Non-motoring > State pension top-up Miscellaneous
Thread Author: martin aston Replies: 47

 State pension top-up - martin aston
My state pension starts in January. Promoted by the letter notifying me of this I checked my pension forecast. Despite having 42 years of “full” contributions I found I was £20 per week short of my potential maximum pension due to my ex-employer opting out of the enhanced state pension schemes.

However it’s possible to close this gap by paying some more National Insurance now. The govt Future Pensions helpline told me that although I had five years worth of years I could make up, I need only pay four years worth to make up the £20 gap. In round terms I could pay £800 for each £5 of additional weekly pension. This is taxable but I would break even after about 4 years.

I then went into HMRC Voluntary NI Contribution helpline where they gave me the details to pay online from my bank account.

Both helplines were first class. This is in contrast to the impenetrable online advice from govt and my employer as to how the opt out is reflected in defined benefit pension schemes which had previously deterred me from looking into this.

I guess there will be a few members on here coming up to state retirement. Cases will differ and we need to avoid straying into financial advice so, as they say, “do your own research”.
 Messages Author Date
 State pension top-up new martin aston 6 Oct 20 09:42
 State pension top-up new Zero 6 Oct 20 09:59
 State pension top-up new Crankcase 6 Oct 20 10:25
 State pension top-up new Bromptonaut 6 Oct 20 12:00
 State pension top-up new Falkirk Bairn 6 Oct 20 10:26
 State pension top-up new Bromptonaut 6 Oct 20 10:55
 State pension top-up new martin aston 6 Oct 20 10:29
 State pension top-up new Zero 6 Oct 20 10:47
 State pension top-up new Bromptonaut 6 Oct 20 11:00
 State pension top-up new legacylad 6 Oct 20 11:05
 State pension top-up new CGNorwich 6 Oct 20 11:14
 State pension top-up new Bromptonaut 6 Oct 20 15:30
 State pension top-up new Lygonos 6 Oct 20 20:49
 State pension top-up new tyrednemotional 6 Oct 20 22:04
 State pension top-up new Zero 6 Oct 20 22:38
 State pension top-up new smokie 7 Oct 20 00:03
 State pension top-up new martin aston 7 Oct 20 06:41
 State pension top-up new smokie 7 Oct 20 08:35
 State pension top-up new tyrednemotional 7 Oct 20 08:50
 State pension top-up new martin aston 7 Oct 20 09:55
 State pension top-up new tyrednemotional 7 Oct 20 10:03
 State pension top-up new PeterS 7 Oct 20 10:17
  
 State pension top-up new Runfer D'Hills 7 Oct 20 10:40
 State pension top-up new martin aston 7 Oct 20 10:43
 State pension top-up new martin aston 7 Oct 20 10:40
 State pension top-up new PeterS 7 Oct 20 10:55
 State pension top-up new Falkirk Bairn 7 Oct 20 11:23
 State pension top-up new PeterS 7 Oct 20 11:48
 State pension top-up new Terry 7 Oct 20 12:35
  
 State pension top-up new Manatee 7 Oct 20 14:27
  
 State pension top-up new martin aston 7 Oct 20 14:52
 State pension top-up new Manatee 7 Oct 20 14:57
 State pension top-up new smokie 7 Oct 20 15:42
 State pension top-up new Runfer D'Hills 7 Oct 20 15:59
 State pension top-up new Manatee 7 Oct 20 16:27
 State pension top-up new Crankcase 7 Oct 20 16:56
 State pension top-up new martin aston 7 Oct 20 17:16
 State pension top-up new smokie 7 Oct 20 18:12
  
 State pension top-up new sooty123 7 Oct 20 11:29
  pension top-up new zippy 12 Oct 20 11:50
  pension top-up new PeterS 12 Oct 20 12:03
  pension top-up new zippy 12 Oct 20 12:35
  
  pension top-up new zippy 12 Oct 20 12:47
  pension top-up new Falkirk Bairn 12 Oct 20 13:58
  pension top-up new PeterS 12 Oct 20 14:11
  pension top-up new martin aston 9 Mar 21 10:04
  pension top-up new Falkirk Bairn 9 Mar 21 12:07
  
 State pension top-up new PeterS 9 Mar 21 17:52
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