self employment NI issue

Dexie123

Hi I have been checking my pension forecast ie due to retire at 66 next year, and have found that even though I have been self employed for the least 18 years and completed my self assessments accordingly, every year is short by the class 3 NI amount which makes buying more years a considerable some of money. I have worked for 44 years ie previously paye, but that doesnt seem to matter as my forecast pension is only £158/week. I have now established that despite having a UTR number and completing the returns correctly that I haven't actually registered as self employed assuming that by completing the returns accordingly that would suffice. Before I contact the pension service to correct the record ie class 2 not class 3 as the buy back option per year, does anyone have any experience/advice on this. Also does anyone know what pension increase is applicable for each year "bought back"?

Dazed_and_C0nfused

With a current entitlement of £158 you would need 10 post 2016 years to take you to £221.20.

Each post 2016 year will add £6.32/week so a good buy even if at Class 3 rates and an excellent buy at Class 2 rates.

No idea how easy it will be to get Class 2 rather than Class 3 but I suspect you will end up needing to speak to HMRC about that.