Worth paying missing years?

fiddle_sticks

Hi,

Attempted calling the Future Pen Cen for advice but no luck getting through.

Forecast states if I pay 13 more qualifying years until April 2040 I will qualify for full state pension.

I had a a spell outside country from 2005-2010 in the Republic of Ireland so have 4 missing years contributions for this period.

If I was to pay these missing years will it result in full pension entitlement being paid up by April 2036? If so any ideal if would be the full cost per year?

Would be a relief to know I have my entitlement paid that bit sooner.

Appreciate any advice!

p00hsticks

Pre-2016 years may or may not increase your State Pension so without knowing a bit more it's not possible to say if buying those years is worth it. What exactly does your State Pension forecast say - how much is it showing you have already and does that go up to April 2023 or 2024 ?

fiddle_sticks

Thanks for reply.

Estimate based on your National Insurance record up to 5 April 2024

£140.92 a week

Forecast if you contribute another 13 years before 5 April 2040

£221.20 a week

£221.20 is the most you can get 

Brie

There are 16 years in which you could work to gain the 13 years required.  Why would you pay anything until you know how many years you are actually going to work (or gain credits through certain benefits)?

pinnks

Don't forget that you will get a tiny pension from Ireland too using aggregation of your Irish and UK years.

fiddle_sticks

I am currently self-employed, but been difficult last few years.
I may have bite the built and try get job back on the books full time.
I am bit concerned I may find difficult making up these last 13 years credits. So, if I am able to obtain these missing credits I think worth looking into.
Just think it worth looking into.

fiddle_sticks

pinnks said:

Don't forget that you will get a tiny pension from Ireland too using aggregation of your Irish and UK years.

Interesting. Never crossed my mind that.
How will that work? Would I need to get in touch with Irish government?  

Dazed_and_C0nfused

fiddle_sticks said:

I am currently self-employed, but been difficult last few years.
I may have bite the built and try get job back on the books full time.
I am bit concerned I may find difficult making up these last 13 years credits. So, if I am able to obtain these missing credits I think worth looking into.
Just think it worth looking into.

Self employment will usually mean you have the option to pay Class 2 NI, which is a very cheap way of adding years.

pinnks

fiddle_sticks said:

pinnks said:

Don't forget that you will get a tiny pension from Ireland too using aggregation of your Irish and UK years.

Interesting. Never crossed my mind that.
How will that work? Would I need to get in touch with Irish government?  

You would claim from your country of residence if in the UK or EU.  In the UK that would be DWP International Pension Centre (IPC).  They will send you a form CFN901 to complete with details of the countries in which you have resided and pension reference numbers etc.  They collate all records from all countries and then send a full copy to each.  After that the other country contacts you direct for any further information or to inform you of the amount. 

In simple terms you should get a pension from Ireland based on your Irish record, with your non-overlapping UK years helping you get past things like the 10-year requirement we have for the new state pension.

Have a chat with the IPC - they are very helpful.