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Pension top-ups and NI rates

UncleEbenezer
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Pension top-ups and NI rates

#429931

Postby UncleEbenezer » July 23rd, 2021, 2:02 pm

1. Some of us may benefit from paying extra voluntary NI to top up pension entitlements.
2. NI may be about to go up.

It occurs to me, I should hurry to review my own situation, with a view to getting in ahead of any NI rise. Would that work? Any gotchas?

Or is that a red herring, and I could still buy earlier years at the earlier rate? Any history/precedent there?

mc2fool
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Re: Pension top-ups and NI rates

#429935

Postby mc2fool » July 23rd, 2021, 2:20 pm

UncleEbenezer wrote:1. Some of us may benefit from paying extra voluntary NI to top up pension entitlements.
2. NI may be about to go up.

It occurs to me, I should hurry to review my own situation, with a view to getting in ahead of any NI rise. Would that work? Any gotchas?

Or is that a red herring, and I could still buy earlier years at the earlier rate? Any history/precedent there?

a) get yourself a state pension forecast
b) get yourself a list of your qualifying years and any gaps (don't bother noting pre 2006 gaps)
c) report back here with:

1) the number of qualifying years you have up to 5-Apr-2016
2) your COPE
3) the number of qualifying years you have from 6-Apr-2016 onward
4) what the forecast says you should get, now and max
5) the list of missing years from 2006 onward

You can get all the info from https://www.tax.service.gov.uk/check-your-state-pension

And for your homework, read https://www.gov.uk/voluntary-national-insurance-contributions and the pages that follow it.


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