State Pension forecast updated for 2023/24 NI contributions

Dazed_and_C0nfused

huw01 said:

Mine has just been updated, age 51 and it says I have one more year of contributions to get the full state pension. I will be retiring this summer. I am going to miss out of the full state pension by £3.27 per week. I think I will be ok

Assuming you are working from April to this summer you may well add an extra qualifying year anyway.

Roughly how much per month will you earn and for how many months?

huw01

Dazed_and_C0nfused said:

huw01 said:

Mine has just been updated, age 51 and it says I have one more year of contributions to get the full state pension. I will be retiring this summer. I am going to miss out of the full state pension by £3.27 per week. I think I will be ok

Assuming you are working from April to this summer you may well add an extra qualifying year anyway.

Roughly how much per month will you earn and for how many months?

I am salary sacrificing the maximum I can into my workplace pension, so that brings my gross pay down. Looking at my April payslip I paid 27.21 NI Contributions. So April, May and June would mean I only pay around £83 of NI. I am planning on finishing at the end of June. My temp contract is until mid August but I am jacking it in to get the summer to do stuff and not be stuck behind a laptop

Dazed_and_C0nfused

huw01 said:

Dazed_and_C0nfused said:

huw01 said:

Mine has just been updated, age 51 and it says I have one more year of contributions to get the full state pension. I will be retiring this summer. I am going to miss out of the full state pension by £3.27 per week. I think I will be ok

Assuming you are working from April to this summer you may well add an extra qualifying year anyway.

Roughly how much per month will you earn and for how many months?

I am salary sacrificing the maximum I can into my workplace pension, so that brings my gross pay down. Looking at my April payslip I paid 27.21 NI Contributions. So April, May and June would mean I only pay around £83 of NI. I am planning on finishing at the end of June. My temp contract is until mid August but I am jacking it in to get the summer to do stuff and not be stuck behind a laptop

You've misunderstood how NI works, you don't have to pay any NI to get a qualifying year.

Earning the LEL each week (£123) is sufficient.  And earning more can count as multiple weeks.

So 3 months of earnings will count for for more than 3 months towards your qualifying year 

If you check your NI records a year (or maybe a bit longer) from now you should see how much Class 3 you need to pay to make up your final year.

Likely to be well worth it for £3.27/week of triple lock proofed pension.

huw01

Dazed_and_C0nfused said:

huw01 said:

Dazed_and_C0nfused said:

huw01 said:

Mine has just been updated, age 51 and it says I have one more year of contributions to get the full state pension. I will be retiring this summer. I am going to miss out of the full state pension by £3.27 per week. I think I will be ok

Assuming you are working from April to this summer you may well add an extra qualifying year anyway.

Roughly how much per month will you earn and for how many months?

I am salary sacrificing the maximum I can into my workplace pension, so that brings my gross pay down. Looking at my April payslip I paid 27.21 NI Contributions. So April, May and June would mean I only pay around £83 of NI. I am planning on finishing at the end of June. My temp contract is until mid August but I am jacking it in to get the summer to do stuff and not be stuck behind a laptop

You've misunderstood how NI works, you don't have to pay any NI to get a qualifying year.

Earning the LEL each week (£123) is sufficient.  And earning more can count as multiple weeks.

So 3 months of earnings will count for for more than 3 months towards your qualifying year 

If you check your NI records a year (or maybe a bit longer) from now you should see how much Class 3 you need to pay to make up your final year.

Likely to be well worth it for £3.27/week of triple lock proofed pension.

Thank you so much for the clarification, and you were correct - I had misunderstood how NI works !

That's another bit of good news then for me. I will therefore check it next year and then make up to the full year using a voluntary contribution.

I am so grateful to these forums for helping to educate me. It is so easy to do your own research and then come to the wrong conclusion

Sarahspangles

Ayr_Rage said:

I have the simplest of NI contribution records for 2023/24, NIL, but it still says records not yet available.

My OH is in the same position, it’s his first full year since retiring. Maybe there are further checks where there is no data?

ProDave

Ayr_Rage said:

I have the simplest of NI contribution records for 2023/24, NIL, but it still says records not yet available.

I want to see at least one person reporting they are self employed and have paid voluntary class 2 NI for 2023/4 and it promptly shows on their NI record.

i.e. that the problems with 2022/3 voluntary NI not showing have been resolved.

I would rather wait until I am sure the system is working so I don't have to fight 2 years not showing.  I have until the end of the year to file my tax return so no hurry.  It just means hmrc don't get their money early if they have not fixed the bugs.

[Deleted User]

I am very happy to be able to report that my state pension figures have already been adjusted upwards after topping up my NI payments for 2023/2024 on April 29th. This was year 47 and the final year I needed to pay in full. I am due to receive a partial payment on July 31st covering just over 2 weeks and then every four weeks after that beginning on August 28th 2024. I am very happy with how quickly the my NI record was updated and the adjustment to my state pension actioned.