Serrano

Well below that, as I said, if she dies the day before starting her pension, she loses the lot

giuliana

I really hope I am NOT going to die
Btw, you guys have lost me, my intention is or was to pay hubby's 2 years now based on 2012/ 2013 2013/2014 as it will cost less then nearer his pension date pay the other years or as many as we can afford.
I am going to wait, rather have the money in the bank for now, who knows I might even die!!!!

Geordieborn

I hope you live well beyond that magic 84, but I'm not too sure I want to! At least the increase in pension might help pay for all those nappies we need
Sorry if our banter has confused you, I think we kind of disagree on some points. However if you look at this gov.uk link it tells you the rate you pay is the rate for the year you are paying for. Also you will see that the rate is fixed at £13.25 for 2006 to 2010 if you pay by 5th April 2019, which may help. Outside of that you can pay for these at the rate in force at the time for the ten years between 2006 - 2016 up to 2023. This is the quote from the link I give you before:-
From what I understand they are giving you a fixed rate until 2019, then a further 4 years to pay, but at the hisotical rate in force for the year you are paying for i.e. not the rate in force at the time you pay. That's just for missing years, future years are at the current rate.

giuliana

Thanks again!!!

Seldomseenkid

Hi Serrano

Thank you so much for the info on buying extra years if you were contracted out. I was for most of my working life, I reach pension age later this year, and so will not get the full £155. I know it's a gamble on life expectancy but it seems like a good deal to me.
Thanks again.

Geordieborn

A lot luckier than some poor younger people, looking at this BBC link. I suspect it is one of many changes for them and that there is many more yet to come
Hopefully they will no make more goal post changes for us older folk

Novocastrian

You mean like May's proposed dementia tax?

Novocastrian

...or this? https://www.theguardian.com/money/20...r-than-planned

Geordieborn

Oh dear, I forgot about that one

mrken30

There are now raising the retirement age for yet more people to 68

http://www.pionline.com/article/2017...ously-proposed

Seldomseenkid

OK I thought it was too good to be true. The top up that Serrano was mentioning is, I think, the Class 3A NIC and that was only available for people reaching state pension age before April 2016.

https://www.gov.uk/government/public...-contributions

This is not to be confused with making up your NI record by making contributions for missing years.

Geordieborn

Yes and that scheme was only a return of £1/week for each year bought and limited to £25/week max gain. I think Serrano was on about gaps in your record or years not yet paid. The link I provided earlier is i.r.o. gaps and/or future years. I don't think it is a case of you needing more qualifying years because you were contracted-out (c/o - as I was all my life), but more a case of if you buy Class 3 the New Pensions calculation they do (they compare both), then they are somehow used in preference to the c/o. If you are of pension age this year with no gaps, afraid you cannot buy more ension other than by deferral - gov.uk link here.

Serrano

I don't think I ever used the expression 'top-up' - quite deliberately because (a) as you say it is no longer available and (b) as Geordieborn implies, not good value for money (I can't remember the details but I looked at it for myself and decided in no uncertain terms not to take it up)

Maybe I've missed the point here, but I don't understand why you've said "If you are of pension age this year with no gaps ..." - I can only presume that by this you mean having made contributions each and every year from starting work until reaching pension age.

In which case I'm not sure your statement is right. I think the yardstick used is simply if your 'new system' pension is less than the full rate (£159.55 per week) then you can buy additional years to bring you up to it. The reason for being below the maximum is, I agree, often missing years of contributions, but it could simply be that you have been contracted out for a long-ish period.

Geordieborn

I have seen nothing on the gov.uk site saying you can do this, to the contrary you can buy only 6 years back normally, but 10 for the years 2006 - 2016 as a one off scheme until 2023. Anything prior to 2006 would be over the 6 years and can't be paid. Anyone telling you anything else, then I would ask for it in writing or the official documentation confirming this.

Serrano

Yeah, I agree with you, but that's not what I said. You're talking here about buying prior years. I prefaced the bit that you've quoted with:

However, rethinking it what I said is wrong, but because in that particular case there would be no 'year' - in the last 6 years, last 10 years or whatever, with which you could associate the payments. The reason for my reply was a concern that in focusing on gaps you may have led people to think the story ended there. Whereas someone approaching pension age, even with no gaps, would do well to seriously consider making voluntary contributions for some or all of the remaining years if they have less than the full pension in their forecast (because of contracted-out years).