Buying National Insurance Years Back for your pension

[Deleted User]

I am a 41 year old man who found out about this thanks to the real-life super-hero that is Martin Lewis. 

I realised I had NINE NI years that weren't full and I could 'buy' - and it also forecast that it could improve my pension by up to around £50,000 

Only catch... (isn't there always a catch?) - it would cost me £7,714 to buy those 9 N.I years back before Saturday 

Unsurprisingly, I don't have a penny to hand. (Currently looking for work after having to take time out due to an extended period of ill-health) 

At risk of sounding like I am moaning - why is that the first rung of the ladder is always the hardest to climb? 

One of my biggest fears of being elderly is being a lonely old gay man with no money- and its seeing opportunities like this slip through my fingers make me panic that I could easily become a self-fulfilling prophecy. 

I wish they let you buy them back in instalments - what working-class person has a spare £7,714 lying around? 

Anybody else in a similar position? 

[Deleted User]

I forgot to add- I only found out about it THIS week! 

Dazed_and_C0nfused

[Deleted User] said:

I am a 41 year old man who found out about this thanks to the real-life super-hero that is Martin Lewis. 

I realised I had NINE NI years that weren't full and I could 'buy' - and it also forecast that it could improve my pension by up to around £50,000 

Only catch... (isn't there always a catch?) - it would cost me £7,714 to buy those 9 N.I years back before Saturday 

Unsurprisingly, I don't have a penny to hand. (Currently looking for work after having to take time out due to an extended period of ill-health) 

At risk of sounding like I am moaning - why is that the first rung of the ladder is always the hardest to climb? 

One of my biggest fears of being elderly is being a lonely old gay man with no money- and its seeing opportunities like this slip through my fingers make me panic that I could easily become a self-fulfilling prophecy. 

I wish they let you buy them back in instalments - what working-class person has a spare £7,714 lying around? 

Anybody else in a similar position? 

As you have another 25+ years to add to your accrued pension is buying those years actually a sensible option 🤔

Maybe you could explain why you think it is. 

And also how much pension you have accrued to date?

p00hsticks

[Deleted User] said:

I forgot to add- I only found out about it THIS week! 

No offence, but have you been living under a rock ? Martin himself covered the topic extensively a couple of years ago just prior to the deadline being extended, and it's been in the news quite a lot at various times - it's actually been a thing since the introduction of the new State Pension in 2016 whichhas  temporarily allowed you to buy back years further than normal. 

Even after the current deadline expires the situation reverts back to the normal case of allowing you to make voluntary contributions for the past six years. 

As the previous poster says, you almost certainly still have enough years available going forward to get to  a full state pension, either by working, getting credits via certain benefits or by making voluntary contributions. 
Have you actually checked your State Pension forecast to see how many more years you need ?
Check your State Pension forecast - GOV.UK
You don't necessarily need to fill every gap to qualify for the full amount 

kimwp

The income for achieving a full year isn't that high, so presumably the working members of the working class don't need to have £7k hanging around as they wouldn't have so many gaps?

Obviously there are those whose circumstances are unusual, but I don't think it's the widespread problem you seem to think it is.

squirrelpie

[Deleted User] said:

I wish they let you buy them back in instalments - what working-class person has a spare £7,714 lying around?

They do. You can buy a single year at any time. And buy another single year later if you wish. The ability to buy years does 'expire' after a time though, so it's better to buy older years first. But the rules are very complicated and buying a particular year might not help. So post specific details if you want help selecting which years to buy.

p00hsticks

[Deleted User] said:

I wish they let you buy them back in instalments - what working-class person has a spare £7,714 lying around? 

Most working class people would have no need to buy additional years as they'd be filling then by actually working. 
 
If for whatever reason you aren't working or entitled to the benefits that would give you credits ,then you can make voluntary contributions for years as they arise via a monthly direct debit. But you do need to pay for past years as whole years 
Pay voluntary Class 3 National Insurance: Set up regular payments - GOV.UK

Muttleythefrog

Are you not claiming benefits of any type? Some give the NI credits. Make sure before buying any years that you won't expect to get 35 one way or another anyway...i.e. make sure it is likely worth it. Most working class regardless of savings should be okay as they'll either get their credits through working or claiming benefits because they're not working... if they're not getting credits through either route then presumably they don't qualify for means tested benefits and would indeed have over £16k in capital. What caused your gaps?