Buying Missed NI Years

[RosscoPCole]

In the early 2000s I spent nearly 7 years on the Channel Islands and, as a result, didn't pay UK National Insurance for those years. Is it worth me paying the missing years for my State Pension in years to come?

[Mr Pointy]

The first thing to o is get State Pension Forecast:

https://www.gov.uk/check-state-pension

[98elise]

RosscoPCole said:

In the early 2000s I spent nearly 7 years on the Channel Islands and, as a result, didn't pay UK National Insurance for those years. Is it worth me paying the missing years for my State Pension in years to come?

It depends on how many qualifying years you already have, and how many you expect to have in the rest of your working life.

You only need 35 years to qualify for a full state pension. You can check yours on the government gateway

[trickywoo]

You will almost certainly be better off putting the money in a SIPP. The age when you can get the state pension is worth considering as unless you are close to it now it’s likely to be near enough 70 years old before it kicks in before long. As it is it’s going to be 67 if you are thinking about it now.

[RosscoPCole]

Mr Pointy said:

The first thing to o is get State Pension Forecast:

https://www.gov.uk/check-state-pension

98elise said:

It depends on how many qualifying years you already have, and how many you expect to have in the rest of your working life.

You only need 35 years to qualify for a full state pension. You can check yours on the government gateway

Thank you both. Checked via the Government Gateway and it told me I will have payed in enough by the time I'm 67 to qualify for a full state pension.

[the tribester]

98elise said:

You need 35 full qualifying years (not just full years)to qualify for a full state pension. You can check yours on the government gateway

[caziques]

Usually you can only go back six years with NI contributions, at the present time you can go back to 2006 - available until April 2025

[dingg]

RosscoPCole said:

Thank you both. Checked via the Government Gateway and it told me I will have payed in enough by the time I'm 67 to qualify for a full state pension.

Question is

Are you confident that you will be happy and capable of working until you're 67??

[RosscoPCole]

dingg said:

Question is

Are you confident that you will be happy and capable of working until you're 67??

I'm also going to have a work pension that I have been paying into since I was 23.

[AndyAudi]

trickywoo said:

You will almost certainly be better off putting the money in a SIPP. .

But as ever folk should consider their own circumstances, without knowing how close to retirement age you are it’s difficult to make bold statements.
Eg if you’re in your 60’s already & have a gap that’s worth filling, an £830 payment could get you an extra £330/yr for life, (It could cost less than £830 if there was a partial year to top up fir same return)

trickywoo said:

The age when you can get the state pension is worth considering as unless you are close to it now it’s likely to be near enough 70 years old before it kicks in before long. As it is it’s going to be 67 if you are thinking about it now.

Valid points if you’re planning retiring early & might not make the 35years