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  • FIRST POST
    • JMOW
    • By JMOW 6th Mar 18, 3:26 PM
    • 2Posts
    • 0Thanks
    JMOW
    Is it worth me making contributions
    • #1
    • 6th Mar 18, 3:26 PM
    Is it worth me making contributions 6th Mar 18 at 3:26 PM
    I am 52 years old female and finished working a year ago when we moved location - I have 35 years of NI Contributions from my working life - would it be worth me making voluntary contributions ? really have no idea other than before I finished work I requested a pension forecast which said I would be entitled to the full Basic State Pension !! I do not receive any benefits of any kind - (kept wife lol)
    Last edited by JMOW; 06-03-2018 at 3:32 PM. Reason: missing info
Page 1
    • Dazed and confused
    • By Dazed and confused 6th Mar 18, 3:39 PM
    • 2,557 Posts
    • 1,226 Thanks
    Dazed and confused
    • #2
    • 6th Mar 18, 3:39 PM
    • #2
    • 6th Mar 18, 3:39 PM
    Basic State Pension ended in April 2016.

    You can get an upto date forecast today on your personal tax account on gov.uk.

    You really need to post the full details from that.
    • JMOW
    • By JMOW 6th Mar 18, 4:13 PM
    • 2 Posts
    • 0 Thanks
    JMOW
    • #3
    • 6th Mar 18, 4:13 PM
    • #3
    • 6th Mar 18, 4:13 PM
    Thanks got all info I need from the Gov.uk site you suggested - not worth paying more contributions in my case
    • atush
    • By atush 6th Mar 18, 4:28 PM
    • 16,690 Posts
    • 10,398 Thanks
    atush
    • #4
    • 6th Mar 18, 4:28 PM
    • #4
    • 6th Mar 18, 4:28 PM
    You can however put 2880 into a PP or Sipp, and it becomes 3600 with TR (even if you dont pay any tax).
    • Audaxer
    • By Audaxer 6th Mar 18, 6:28 PM
    • 1,042 Posts
    • 602 Thanks
    Audaxer
    • #5
    • 6th Mar 18, 6:28 PM
    • #5
    • 6th Mar 18, 6:28 PM
    Thanks got all info I need from the Gov.uk site you suggested - not worth paying more contributions in my case
    Originally posted by JMOW
    Are you forecast to get the maximum 159.55 per week?
    • Jerben
    • By Jerben 6th Mar 18, 8:48 PM
    • 62 Posts
    • 27 Thanks
    Jerben
    • #6
    • 6th Mar 18, 8:48 PM
    • #6
    • 6th Mar 18, 8:48 PM
    Are you forecast to get the maximum 159.55 per week?
    Originally posted by Audaxer
    OP
    Does the forecast assume that you will continue to pay further NI contributions?
    Be very careful with the wording on the forecast!
    • xylophone
    • By xylophone 6th Mar 18, 9:48 PM
    • 25,371 Posts
    • 14,967 Thanks
    xylophone
    • #7
    • 6th Mar 18, 9:48 PM
    • #7
    • 6th Mar 18, 9:48 PM
    Do you expect to receive an occupational pension?

    If so, was the scheme contracted out?

    What exactly did your new state pension statement say?

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

    Even if you now have no relevant earnings, you can still contribute up to 2880 to a personal pension and receive tax relief of 720.
    • badmemory
    • By badmemory 7th Mar 18, 7:53 AM
    • 1,603 Posts
    • 2,108 Thanks
    badmemory
    • #8
    • 7th Mar 18, 7:53 AM
    • #8
    • 7th Mar 18, 7:53 AM
    I am 52 years old female and finished working a year ago when we moved location - I have 35 years of NI Contributions from my working life - would it be worth me making voluntary contributions ? really have no idea other than before I finished work I requested a pension forecast which said I would be entitled to the full Basic State Pension !! I do not receive any benefits of any kind - (kept wife lol)
    Originally posted by JMOW
    You don't want the full basic state pension you need all the NEW state pension. If you don't have enough there are ways of earning NI credits that cost nothing & can make it up. Please check the wording carefully as already suggested.
    • margih
    • By margih 7th Mar 18, 3:15 PM
    • 8 Posts
    • 0 Thanks
    margih
    • #9
    • 7th Mar 18, 3:15 PM
    Margih
    • #9
    • 7th Mar 18, 3:15 PM
    I do not earn enough to pay NI . I have 44 years up to April 2016 I want to know if I can claim tax credits but keep getting told that I need to sign on . But I am employed as a casual library assistant so this is not an option. How can I claim any further NI credits
    • p00hsticks
    • By p00hsticks 7th Mar 18, 3:50 PM
    • 6,190 Posts
    • 6,624 Thanks
    p00hsticks
    I do not earn enough to pay NI . I have 44 years up to April 2016 I want to know if I can claim tax credits but keep getting told that I need to sign on . But I am employed as a casual library assistant so this is not an option. How can I claim any further NI credits
    Originally posted by margih
    Have you got a state pension forecast yet ?
    https://www.gov.uk/check-state-pension

    This will give you some idea of what gaps you have in your record.

