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NI contribution in retirement year

Discussion in 'Retirement' started by Welliebobs, Jan 21, 2020.

  1. makras

    makras Occasional commenter

    That is the problem, 6 years are very crucial and relevant to me now and I can't pay them back. I am retiring in 2 years and will be living abroad. If every year counts then why doesn't the government allow people to pay into the gaps whenever they can to allow them to catch up?
     
  2. Piranha

    Piranha Star commenter

    Probably a question to ask your MP rather than this forum. But as has been pointed out, unless you are already close to your state retirement age, you can effectively make up lost years by paying NI for years between now and then. Not that I am totally sure if this is possible for people living abroad.
     
  3. catmother

    catmother Star commenter

    So that will be at least 2 more years in and you still will be able to buy more years. How many years do you currently have?
     
    Last edited: Jan 23, 2020
  4. phatsals

    phatsals Established commenter

    It's also about when those gaps where. If they are from before 2015 when the scheme changed, buying them back now doesn't benefit you if you already had over 30 years contributions. That was the old scheme, this is the new one.

    Under that scheme, if you were contracted out, you could only get the maximum of around £125 in todays money. You could work for 45 years, paying NI but no further benefit to be had. Now, with the new scheme, you can get up to £166 ish. In short, you benefit from the change.
     
    Piranha likes this.
  5. makras

    makras Occasional commenter

    I'll be 55 in March, in 2 years I'll have 26 years full and 6 years a mix of not full or no NI contributions. I would like to pay more to secure full state pension.

    The gaps are years ago before 2015. So thanks phatsals for pointing that out.

    I will look into Piranha good suggestion of paying for future years from abroad and I hope that will be doable.
     
  6. catmother

    catmother Star commenter

    This is what I meant when I said the missed years might not be relevant.
     
  7. phatsals

    phatsals Established commenter

    If you have less than 30 years under the pre-2015 scheme, you can pay back gaps from between 2006 and April 2016. It's usually only going back 6 years, but as so many were caught out by the changes it goes back much further. Check your record just in case.
     
  8. wayside34

    wayside34 New commenter

    I was 2 years short of NI contributions for the 'new' State pension after 43 years contributions.I have worked for 2 years as a supply since taking Teachers pension, not many days to be honest.For the last to years I paid a total of £400 ish to increase my years to maximum. I had paid little NI as a supply. I found the staff to be helpful when I called. A word of warning I was told the 17-18 tax year the amount was 'maybe ' going to increase after April this year 2020. I paid it sooner rather than later.
     
  9. Brianthedog

    Brianthedog Occasional commenter

  10. makras

    makras Occasional commenter

    [QUOTE="wayside34, post: 13016681, member: 3709887" "A word of warning I was told the 17-18 tax year the amount was 'maybe ' going to increase after April this year 2020. I paid it sooner rather than later."[/QUOTE]

    I am aware of that too thanks. My wife needs to pay some gaps and in her gov account it says the same.

    Brianthedog thanks that answers lots of questions.I'll be moving to a country not included in that document (Africa) so I guess I will not be able to contribute in the future. Still, The amount I am entitled to now is OK it will also increase in 2 years.

    I am reading the other threads, it gives us all hopes that we can all choose to retire when we want. With planning we can all happily retire early. To be honest knowing that i'll go (hopefully not dead) in 2 years makes me smile and am really looking forward to it.

    ;)
     
    wayside34 likes this.
  11. wayside34

    wayside34 New commenter

    I have had an after thought! always check with future state pensions that making payments to HMRC are 'qualifying years' in the media some people have allegedly made payments that don't increase their state pension hope that may to helpful.
     

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