The Retirement Thread
1 lurker |
176 watchers
Jun 2022
10:50am, 8 Jun 2022
4,648 posts
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FreshStart
There's some useful information about voluntary NI contributions on MSE forums.moneysavingexpert.com
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Jun 2022
1:17pm, 8 Jun 2022
36,039 posts
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LazyDaisy
I paid some back years as I was only 58 when I finished work. It was a pain in the  even using the Government pathway - the issue was getting hold of someone in the DWP I seem to remember. I decided it was worth doing though, as long as I lived long enough to get the benefit of the increased pension. I think I've got another five years to go to start making money 
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Jun 2022
1:20pm, 8 Jun 2022
33,111 posts
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EvilPixie
Ness has paid into her NI funds
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Jun 2022
1:25pm, 8 Jun 2022
22,203 posts
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Ness
That’s right, Pix. I did and Mr Ness also had to do the same. It was quite straightforward. We had to phone HMRC. They gave us a reference, the details needed to do a bank transfer and how much money was required.
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Jun 2022
1:27pm, 8 Jun 2022
4,198 posts
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jabberknit
My experience a few weeks ago was actually very straightforward and painless, LD. A very pleasant woman at the DWP gave me the necessary info about the amounts needed instantly over the phone, and HMRC were equally helpful in giving me the reference number and bank details. I thought I'd be on the phone for hours, but it was all done within 20 mins. Of course, I won't get my first pension payment until sometime in July, so I don't know if it's all gone through properly! |
Jun 2022
1:32pm, 8 Jun 2022
6,152 posts
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um
jabberknit - if you look at your NI payments / pension forecast it should show whether it's been processed. I know it takes time, at least when I did mine, becasue the transfer from HMRC to DWP was manual, not automated. Also - if you are within the pension claim/register window, you should get an update to the amount. I did. I phoned a couple of times to check - being nervous about transferring fairly larger sum of money via on line bamking and not getting any confirmation or acknowldgement. And at one point, the person on the line said she could see it and could process it then and there ... and I got the revised pension notification a few days later. I didn't ask why the others hadn't done that. |
Jun 2022
11:23pm, 8 Jun 2022
3,328 posts
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flyingfinn
Normally, if you have a gov id log on, you can see the history on line and cost for any partial or missing years. You can only fill years after the event, and the rate is set each year. Current cost is £824 per year. But if you claim to be self employed, it;s onlhy about £160 But to pay, you have to talk to DWP to get a quote & ref, then pay via HMRC. Unless anyone knows a different way? I think after April 2023, there will also be a 6 year back limit enforced. At only 53 (the same age as I was when stopped working) it is definitely more efficient to do it by declaring yourself self-employed (ie - registering this status with HMRC). You don't need to do any work, just complete a self-assessment tax return each year and state despite having profits below the small profits threshold you'd like to voluntarily pay Class 2 NI contributions. As Um states this currently £160 pa. Each year you do this adds another year record at a fifth of the cost of adding missing years in a lump sum payment. https://www.litrg.org.uk/tax-guides/self-employment/what-national-insurance-do-i-pay-if-i-am-self-employed#toc-how-do-i-register-for-class-2-and-4-nic- |
Jun 2022
4:43pm, 9 Jun 2022
58,359 posts
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Velociraptor
Had an email today letting me know that Capita had completed their task for my NHS pension application. When I get home I'll sort out the next part of the process.
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Jun 2022
4:59pm, 9 Jun 2022
42,582 posts
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HappyG(rrr)
Argh, still drawing a blank with Phoenix regarding this pension 1995 - 1998. I've written and called and emailed and they're finding nothing. I've got a "scheme name" and what looks like a scheme reference number, but no policy number. But surely from combination of name, date of birth, national insurance number and addresses (I've given the address details), they should be able to find it? It's making me wonder if I just didn't have one. But would seem so strange as every other employer and period, including immediately before and immediately after, I did. Any help gratefully received! Thanks, G
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Jun 2022
5:08pm, 9 Jun 2022
6,156 posts
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um
Since you've tried ll known formal routes, a few alternative thoughts - do you know anyone there at the same time you can compare notes / check with? - any social groups or networks eg LinkedIn, facebook or others that could share experiences? |
McGoohan Useful Links
FE accepts no responsibility for external links. Or anything, really.- Money Helper
- How Much is Enough to Retire On?
- Retirement Living Standards
- How much will you need to retire?
- Free Govt website for pension advice
- SIPP pensions
- ISAs
- Check your National Insurance contributions
- Check your state pension account
- Martin Lewis on pensions
- Support and advice for those widowed under the age of 50
- Power of Attorney information
- Making the most of your retirement
- 20 tips for a happy retirement
- Married Couple's Allowance
- Aviva guide to retirement planning
- U3A
- U3A Local Sites - map
- Make a Power of Attorney
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