    Once you've got that come back with what it says (I recommend starting a new thread of your own) and people should be able to suggest some possible options if needed.
    • margih
    • By margih 7th Mar 18, 4:24 PM
    • 8 Posts
    • 0 Thanks
    margih
    My pension forecast is very confusing In big numbers at the top it says that on 10.8.2022 it is 159.55. Then underneath it says I need to contribute to reach this forecast and based on my record to 2017 it is 141.90. If I contribute for the next 4 years it will be 159.55. But I don't earn enough !! I have posted a new thread to see if there is any way I can get credits as a low earner.
    • sheramber
    • By sheramber 7th Mar 18, 4:51 PM
    • 4,670 Posts
    • 3,503 Thanks
    sheramber
    If your are is a Universal Credit area you cannot claim tax credits . Universal Credit replaces tax credits among other benefits.

    This may be why they say you need to sign on.

    Even if you did not qualify for a payment you would get National Insurance credits.

    https://www.gov.uk/universal-credit
    • margih
    • By margih 7th Mar 18, 5:18 PM
    • 8 Posts
    • 0 Thanks
    margih
    But I cannot sign on as I am technically employed by Bexley Council and do not have a P45. I am not actually looking for work as I have got my Bexley Pension.
    • xylophone
    • By xylophone 7th Mar 18, 5:59 PM
    • 25,371 Posts
    • 14,967 Thanks
    xylophone
    But I cannot sign on as I am technically employed by Bexley Council and do not have a P45. I am not actually looking for work as I have got my Bexley Pension.
    You are in receipt of an occupational pension and you work on a casual basis for Bexley Library Service.

    You say that you do not earn enough to be credited with NI.

    https://www.litrg.org.uk/tax-guides/employed/what-national-insurance-do-i-pay-employee

    See

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

    concerning voluntary contributions.
    • margih
    • By margih 8th Mar 18, 12:08 PM
    • 8 Posts
    • 0 Thanks
    margih
    It seems I cannot claim any credits for being a low earner. I have asked for a current forecast to see if it makes more sense than the online version. I have paid 44 years and am 61 now I will get my pension when 66, so I think I will wait until closer to that time before making any decisions about the gaps. It is all so confusing !
    • molerat
    • By molerat 8th Mar 18, 12:41 PM
    • 18,570 Posts
    • 12,725 Thanks
    molerat
    The printed version is less clear than the on line version which gives you all the data you need. You need to check what your NI record shows for 2016-17 , any weeks paid ? How much do you earn a year from the job, you may earn enough for credits ?
    www.helpforheroes.org.uk/donations.html
    • margih
    • By margih 8th Mar 18, 2:24 PM
    • 8 Posts
    • 0 Thanks
    margih
    I do not have a regular wage as I am only casual staff and called in when they are short of staff. last year I earned about 109.00 I have 44 years until 2015/16 then none after as I became a casual employee.
    The online version says in big numbers the forecast is 159.55 then underneath in small print says I need to contribute to reach the forecast. Based on my record to 2017 the forecast is 141.90 but if i contribute for another 4 years it will be 159.55.!!! I have paid 44years!!!
    • xylophone
    • By xylophone 8th Mar 18, 4:45 PM
    • 25,371 Posts
    • 14,967 Thanks
    xylophone
    I have paid 44years!!!
    But you have been in a contracted out pension scheme for many/most of those years?

    At 5/4/16 a calculation was done under the old and new schemes and you received the higher of the two amounts. This became your starting amount.

    Old scheme

    Full basic state pension of 119.30+ (SERPS/S2P - Deduction for Contracting out)

    New Scheme

    Full new state pension of 155.65 - Contracted Out Pension Equivalent.

    As you are under State Pension Age you are able to increase your starting amount by contributions or credits up to a full new state pension.

    Read

    https://www.royallondon.com/Global/documents/GoodWithYourMoney/TOPPING-UP-YOUR-STATE-PENSION-GUIDE.pdf
    • margih
    • By margih 9th Mar 18, 8:55 AM
    • 8 Posts
    • 0 Thanks
    margih
    I cannot make head nor tail of all of this! I am no good at read advice I read somewhere that if you have paid in for 35 years you will get the full pension. So I think I will have to wait until I am closer to my pension age in 2022 to sort this out as I am just getting very confused now. I do not understand my online forecast at all as it has 2 different amounts on it. The online version says in big numbers the forecast is 159.55 then underneath in small print says I need to contribute to reach the forecast. Based on my record to 2017 the forecast is 141.90 but if i contribute for another 4 years it will be 159.55.!!!
    • badmemory
    • By badmemory 9th Mar 18, 4:22 PM
    • 1,603 Posts
    • 2,108 Thanks
    badmemory
    This means that your record to 5th April 2017 means that your pension will be 141.90, then for each additional year you contribute you get 4.55 added. 4 years at that rate would add 18.20 which would be 160.10 but the max you can get is 159.55.
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