Voluntary contribution

david_peter

Hi advise please, can pay contributions going back 16 years, do you have to pay all in one go our can you say pay 5 years one year 5 the following etc, thanks for any advice 

Dazed_and_C0nfused

david_peter said:

Hi advise please, can pay contributions going back 16 years, do you have to pay all in one go our can you say pay 5 years one year 5 the following etc, thanks for any advice 

Voluntary contributions to what, your local church restoration fund?

Your personal pension?

Your NI record?

MyRealNameToo

Dazed_and_C0nfused said:

david_peter said:

Hi advise please, can pay contributions going back 16 years, do you have to pay all in one go our can you say pay 5 years one year 5 the following etc, thanks for any advice 

Voluntary contributions to what, your local church restoration fund?

Your personal pension?

Your NI record?

Given its in the Pensions, Annuities and Retirement Planning section we can probably safely assume its not the church restoration fund but clarity is needed 

p00hsticks

Assuming you are referring to NI contributions...
the normal rules now operating only allow you to pay the most recent six years before the current tax-year.  

If you've been offered the chance to still go back 16 after a call back following the recent deadline, I think they give you thirty days to pay or lose the opportunity to go back that far - the communication you've had telling you how much to pay should clarify that I think. . 

molerat

https://forums.moneysavingexpert.com/discussion/6597161/ni-voluntary-contributions#latest

OP mentions paying backdated class 2 post retirement which is a whole different situation.

david_peter

Sorry national insurance contributions, yes they have sent letter going back 16 years, but it's a lot of money to pay in one go. If 30 days then no chance thanks for replying 

QrizB

david_peter said:

Sorry national insurance contributions, yes they have sent letter going back 16 years, but it's a lot of money to pay in one go. If 30 days then no chance thanks for replying 

You might want to work out how many years you can afford to pay, and pay for those ones. If they're Class 2 you should get all the money back within a year via increased pension payments. Class 3 will take about 3 years.

david_peter

Apparently only 2 years qualify for class 2, which I find strange with earning from self employment low.

molerat

david_peter said:

Apparently only 2 years qualify for class 2, which I find strange with earning from self employment low.

There are lots of rules around eligibility for class 2 and it is not as simple as being self employed.  For some years you would have needed to apply for an exemption from paying, not doing so excluded you from paying voluntarily.