TOTALLY CONFUSED - Top up voluntary NI contributions prices after 5 April 2025 for gap years

Perrysburg

Sorry if I am repeating another entry....

My situation is that I am currently 5 full years short to obtain the full state pension per Gateway. The actual Tax Gap being 2019-20, 2020-21, 2021-22, 2022-23 & 2023-24. I have 8 years left before I can draw a state pension. I have no intention to work during these 8 years.

I would like to know on 6th April 2025 will the cost of each of these payable years rise individually from today's current published price.

If so, I am in the belief if I can is just pay the full amount owed today. Or if not just hold onto the cash and pay each year by year. 

Thank you in advance for your feedback.

Ayr_Rage

Prices will rise after 6th April 2025.

You can pay as and when you wish but not go back more than 6 years from next week.

You may be able to pay today but only if you can do so using the online payment system.

Perrysburg

Thank you for your response:- Ayr_Rage.
Its just the last five years as it currently stands. Obviously you have to weigh the cost of today's price as opposed to the new price as of 6 April 2025.

QrizB

Perrysburg said:

Thank you for your response:- Ayr_Rage.
Its just the last five years as it currently stands. Obviously you have to weigh the cost of today's price as opposed to the new price as of 6 April 2025.

Full-priced years will be going up by around £100 each.

But, needing five more years with eight years to go until pension age, you don't need to buy any of them right now.

Perrysburg

QrizB

Thank you for your your response.

If it is around £100. Therefore that is additional £500 approx on top of what is currently displaying on Gateway. I am now asking myself would I be able to gain that amount (£500) and possibly more in years to come if I left the sum of £4152.50 in a savings account, not forgetting the deduction of tax currently at 20%?   

QrizB

It's expected that the cost of a year's Class 3 NI will continue to increase in line with CPI.

If you can save it invest it and definitely beat inflation, it's probably worth doing. However "definitely beating inflation" is hard to guarantee.

molerat

19-20 to 22-23 will all rise to £923 and 23-24 will stay at £907.40 until April 2026.

Perrysburg

Again thank you QrizB & molerat

molerat based on your information and how I have interpreted it. Doing quick mathematics.  Years 19-20 to 22-23 alone would see the cost as it stands today being £3,244.80. On Sunday 6 April 2025 would see that cost rise to £3692.00 a difference of £447.20.