tax.service.gov.uk/che…ion shows I have 3 years that are "Year is not full". Looks like I can pay around a 1000 quid to make them full. Do you think it's worth it?
You'll definitely have longer. Sure it'll be 75yrs old before you get the state pension (if there is one in its current form) by the time we get there.
yeah, they are always moving the goal post as people are living longer and having to work longer. a lot of people now work beyond their pension retirement age because they can't afford to retire and this will only get worse as the generation that gets decent occupational pension will be long gone and we are all pension poverty, so unless you have been successful during your working lifetime and have built up a decent nest egg, it will be very difficult to retire on a pension income.
Do you have to keep paying national insurance if someone as already hit 35 qualifying years, I'm guessing we do?
Edit - yes got to keep paying but it is suggested to put extra money into a personal pension as a salary sacrifice to pay a little less. (edited)
i am afraid so
My friend gave up work, set up as self employed. Did self assessment and paid Ni at £180 a year. If you were self employed but did not earn £1000 can’t remember which. Found it. gov.uk/set…der You need not declare it. At the time to make up 4 years before he hit retirement it cast just over £600. (edited)
Changed now
My first port of call with most questions posed during our lifetime is citizensadvice.org.uk Far better than talking to random strangers. In this particular case and question have a wander around citizensadvice.org.uk/deb…on/
I was lucky enough to retire early in 2010 with 38 years NI contributions. Still fell fowl of the new rules that came in in 2016, in effect I needed to have full contributions from then until actual retirement age in 2021. I paid just over £4000 for extra 5 years and as long as I live 3 years on state pension I should recoup this. Get a pension prediction and then decide if it's right for you to fill any gaps.
How many years are full ?
You’ll need 35 qualifying years to get the full new State Pension. (edited)
Author
11 full, but I have plenty of time (if not hit by a bus) to get 35.
Correct if you're employed, you pay till official retirement age. It's well worth topping up as less than 35 years total contributions would still result in a state pension albeit reduced.
I hit my 35 years so I'll continue to pay for another 13 ish even though I won't get the benefit with higher payments...
Just how it is. Can you get your 35 years full payments in?
Author
Probably.
Just get job seekers allowance back dated for those dates to make them full ?
I thought pension credit guarantee would top up any state pension deficiency and then you also dont have to pay council tax, unless you have a large amount of savings..... (edited)
Can you get state pension from 2 countries? I know it used to follow you round the EU with the last country you lived in paying out, but could we now have say 35 years of UK pension plus 15 years of Spanish?
To answer my own question, yes, you get a portion of the pension relevant to the years you paid in from every country worked. I have 20 years of work left, and 30 years UK NI under my belt. It may be financially advantageous to jump country for the remaining years.
Question: my employer pays towards National Insurance too, is it normal? Can’t remove as Iv been working for agency for 14 years and they never paid it
An agency paid you without paying your NI? Were you self employed? Did you pay tax?
Just checked my Pension forcast and Ni record. I need 2 years and 4 months worth to get to 35 years worth. If my life changed, I would go self employed and make the payment just to get over the line.
IIRC each year is worth a fiver per week, so you'd soon recoup it, but isn't NI paid if you're on unemployment benefits anyway?
I don't fancy paying the full £824 for the years I missed. Could I declare myself self employed and pay the lower rate of £180 a year?
Did you register as self-employed with the tax-man? (edited)
61 Comments
sorted byEdit - yes got to keep paying but it is suggested to put extra money into a personal pension as a salary sacrifice to pay a little less. (edited)
Did self assessment and paid Ni at £180 a year.
If you were self employed but did not earn £1000 can’t remember which.
Found it.
gov.uk/set…der
You need not declare it.
At the time to make up 4 years before he hit retirement it cast just over £600. (edited)
citizensadvice.org.uk
Far better than talking to random strangers.
In this particular case and question have a wander around
citizensadvice.org.uk/deb…on/
You’ll need 35 qualifying years to get the full new State Pension. (edited)
Just how it is. Can you get your 35 years full payments in?
Can’t remove as Iv been working for agency for 14 years and they never paid it
I need 2 years and 4 months worth to get to 35 years worth.
If my life changed, I would go self employed and make the payment just to get over the line.