Voluntary NI Contributions – What to Expect After Requesting a Callback

AKUK1

https://forums.moneysavingexpert.com/discussion/comment/81897914#Comment_81897914

You are clearly on the ball. Well spotted! All years are fully paid for the last 6 years. I have 3 years available. 2012/13 (681.55) 2015/16 £824.20 and 2016/17 £824.20. So, yes paying those would give me the maximum available but obviously, paying the third year, the increase would be capped. Thank you!

molerat

You say you have the last 6 years full and only one post 2016 year empty - there are 8 years post 2016, 16-17-18-19-20-21-22-23-24 so something doesn't quite add up ? Depending on your exact circumstances the pre 2016 years may not give "full value", only £5.88 against the post 2016 £6.58 which would make the third year maybe more valuable. What exactly is your full year split 2015-16 and earlier and 2016-17 and later ?

AKUK1

@molerat You’re right — I was wrong to say “the last 6 years”.

There are 8 post-2016 tax years from 2016–17 to 2023–24. Of those, 7 are full (2017–18 to 2023–24), and only 2016–17 is not full. I have 33 years in total.

molerat

The figures only work if you were contracted out pre 2016. In that case the final year could be worth up to £4.81 depending on your COPE amount, most likely £4.12 if you buy the one pre and one post 2016. But without knowing the COPE it is all guesswork.

I do think the 3 years would be worth buying. Buying the 2 cheapest would cost £1505.75 and give best case £13.16 and pay back in 115 weeks (it could be lower, £12.46, so paying back in 121 weeks). All 3 will cost £2329.95 and give £16.58 paying back in 141 weeks, an additional 26 weeks (or 20 weeks) - the difference being the same as between a 45.4% (or 43%) or 37% annuity rate, still excellent value whichever you choose.

AKUK1

Yes, I was indeed contracted out. I really appreciate your assistance, and I look forward to hearing from HMRC in a few weeks. I'll be sure to update! Thank you to everyone who replied. Really appreciated.