Buying back NI Contributions

Rumps99

Is it worth buying, back dated NI years if the government is intending to reduce future NI payments or even abolish them altogether? My wife is short approximately 10 years of contributions, which would cost about £8k to buy back, but she still has over 10 years to go before reaching state pension age.

QrizB

Is your wife still working, or earning NI credits from benefits?

Rumps99

Neither at the moment, but has built up 25yrs of NI contributions from previous employment

ruth56_2

If you contact 

Future Pension Centre helpline

Telephone: 0800 731 0175
Telephone from outside the UK: +44 (0)191 218 3600

They should be able to give good advise. My state pension forecast showed I was short several years and I rang them to ask about this. They advised that I only needed to pay two years as the benefit was outweighed by cost of paying for all the years. If I had just taken the State pension forecast it would have been money wasted. They have me the actual figures based on my actual history.

Rumps99

Ok thanks for your advice Ruth56 we will give them a try.

Ayr_Rage

@Rumps99 even if NI is abolished there will still have to be a method of calculating entitlement to a state pension so your wife will still be 10 years short if the number of qualifying years remains the same.

It is a common misconception that NI actually pays for the state pension.

molerat

Rather than hang on the phone for ages post up the few anonymous details below and someone will talk you through the options.  There is nothing magic, it is jut pretty straight forward maths.

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 contracted-out pension scheme", if there is one.
Years which show not full and prices