Voluntary Contributions: Worked Abroad + Considering Retiring Early
GianBel
Posts: 31
Forumite
Having gone through Martin's guide, I seem to be in a situation which isn't covered.
I studied, and worked outside the UK until I was about 30. I'm 40 now, so should have 28 more years to contribute before my pension.
I started working in the UK in April 2014, and it's showing that I can top up 2013  2014 for £824.20.
I studied, and worked outside the UK until I was about 30. I'm 40 now, so should have 28 more years to contribute before my pension.
I started working in the UK in April 2014, and it's showing that I can top up 2013  2014 for £824.20.
 Why is 2013  2014 the only year I can make voluntary contributions for?
 Is it worth making the £824.20 voluntary contribution on the basis that I might choose to retire early?
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Comments

What does it show for the years prior to 201314 ?When / at what age did you leave the UK ?Have you any full years prior to 201314 ?What exactly does your forecast show ?Current weekly £££.pp amount accrued up to April 2023
Number of pre April 2016 NI years full
Number of post April 2016 NI years full
Tax year you reach state retirement
Any COPE amount shown, in a click link in "You've been in a contractedout pension scheme" if there is one.
Years which show not full and prices
1 
Thank you for your help!molerat said:What does it show for the years prior to 201314 ?
You have: 9 years of full contributions
 28 years to contribute before 5 April 2051
 1 year when you did not contribute enough
molerat said:When / at what age did you leave the UK ?molerat said:Have you any full years prior to 201314 ?molerat said:What exactly does your forecast show ?Current weekly £££.pp amount accrued up to April 2023
Number of pre April 2016 NI years full
Number of post April 2016 NI years full
Tax year you reach state retirement
Any COPE amount shown, in a click link in "You've been in a contractedout pension scheme" if there is one.
Years which show not full and pricesCurrent weekly £££.pp amount accrued up to April 2023
0 
OK. You cannot fill years pre 2013 because you were not resident / entitled to contribute, your record only starts from 201314. With only 9 years you currently have no pension entitlement, that is why a lot of the information requested is not shown. You have 28 years, including 2324, left before retirement. The only assumption that can be made at the moment is that those 9 years will be worth £52.42 leaving another 26 years required out of the 28 available to reach the full amount  you won't find that out though until you get the magic 10th year. The forecast shows you can reach the full amount going forward so your choice whether to hedge your bets with that one year.Which country were you living / working in overseas ? There may be some cross border pension entitlement, a fairly complex subject that others are more conversant in.0

molerat said:OK. You cannot fill years pre 2013 because you were not resident / entitled to contribute, your record only starts from 201314. With only 9 years you currently have no pension entitlement, that is why a lot of the information requested is not shown. You have 28 years, including 2324, left before retirement. The only assumption that can be made at the moment is that those 9 years will be worth £52.42 leaving another 26 years required out of the 28 available to reach the full amount  you won't find that out though until you get the magic 10th year.molerat said:The only assumption that can be made at the moment is that those 9 years will be worth £52.42
I was going by this from Martin:The maths is simple. A full NI year usually costs £824 and adds up to £302.64 each year to your pretax state pension.So I assumed that paying the £824 now would give me an additional £302.64 per year. Meaning if I live 3 years beyond retirement it's paid for itself?molerat said:The forecast shows you can reach the full amount going forward so your choice whether to hedge your bets with that one year.molerat said:Which country were you living / working in overseas ? There may be some cross border pension entitlement, a fairly complex subject that others are more conversant in.0 
£52.42 is 9/35ths of a full pension, each year filled / purchased is worth £203.85 / 35. It is slightly more nuanced than that where pre 2016 years are concerned but with so few it is fairly safe to make the assumption about what your current holding is worth.You have another 28 years to get the 26 needed so enough time plus 2 spare at the far end to top up if necessary, years are available to purchase until 6 years after the end of the year  there is currently an exception to that rule which ends in 2025 which is why you can buy so far back. The price of a year increases with inflation so yes it will cost more but will be the same price in real terms. You have until April 2025 to buy that 1314 so best to wait until you have the full picture when you have 10 in the bag.1

There is a limit on how long ago you can top up by paying voluntary contributions, and I think 2014 is too long ago  so you may find this is not a choice you have.But a banker, engaged at enormous expense,Had the whole of their cash in his care.
Lewis Carroll0 
theoretica said:There is a limit on how long ago you can top up by paying voluntary contributions, and I think 2014 is too long ago  so you may find this is not a choice you have.
0 

So with 9 years filled I can expect £52.42 per week. Buying/working another year will add £5.82 per week?
Or after 10 years I can expect approx. £232.96 per month.0
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