Additional Voluntary NI Contributions When Already Claiming SRP

MikeyPGT

Sorry if this has already been asked/answered - I have had a quick scan but can't see a similar question.  I will be eligible for SRP from 4 June 2027 - my current estimate is £195.90 on contributions to date, £214.86 if I contribute up to April 2027.  I am not currently working or contributing NI and am unlikely to so in the future.  I do currently have NI gaps which could be purchased for 2020-21, 2021-22, 2022-23 and 2023-24.  I am unlikely to be in a financial position to purchase these before June 2027.  If I do decide to buy back the extra years from my pension income (I am already in receipt of a private pension of £15,000 gross) would I be better off to buy individual years as and when I can afford them or wait and buy them all at once?  I think I need 4 more years to bring me up to the maximum I can get ...

molerat

The big problem with buying years once you have reached retirement is the timescale in getting them applied.  TPS will only reply in writing to your enquiry to pay which can take many weeks, you then need to pay HMRC and wait for them to transfer the data to DWP who then manually work out your new pension.  This in total can take up to a year !! (the timescale may of course decrease once this 2025 cut off has passed) It would be far better if you could get as much in the bag as you can before you reach SPA.

p00hsticks

If you can manage small regular payments, you could perhaps set up a monthly Direct Debit to pay for 2025-26 and 2026-27 as they occur ?

Pay voluntary Class 3 National Insurance: Set up regular payments - GOV.UK.