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Missing state pension years
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countrymum
Posted: 04 December 2022 12:42:47(UTC)
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Just spreading the word (I trust Martin to have the details correct)

"Martin then revealed that you can buy years missed to enable you to get a bigger pension pot.

'You can buy more years and this is the crucial bit and why timing is so important right now. Until April 2023 you can buy back national insurance years dating all the way back to 2006,' he said.

'After April 2023 you'll only be able to go back six years. So as you can see there is a substantial number of years if you're missing them you only have a short window left to buy them."

https://www.dailymail.co...ers-turn-800-5-500.html

You can easily find your missing state pension years if you log on / register with your Government gateway account.
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9 users thanked countrymum for this post.
SF100 on 04/12/2022(UTC), Easyrider on 04/12/2022(UTC), TJL on 04/12/2022(UTC), Tim D on 04/12/2022(UTC), Steve U on 04/12/2022(UTC), D Bergman on 05/12/2022(UTC), The Spanish Inquisition on 03/01/2023(UTC), Tyrion Lannister on 04/01/2023(UTC), downatthirdman on 07/01/2023(UTC)
SF100
Posted: 04 December 2022 15:57:24(UTC)
#2

Joined: 08/02/2020(UTC)
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Need not fear for those missing pension years.
The public purse will no doubt pick up the slack and cover it in the form of 'some other benefit'

See 'Pension Credit' for example
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countrymum
Posted: 04 December 2022 16:26:59(UTC)
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Isn't pension credit like universal credit though i.e. n/a if you have savings?
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TJL
Posted: 04 December 2022 16:33:57(UTC)
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It is a calculated gamble.
Based upon how much more you could get, balanced against how much it will cost you to get it, balanced against how many years it will take you to 'break even', balanced against your life expectancy (the gamble), and taking account of the deadlines involved.
I began looking into this a few months ago, and I thought I had a full score card after 43 years of full contributions, but not so. I am entitled to a good pension, but could buy a better one, subject to the above.
I would advise everyone to check it out, if you haven't already done so.
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countrymum on 04/12/2022(UTC)
guantou
Posted: 04 December 2022 16:59:43(UTC)
#8

Joined: 05/09/2009(UTC)
Posts: 1,039
Did a few calcs prior to retirement:
Paying up the missing years was of benefit from age 87 onwards.
Quite happy to draw my reduced state pension alongside my 2 index linked company pensions.

Can't remember which site but I compared my calcs with an online calculator which allowed all variables of missing year options to be viewed.
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Steve U
Posted: 04 December 2022 18:35:13(UTC)
#14

Joined: 30/08/2017(UTC)
Posts: 336
countrymum;249868 wrote:
Just spreading the word (I trust Martin to have the details correct)

"Martin then revealed that you can buy years missed to enable you to get a bigger pension pot.

'You can buy more years and this is the crucial bit and why timing is so important right now. Until April 2023 you can buy back national insurance years dating all the way back to 2006,' he said.

'After April 2023 you'll only be able to go back six years. So as you can see there is a substantial number of years if you're missing them you only have a short window left to buy them."

https://www.dailymail.co...ers-turn-800-5-500.html

You can easily find your missing state pension years if you log on / register with your Government gateway account.


yes, I looked into this a while ago - I've got some gaps because of contracting out - have a diary note to make a decision before next April - roughly a 3 year payback on each extra contribution - I haven't read the M Lewis stuff but I did speak to HMRC last year and you do have to be a little careful as some extra contributions would not give you additional pension, and yet the HMRC will take the additional contributions
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Steve U
Posted: 04 December 2022 18:37:39(UTC)
#9

Joined: 30/08/2017(UTC)
Posts: 336
guantou;249884 wrote:
Did a few calcs prior to retirement:
Paying up the missing years was of benefit from age 87 onwards.
Quite happy to draw my reduced state pension alongside my 2 index linked company pensions.

Can't remember which site but I compared my calcs with an online calculator which allowed all variables of missing year options to be viewed.



really ? I thought the rough numbers were £800 contribution for each additional years pension - so it's a 3/4 year payback
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countrymum
Posted: 04 December 2022 19:12:03(UTC)
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TJL;249882 wrote:
It is a calculated gamble.
Based upon how much more you could get, balanced against how much it will cost you to get it, balanced against how many years it will take you to 'break even', balanced against your life expectancy (the gamble), and taking account of the deadlines involved.
I began looking into this a few months ago, and I thought I had a full score card after 43 years of full contributions, but not so. I am entitled to a good pension, but could buy a better one, subject to the above.
I would advise everyone to check it out, if you haven't already done so.

Good point
Based on statistics, possibly (/probably) stacks up better for women.
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TJL on 04/12/2022(UTC)
guantou
Posted: 04 December 2022 19:20:30(UTC)
#10

Joined: 05/09/2009(UTC)
Posts: 1,039
Steve U;249893 wrote:
guantou;249884 wrote:
Did a few calcs prior to retirement:
Paying up the missing years was of benefit from age 87 onwards.
Quite happy to draw my reduced state pension alongside my 2 index linked company pensions.

Can't remember which site but I compared my calcs with an online calculator which allowed all variables of missing year options to be viewed.



really ? I thought the rough numbers were £800 contribution for each additional years pension - so it's a 3/4 year payback


I am missing many years
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Joe Soap
Posted: 04 December 2022 19:35:26(UTC)
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Joined: 24/01/2010(UTC)
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Be careful making voluntary contributions for earlier years. Paying years before 2016 may not increase your pension. 2016 was when the new pension regime was implemented. I strongly advise before paying anything, make a call to the government future pension help line who will advise you on the years you will benefit the most from paying. I very nearly paid into 15-16 and it would have been a waste of money since it wouldn't have increased my entitlement to the new pension. Future pension helpline explained to me why I shouldn't pay into year 15-16. They saved me a year of wasted voluntary contribution.

I now have enough contribution to give me a state pension just few pence short of the maximum possible. Payable early 2023.

Before paying anything, make that call. Hope that helps someone.

Edited - this is the number to call 0800 731 0175.
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7 users thanked Joe Soap for this post.
TJL on 04/12/2022(UTC), countrymum on 04/12/2022(UTC), David1965 on 05/12/2022(UTC), D Bergman on 05/12/2022(UTC), john brace on 06/12/2022(UTC), Fuzzy Beats on 07/12/2022(UTC), downatthirdman on 07/01/2023(UTC)
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