Novocastrian

A bit more than a quarter, 10/35ths.

You also asked if it affects other benefits. Assuming you get any state pension then not really. (I'm not certain).

At the moment though, being in receipt of any state pension (even a pound a week) gives you the right to state funded healthcare in any EU country.

But you may have heard what happened on June 23rd.

durham_lad

I believe the pension is now a straight line calculation so 10 years contributions will get you 10/35 ths of the full pension which is a little over a 1/4. (28.6%), which is £2,229/year.

morpeth

Thanks for answers, even at 1/4 probably makes sense. Health care is something of course to consider.

As far as June 23, hopefully as long as emotions don't rule, EU and UK will work out some reasonable accommodation as there is a lot at stake for both sides.

Exp76

From your original post, you have 9 years paid up and you have the option of coughing up 7000 quid. I am guessing that amount is to pay for the last 10 tax years, which would bring your total qualifying years to 19 thereby qualifying for just over half of the new state pension. I thought it was worth it and am paying up myself. BTW you have up to 2023 to pay up and if you pay before 2019 there are no penalties.

morpeth

Thanks for info on timing.

Perth

May I request clarification please? I paid the 6 years catch-up, as that was what was allowable at the time. If indeed you can now pay for 10 years, could I pay the extra 4 now?

durham_lad

Good question. I have 27 years contributions and in 6 years I will be eligible to get my OAP (age 67). Is it possible to pay the missing 2 years given that I already did the 6 year catch-up? Could I even delay taking the pension at 67 and keep up voluntary contributions for 2 years?

Pulaski

AFAIK you are only allowed to pay upto six years in arrears and the current year, for seven years total. ..... There were apparently a few people who were allowed to pay additional arrears years when the qualifying period was increased from 30 to 35 years, but I am not sure what the exact rationale was.

Exp76

This page from the government contains the relevant info.

https://www.gov.uk/voluntary-nationa...ions/deadlines

The rationale seems to be to assist those who just missed out on getting a pension under the new regime and might have qualified for a partial pension under the previous one, e.g morpeths's 9 years.


You’re a man born after 5 April 1951 or a woman born after 5 April 1953

You have until 5 April 2023 to pay voluntary contributions to make up for gaps between April 2006 and April 2016.
You can pay these contributions at different rates if you pay by 5 April 2019.

Perth

[QUOTE=Exp76;11992590] a woman born after 5 April 1953 /QUOTE]

This would be me. Interesting. Will get right on it. Thanks!

Exp76

[QUOTE=Perth;11992735] BTW, if you worked during the last 10 years the cost is much lower as you will pay Class 2 NICs for those years that you were employed. The 7000 figure that was quoted for morpeth is the cost of 10 years worth of Class 3 NICs.

Good luck !

Perth

[QUOTE=Exp76;11992864] Yes, have been working. We own a small business and I was able to pay Class 2.

mrken30

They will now go back to 2006-2007. I think this may be temporary.

Voluntary NI contributions | The Pensions Advisory Service

morpeth

Thanks . I looked at letter again and I think what you write is correct. They show nine years paid, and the total amount they indicated I should pay. Still a bit odd it wasn't more precise as to what that payment would cover. Does it matter whether I am working, not working, or as consulant, whether I pay class 2 or class 3 ?

Exp76

If you worked, even as a consultant ( my case BTW), you pay at Class 2 levels for those periods of employment. Otherwise its Class 3.