Buying back Ni contributions

[carreauchompeur]

Is it worth it?

Spent 18mths out of the country a couple of years ago. Now wondering whether making additional contributions is worth it.

I’ve been working since 16 without interruption, now 39.

Cheers!

[NickCQ]

You only need 35 years so unless you want to retire at 49 you will be fine.

[Mr Pointy]

NickCQ said:

You only need 35 years so unless you want to retire at 49 you will be fine.

That may not be correct as the rules have changed & it's quite a complex area, especially if you have ever been contracted out. I need 44 years contributions for a full State Pension.

OP: you need to get a SP forecast:
https://www.gov.uk/check-state-pension

That will tell you how much you are predicted to get & how many years contributions you are missing. Note that it's not worth buying any years before 2016/17 as buying these will not increase your SP.

[LosingGrip]

Mr Pointy said:

That may not be correct as the rules have changed & it's quite a complex area, especially if you have ever been contracted out. I need 44 years contributions for a full State Pension.

OP: you need to get a SP forecast:
https://www.gov.uk/check-state-pension

That will tell you how much you are predicted to get & how many years contributions you are missing. Note that it's not worth buying any years before 2016/17 as buying these will not increase your SP.

Does everyone get the same SP? £170 a week for me ha.

[Mr Pointy]

LosingGrip said:

Mr Pointy said:

That may not be correct as the rules have changed & it's quite a complex area, especially if you have ever been contracted out. I need 44 years contributions for a full State Pension.

OP: you need to get a SP forecast:
https://www.gov.uk/check-state-pension

That will tell you how much you are predicted to get & how many years contributions you are missing. Note that it's not worth buying any years before 2016/17 as buying these will not increase your SP.

Does everyone get the same SP? £170 a week for me ha.

Not necessarily but in general £168.60 is the maximum SP (at least this year).

[h0bbsy]

carreauchompeur said:

Is it worth it?

Spent 18mths out of the country a couple of years ago. Now wondering whether making additional contributions is worth it.

I’ve been working since 16 without interruption, now 39.

Cheers!

For what it costs I'd say yes, can't remember off hand but it was only about £150 a year. The goalposts could easily move before you get there and you can only go back so many years.

[oop north]

h0bbsy said:

For what it costs I'd say yes, can't remember off hand but it was only about £150 a year. The goalposts could easily move before you get there and you can only go back so many years.

Class 3 voluntary nic is £15 per week so £780 a year (class 2 voluntary nic is £3 per week which might be where you get the £150 from)

[ringram]

The minimum is 15 years contribution then ramps up from there.

[carreauchompeur]

Cheers for that. I think probably £1500 or so would be better off in my house deposit fund at the moment given I’m already up to about 21yrs of contributions.