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    • dward1996
    • By dward1996 19th Nov 19, 5:00 PM
    • 2Posts
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    dward1996
    Voluntary National Insurance Contributions
    • #1
    • 19th Nov 19, 5:00 PM
    Voluntary National Insurance Contributions 19th Nov 19 at 5:00 PM
    Hi Everyone


    I was wondering if anybody had experience with voluntary national insurance contributions?


    I'm 34 and have been off work with a long term illness for the last 1 1/2 years, and it is looking as if it could be a much more long term affair. I have been looking at the implications for my state pension as I am currently not paying any National Insurance and have been declined benefits which would cover this for me. I currently have 6 complete years of N.I. contributions with a further year of partial contributions and a further 10 years of no contributions which I am still able to pay voluntarily. I am a bit confused as to what it says on the goveernment website. It mentions that "Voluntary contributions do not always increase your State Pension". I was under the elusion that every year of complete contributions (up to 35 years worth) counted. Am I wrong here?


    Also based on a year of voluntary contributions (780) being worth an extra 4.82/week in state pension, it appears that each year of voluntary contribution just needs me to live for just over 3 years beyond pension age for it to pay back. Hence it is most likely better for me to pay voluntary contributions rather than paying into my personal pension. However, if anybody sees any flaws in my logic here, please do say!


    I appreciate that I have probably missed some really important matters here. Sorry in advance if that is the case, but any advice would be greatly appreciated.


    Many thanks.
Page 1
    • Dox
    • By Dox 19th Nov 19, 5:07 PM
    • 1,770 Posts
    • 1,341 Thanks
    Dox
    • #2
    • 19th Nov 19, 5:07 PM
    • #2
    • 19th Nov 19, 5:07 PM
    If you've not done so, have a chat with an organisation specialising in benefit questions - it's more likely to be useful if you speak to someone who can ask supplementary questions if necessary. http://turn2us.org.uk is excellent.
    • p00hsticks
    • By p00hsticks 19th Nov 19, 5:21 PM
    • 7,279 Posts
    • 8,134 Thanks
    p00hsticks
    • #3
    • 19th Nov 19, 5:21 PM
    • #3
    • 19th Nov 19, 5:21 PM
    I was under the elusion that every year of complete contributions (up to 35 years worth) counted. Am I wrong here?
    Originally posted by dward1996

    Yes - anyone who started working prior to the new State Pension being introduced is on a transitional scheme and may need more or less than 35 years to get to the full amount, depending on their personal record.
    • dward1996
    • By dward1996 19th Nov 19, 5:39 PM
    • 2 Posts
    • 0 Thanks
    dward1996
    • #4
    • 19th Nov 19, 5:39 PM
    • #4
    • 19th Nov 19, 5:39 PM
    Thanks for these quick and helpful responses.
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