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Boosting your state pension should now be quicker and easier as new online tool launches
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Devonjem said:Hello - am I correct to think that as my forecast is £225.04/week then making voluntary contributions (there are 6 years available for me to buy) will not increase that figure as it is already above the current maximum basic weekly figure of £221.20? thanks
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Thanks for the reply. As the years available to purchase are post 2016 then it looks like I cannot increase my pension.0
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Sea_Shell said:pinnks said:Sea_Shell said:pinnks said:Just because you fall foul of that question, doesn't mean you can't use the service, it just means you need to look carefully at what it says.
Are you replying to me?
Really? I thought it meant I had to ring up and couldn't use the online payment system.
That seems to be the message/impression it gave.
Have I misunderstood?
Tempting to buy those two "discounted" years, but conscious of the fact that I am only 52, and their might be a bus with my name on it!! Ever the optimist!!'Compound interest is the eighth wonder of the world. He who understands it, earns it; he who doesn’t, pays it' - Albert Einstein.0 -
Doctor_Who said:molerat said:Penguin69 said:I've successfully managed to top up one year that cost me £77 and has given me more than £12 per week benefit. I eventually managed to negotiate the HMRC website having had to fib about when I intend to stop paying NIC. I chose the option that says I will stop paying NIC before my state pension age and declared it to be next year. With that done I was offered 3 options, of which the first was what I wanted. I was then able to authorise the payment by being redirected to my bank account and all went remarkably smoothly! So huge well done MSE and a massive thank you!
I couldn't understand how the more years I bought the less increase I got per year when it states all years equal. Very confusing!0 -
I couldn't understand how the more years I bought the less increase I got per year when it states all years equal. Very confusing!
All years are not equal, all (full value) post 2016 years are worth £6.32 but a pre 2016 year can be worth £6.32, £5.65 or £0.00. An even more complicated effect on the bottom line is if a pre 2016 year switches your starting amount from old to new.
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Oysterseeker said:Doctor_Who said:molerat said:Penguin69 said:I've successfully managed to top up one year that cost me £77 and has given me more than £12 per week benefit. I eventually managed to negotiate the HMRC website having had to fib about when I intend to stop paying NIC. I chose the option that says I will stop paying NIC before my state pension age and declared it to be next year. With that done I was offered 3 options, of which the first was what I wanted. I was then able to authorise the payment by being redirected to my bank account and all went remarkably smoothly! So huge well done MSE and a massive thank you!
I couldn't understand how the more years I bought the less increase I got per year when it states all years equal. Very confusing!'Compound interest is the eighth wonder of the world. He who understands it, earns it; he who doesn’t, pays it' - Albert Einstein.1 -
That is indeed what the system is doing because you told it that you would continue paying NI until you reach pension age. As 2023/24 is also available to you (as it is to me, as I reach pension age in this tax year), then that additional £6.32 is also up for grabs.
That said, I agree with you that the system could make things much, much, clearer in this (and other) area(s). The lack of satisfactory explanation caused you to pick up the phone, meaning the service has saved virtually zero resources because of poor design.
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I told it I would continue paying NI until now, i e. May 2024. I wouldn't have paid enough for 2024/25 to count I don't think just for April and May if I was paying and yet it still says extra £12.64 for just filling gap of 2020/21. It's saying I could get to my maximum with the 30 years I have and filling 7 years. I was contracted out most of contributing years0
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Anyone else get to the point where you can pay online by connecting to your bank but it then failsEx forum ambassador
Long term forum member0 -
Browntoa said:Anyone else get to the point where you can pay online by connecting to your bank but it then fails'Compound interest is the eighth wonder of the world. He who understands it, earns it; he who doesn’t, pays it' - Albert Einstein.0
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