Adding a year to the state pension

tribetown

I am currently self employed and was planning to cease trading next year but I will be 3 years short of the full pension contributions.
I am not due to receive the state pension until 2034.

Is there any way that I can contribute to make up the required years?

JoeCrystal

Yes. Read up on Class 3.

Silvertabby

Class 3s, if you do need 3 years of additional contributions.  Have you checked your actual forecast, or are you just (wrongly) assuming that you need 35 years?  

DRS1

What are you going to do with your time?  If you get a job (even part-time) this may just take care of itself.

tribetown

Silvertabby said:

Class 3s, if you do need 3 years of additional contributions.  Have you checked your actual forecast, or are you just (wrongly) assuming that you need 35 years?  

Thanks for the replies,

I see that class 3 contributions are £17.75 a week at the moment. £923 a year.

My forecast says I need to contribute another 5 years, I will pay 1 year with the 2024/2025 self assessment and 1 year for the 2025/2026 tax year so I will be 3 years short.

Are you suggesting that I do not need 35 years to receive the full state pension?

tribetown

DRS1 said:

What are you going to do with your time?  If you get a job (even part-time) this may just take care of itself.

A part time job is a possibility.
I do have plenty to occupy my time.

Dazed_and_C0nfused

tribetown said:

Silvertabby said:

Class 3s, if you do need 3 years of additional contributions.  Have you checked your actual forecast, or are you just (wrongly) assuming that you need 35 years?  

Thanks for the replies,

I see that class 3 contributions are £17.75 a week at the moment. £923 a year.

My forecast says I need to contribute another 5 years, I will pay 1 year with the 2024/2025 self assessment and 1 year for the 2025/2026 tax year so I will be 3 years short.

Are you suggesting that I do not need 35 years to receive the full state pension?

Why do you think someone reaching State Pension age in 2034 needs 35 years?

They (you) will be under transitional rules where anywhere from 28 to 50+ years are needed.

Your forecast shows the facts for your personal situation.

tribetown

Dazed_and_C0nfused said:

tribetown said:

Silvertabby said:

Class 3s, if you do need 3 years of additional contributions.  Have you checked your actual forecast, or are you just (wrongly) assuming that you need 35 years?  

Thanks for the replies,

I see that class 3 contributions are £17.75 a week at the moment. £923 a year.

My forecast says I need to contribute another 5 years, I will pay 1 year with the 2024/2025 self assessment and 1 year for the 2025/2026 tax year so I will be 3 years short.

Are you suggesting that I do not need 35 years to receive the full state pension?

Why do you think someone reaching State Pension age in 2034 needs 35 years?


They (you) will be under transitional rules where anywhere from 28 to 50+ years are needed.


Your forecast shows the facts for your personal situation.

Because it says that in my pension forecast.

"You need to continue to contribute National Insurance to reach your forecast".
"Forecast if you contribute another 5 years".

I am not aware of any transitional rules.

Dazed_and_C0nfused

tribetown said:

Dazed_and_C0nfused said:

tribetown said:

Silvertabby said:

Class 3s, if you do need 3 years of additional contributions.  Have you checked your actual forecast, or are you just (wrongly) assuming that you need 35 years?  

Thanks for the replies,

I see that class 3 contributions are £17.75 a week at the moment. £923 a year.

My forecast says I need to contribute another 5 years, I will pay 1 year with the 2024/2025 self assessment and 1 year for the 2025/2026 tax year so I will be 3 years short.

Are you suggesting that I do not need 35 years to receive the full state pension?

Why do you think someone reaching State Pension age in 2034 needs 35 years?


They (you) will be under transitional rules where anywhere from 28 to 50+ years are needed.


Your forecast shows the facts for your personal situation.

Because it says that in my pension forecast.

"You need to continue to contribute National Insurance to reach your forecast".
"Forecast if you contribute another 5 years".

I am not aware of any transitional rules.

If those 5 years mean you personally need 35 years then that is just coincidence.

The 35 years often referred to is for people starting to build an NI history from 2016 onwards.

There is more info here but if you have looked at your forecast and understood it then that is all that matters really.

https://techzone.aberdeenadviser.com/public/pensions/Tech-guide-new-state-pension

tribetown

Dazed_and_C0nfused said:

tribetown said:

Dazed_and_C0nfused said:

tribetown said:

Silvertabby said:

Class 3s, if you do need 3 years of additional contributions.  Have you checked your actual forecast, or are you just (wrongly) assuming that you need 35 years?  

Thanks for the replies,

I see that class 3 contributions are £17.75 a week at the moment. £923 a year.

My forecast says I need to contribute another 5 years, I will pay 1 year with the 2024/2025 self assessment and 1 year for the 2025/2026 tax year so I will be 3 years short.

Are you suggesting that I do not need 35 years to receive the full state pension?

Why do you think someone reaching State Pension age in 2034 needs 35 years?


They (you) will be under transitional rules where anywhere from 28 to 50+ years are needed.


Your forecast shows the facts for your personal situation.

Because it says that in my pension forecast.

"You need to continue to contribute National Insurance to reach your forecast".
"Forecast if you contribute another 5 years".

I am not aware of any transitional rules.

If those 5 years mean you personally need 35 years then that is just coincidence.

The 35 years often referred to is for people starting to build an NI history from 2016 onwards.

There is more info here but if you have looked at your forecast and understood it then that is all that matters really.

https://techzone.aberdeenadviser.com/public/pensions/Tech-guide-new-state-pension

Thank-you, that was a very interesting and informative link.

I counted and if I contribute for another 5 years it will be 34 years in total.