Ex Self-employed a very few years from retirement, can I self contribute for pension and...

plucker

AMENDED, so everybody is happy... and polite...

(British Citizen) - apologies if I have chosen wrong Thread - not 100% sure.

Hi
1st option
I am thinking to leave my self-employed status and simply stay at home - eventually find something else to do, but the main question is:

If I am going to be a Ex Self-employed (at home , no job at all) a very few years from retirement, can I self contribute for pension?

If so how, etc. how do I go on about it?

2nd option
Other way is to work from home on something I already do - possible, but needs logistic.
I already know I will not earn enough = I will be below minimum Living Wage.

Note: in both cases, I do own a small village shop to be sold eventually and got a few small debts to pay - nothing large, I am not stupid = all regular no sharks in sight!

YES - NI Class 2 since are filled up since 1995 included and if I remember well pension page says, I am 5 years short for full pension, but I do still have 2-3 years before pension age.

That is why I am asking, if it does change anything to voluntary add for those years, i.e. the 2-3 years that would be missing for full pension. I am at about 10% less than full, at present.

Also I do not have any missing gap years apart for 2016: they say, still adding up!
Not talking about private pension, adding up to State Funds.

What are my real options and also if anyone was in my shoes, what do you suggest that worked well for you.

All suggestions with real facts can be useful to me and others in the same situation.

Thanks for your time

molerat

Trying to pick out a question from the pointless off topic rant.

Are we talking state pension here, that is what this board is all about ?

Have you had a state pension forecast ?  

There is no point asking what you can or need to do until the contents of that forecast are known.

https://www.gov.uk/check-state-pension

Have you been paying your class 2 contributions ?

Dazed_and_C0nfused

Until you are 75 you can contribute £3,600 (gross) each tax year to a personal pension or SIPP even if you no earnings/profits for pension purposes.

You would pay £2,880 and the pension company, courtesy of HMRC, adds £720 in tax relief.  It is irrelevant whether you have paid £720 in tax or not.

If your earnings or profits are more than £3,600 you will be able to contribute more (but limited to your earnings).