? Hoping to get some sort of income when I hit 67. Already paid 20 odd full years so will get something just wanting to maximise it so I dont starve in my old age !

p00hsticks

Yes you can.
Until April 2025 you can go back to 2006, after that you can go back six years.
Or you can choose to pay for the current year as it arises via direct debit. 

Voluntary National Insurance: Gaps in your National Insurance record - GOV.UK (www.gov.uk)

uknick

p00hsticks said:

Yes you can.
Until April 2025 you can go back to 2006, after that you can go back six years.
Or you can choose to pay for the current year as it arises via direct debit. 

Voluntary National Insurance: Gaps in your National Insurance record - GOV.UK (www.gov.uk)

2006 or 2016?

Jeremy535897

uknick said:

p00hsticks said:

Yes you can.
Until April 2025 you can go back to 2006, after that you can go back six years.
Or you can choose to pay for the current year as it arises via direct debit. 

Voluntary National Insurance: Gaps in your National Insurance record - GOV.UK (www.gov.uk)

2006 or 2016?

2006 is correct if you were born after 5 April 1951 (man) or 5 April 1953 (woman)
https://www.gov.uk/voluntary-national-insurance-contributions/deadlines

uknick

Jeremy535897 said:

uknick said:

p00hsticks said:

Yes you can.
Until April 2025 you can go back to 2006, after that you can go back six years.
Or you can choose to pay for the current year as it arises via direct debit. 

Voluntary National Insurance: Gaps in your National Insurance record - GOV.UK (www.gov.uk)

2006 or 2016?

2006 is correct if you were born after 5 April 1951 (man) or 5 April 1953 (woman)
https://www.gov.uk/voluntary-national-insurance-contributions/deadlines

Thanks to both of you.

newlandlord555

Thank you. What is the cost to pay for 1 year voluntarily? And is it worth it? Presumably if one doesnt get enough from pension the gov. will top it up to a living amount maybe through benefits ?

molerat

A class 3 year costs around £900, less for earlier years, and gives you £5.82 per week at current rate.

Your pension will likely only be topped up if you do not have other income, the state pension being your only income and limited savings.  Do you want to throw yourself on the mercy of whatever happens to the benefits system ?

nigelbb

molerat said:

A class 3 year costs around £900, less for earlier years, and gives you £5.82 per week at current rate.

Don't forget that is an index linked £5.82 per week for the rest of your life. Average life expectancy at state pension age is about twenty years so that amounts to over £6,000. Not a bad return for an investment of £900.

uknick

Assuming he's completing self assessment for his rental income, why can't he pay Class 2 voluntarily at about £160 for each year?

Edit - please ignore just seen the poster's other thread.

newlandlord555

uknick said:

Assuming he's completing self assessment for his rental income, why can't he pay Class 2 voluntarily at about £160 for each year?

Edit - please ignore just seen the poster's other thread.

Thanks. I am just applying for self assesment now. Does that mean that I am or will be elligible for Class 2 voluntary at 160 a year . As I lost my part time job my only income now is 500 a month from flat I rent out. 
If I understand correctly paying Class 2 is possible if completing self assessment ?

Dazed_and_C0nfused

If you're self employed yes.  But not for rental income