Buy back pension years

[Bilko]

Thought it was worth a mention for us "Senior" blues.
The window is rapidly closing,early April, for an option to buy back and plug gaps in your national insurance contributions, which In turn will increase your pension.
As someone who has lived abroad for many years, I have been able to top up my contributions, in my instance a cost of approx just under 200 euro per year bought..
My UK pension is healthy now, the gamble for me is I survive over the first six months to make the outlay worthwhile !.

I'm no financial man in any shape or form.so do your research, check it out on Gov.uk website, Just would ,advise it's a bit of a slow process from initiating to finish took about 6 weeks

 

[ste d' indica]

Good shout this. There's a calculator on .gov

Check your State Pension forecast

Find out how much State Pension you could get (your forecast), when you could get it and how you could increase it

www.gov.uk

It'll show your historic contributions, where there's any gaps and how you can top it up. Be aware there is a set requirement (I think it's 10 years of contributions minimum) to qualify for the state pension and then a total of 35 years I think for the maximum, so if you're still working it's a calculation you should think about.

I've got a few gaps which I could pay into, but I've got plenty of working years left to cover them, but if I was looking to knock work on the head early and still wanted the full state I'd need to make up the shortfall.

 

[teppic]

This defo applies to me. If I worked up to retirement age I'd get the full pension, but any sort of early retirement I wouldn't. I'm going to top mine up. Thanks for the heads up on it being 6 weeks.

 

[Bryan+]

for younger blues, if your company offers a pension - contribute to it, as much as you can. It may seem like a pointless task I can assure it isn’t. It your own future and you will need it.

Maybe you’ll become rich or maybe you’ll need to live off £200 a week, I know which one is more likely to me.

 

[atrottel]

Thought it was worth a mention for us "Senior" blues.
The window is rapidly closing,early April, for an option to buy back and plug gaps in your national insurance contributions, which In turn will increase your pension.
As someone who has lived abroad for many years, I have been able to top up my contributions, in my instance a cost of approx just under 200 euro per year bought..
My UK pension is healthy now, the gamble for me is I survive over the first six months to make the outlay worthwhile !.

I'm no financial man in any shape or form.so do your research, check it out on Gov.uk website, Just would ,advise it's a bit of a slow process from initiating to finish took about 6 weeks

Same here. Paid up all that I could from abroad (I think you must have had Class II contributions like me) so have a full UK pension plus a foreign one. Definitely investigate the Class II contributions if you are doing any self-employed stuff overseas.

 

[Bkk Andy]

I looked into this and decided against it. Having lived and worked abroad since being 30 years old, I'm missing a lot and the top up required doesn't really guarantee me much. I have no intention of ever returning so the inflation rises would work against me too.

I'm 47 and do not have a pension. If I could go back in time, I'd certainly set one up. However, my aim now is just to get cash rich with growth investments before switching to income investments at 55-60.

If AI and/or WWIII doesn't wipe out my finances I should still be good for a decent retirement.

 

[The binman chronicles]

Got another 4 years to hit the 35. Surprised the part time work I did in college was enough to count to a full year.

Useful website and well worth a check just to see where you are. Bit of a no brainer if you can upgrade to a full year for a couple of hundred quid, if you don't think you'll get 35 years in the bank by the time you retire, that is.

 

[chrismpw]

Interesting point. Thanks.

I was looking up my options and doing some sums to see if it was worth it. Pay £5k in, get around £2k a year extra pension, less income tax (as it will be on top of my teacher pension) ... so kinda worth it.

Then I remembered that no male in my family has yet made it past 66 to my knowledge (which is why i retired/ /gave up the ghost at 50) and decided to bin the idea.

 

[Eggs]

…..never too young to consider your pension. Governments will want people working longer, so have something in place so you’re not totally reliant on state pension.

 

[Rita_Poon]

Sucker punched me with that chris.

 

[Littlesue]

Due to low wages I not paid any NI for over 30 years, fortunately it swings in women's favour as I claimed Child Benefit for 23 years and the government contribute towards your stamp through this so I just qualify for full state pension.

 

[toffee82]

for younger blues, if your company offers a pension - contribute to it, as much as you can. It may seem like a pointless task I can assure it isn’t. It your own future and you will need it.

Maybe you’ll become rich or maybe you’ll need to live off £200 a week, I know which one is more likely to me.

Also, if you are lucky enough to have a bit extra, you might want to look into putting a bit into a SIPP. You're basic rate tax is automatically credited so if you put £100 in you will be on £125 without any interest growth.

 

[GrandOldTeam]

Thanks, just looked into it.

I have 19 years worth.

2 years missed.

I figure you need 35 years for full state pension?

I wont get that for nearly 30 years anyway so figure not worth paying the £600 on each of the two missed?

Not sure why I have 2 years missing, maybe when I was a student?

 

[kev]

Thanks, just looked into it.

I have 19 years worth.

2 years missed.

I figure you need 35 years for full state pension?

I wont get that for nearly 30 years anyway so figure not worth paying the £600 on each of the two missed?

Not sure why I have 2 years missing, maybe when I was a student?

Jesus!
We've got kids running forums. What's the world coming to?

 

[GrandOldTeam]

Jesus!
We've got kids running forums. What's the world coming to?

I have a bad back an greys coming through mate. I also sit in the Park End so i'm qualified to run an Everton forum