Back pay unpaid NI payments and up other pension?

purpleroad
purpleroad Posts: 57 Forumite
in Pensions, annuities & retirement planning
Am 43 and was abroad for a long time so haven't kept up to date with NI payments- shall back pay 4 years I can still back pay? I have missed a fair few years? Think it's £600 a year. Worth it?


I was in the workbased government pension and then went self employed and so carried it on am paying £70 a month- is it enough?


Also the (government) workbased pension my company employed a financial advisor for the investments. Myself and company paid in £1700 and it was £2200 so good (medium risk). However, now I am not working in that company anymore so as market conditions change how do I know if these investments will stay good? What to do?


Basically I have years of no NI contributions and no private pension whatsoever.
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Comments

  • xylophone
    xylophone Posts: 44,341 Forumite
    Name Dropper First Anniversary First Post
    Have you obtained a new state pension statement and checked your position regarding having worked overseas?

    https://www.gov.uk/check-state-pension

    https://www.gov.uk/new-state-pension/living-and-working-overseas

    https://www.royallondon.com/Global/documents/GoodWithYourMoney/TOPPING-UP-YOUR-STATE-PENSION-GUIDE.pdf
    no private pension whatsoever.

    I don't quite understand what you mean.


    You returned from abroad, worked for a company with a DC pension scheme into which you were auto enrolled - you and your company contributed to the scheme - you have left the company but continue to contribute so you do have a private pension?

    You are receiving annual statements?

    Whether you are contributing enough is another matter.
  • purpleroad
    purpleroad Posts: 57 Forumite
    xylophone wrote: »
    Have you obtained a new state pension statement and checked your position regarding having worked overseas?

    https://www.gov.uk/check-state-pension

    https://www.gov.uk/new-state-pension/living-and-working-overseas

    https://www.royallondon.com/Global/documents/GoodWithYourMoney/TOPPING-UP-YOUR-STATE-PENSION-GUIDE.pdf



    I don't quite understand what you mean.


    You returned from abroad, worked for a company with a DC pension scheme into which you were auto enrolled - you and your company contributed to the scheme - you have left the company but continue to contribute so you do have a private pension?

    You are receiving annual statements?

    Whether you are contributing enough is another matter.


    Yes, I have checked my state pension statement and have missed a lot of years. Can still back pay 4 years.


    I was auto enrolled by my old company into that pension scheme that the government set up 4 years ago or so. Work based pension or something. When I finished at this company and went self employed I had the option of continuing with the company- Aviva so I decided to pay into it. obviously nobody matches what I pay in because I am working for myself. I guess this is a private pension.
  • p00hsticks
    p00hsticks Posts: 12,784 Forumite
    First Post Name Dropper Photogenic First Anniversary
    purpleroad wrote: »
    Yes, I have checked my state pension statement and have missed a lot of years. Can still back pay 4 years.

    But how many years does it say you need to reach the maximum ?
    How much longer do you intend to continue working ?
    And will that be in this country ?

    At 43 you won't reach State Pension age until 67 at least - so if you intend on carrying on working in the UK until then that's another 23/4 years of NI payments
  • purpleroad
    purpleroad Posts: 57 Forumite
    I missed a lot of years.


    No idea if I will be in the UK


    is it worth back paying those 4 years?
  • xylophone
    xylophone Posts: 44,341 Forumite
    Name Dropper First Anniversary First Post
    is it worth back paying those 4 years?

    Have you read the third link in post 2?
  • p00hsticks
    p00hsticks Posts: 12,784 Forumite
    First Post Name Dropper Photogenic First Anniversary
    purpleroad wrote: »

    is it worth back paying those 4 years?

    As before - no one can say without knowing what you currently have built up and what your intentions are for the future - read the links that xylophone has posted to step you through the points.
  • molerat
    molerat Posts: 31,817 Forumite
    Name Dropper Photogenic First Post First Anniversary
    purpleroad wrote: »
    is it worth back paying those 4 years?
    As above.

    I have 8 missing years available to buy and DWP will quite happily allow me to pay something around £5.5K for them but I know that 7 of them will give me absolutely no benefit whatsoever. (apart from the warm fuzzy feeling of donating around £5K to HM Treasury).
  • purpleroad
    purpleroad Posts: 57 Forumite
    I am 43 yrs old. I have 12 full years of contributions.


    I was abroad for 11 yrs


    23 yrs to contribute until 2040


    16 yrs when I didn't contribute enough.


    I can back pay 2005-2009. Roughly 4 or 5 years. Should I pay it? It's £690 a year.
  • molerat
    molerat Posts: 31,817 Forumite
    Name Dropper Photogenic First Post First Anniversary
    How much is your current amount - years are irrelevant, it is the £ that matters pre 2016. How much is your forecast amount ?
  • purpleroad
    purpleroad Posts: 57 Forumite
    molerat wrote: »
    How much is your current amount - years are irrelevant, it is the £ that matters pre 2016. How much is your forecast amount ?






    You can get your State Pension on 20 February 2041. Your forecast is
    £159.55 a week
    £693.76 a month, £8,325.09 a year


    should I backpay ?
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