Retiring Early - Incomplete NI Years for State Pension - Options?

julicorn

I'm not aware of a minimum self employment income for voluntary class 2 NI contributions (someone here will hopefully correct me if I'm wrong), so can't you just make a small amount of money on the side (e.g. through surveys) and declare that through self assessment? I suppose they might want you to make £1,000 in the first year at least to justify a self assessment, but even that would be relatively easy to do with Prolific and so on.

(Worth someone else commenting on whether or not that would work, it's not something I've looked into properly before because I have some self-employment income I plan to continue when I eventually retire).

BlackKnightMonty

https://forums.moneysavingexpert.com/discussion/comment/81972690#Comment_81972690

Wow £900 a year for a £12.5k a year SP; what a deal!

Storcko14

https://forums.moneysavingexpert.com/discussion/comment/81973226#Comment_81973226

That makes it sound too good to be true. Each additional year bought @ £900 gives an additional roughly £350 of SP each year so a payback of <3 years from SP age. Hard to beat.

twoLou

I’ll be a couple of years short to receive a full state pension and I pay for future years monthly by direct

debit to HMRC they are named voluntary (class 3) NICs

Give HMRC a call and ask if you can do it as they seem to think people are only enquiring about past years which you do have to pay in full and therefore don’t seem to suggest it.

As mentioned it must be for future years

I’m obviously still paying the same amount as a full year overall but it means I can keep the money in my premium bond account for longer!