Backpaying UK Class 2 NIc's
Posted: Mon Feb 26, 2024 9:09 am
Hi,
Firstly big thanks to Ben for the site, and helping me recently via another online site to get my lost password changed! Now having gained access again I will be reading lots, asking lots, and when in a qualified position, be answering as much as I can.
My first query is about backpaying missing/incomplete UK NIc's. I applied for this ability thanks to info on the wiki/forum when I saw it in March 2023, and the Gov.UK website suggests I should have received a response last week. However my online application has very recently changed to "in progress" and so I'll wait a few more days/weeks before phoning to see where my application is.
My query today is about how many years to pay in full? I think I read on these forums that 35 years of contribution leads to a full UK pension. Looking at my government account (if I am successful in my bid to back, and future, pay missing years) I will be able to make 40 years' of payments by the time I reach 67.
And so, should this be the case, can I pick and choose which years to top-up, and which to not?
To give examples, from My Government Portal page the following figures are given;
To top up my tax year 2006 (starting Apr 2006~) I only need pay £47.55.
To top up each of the years 2015-2019 would require £824.20 each year.
To top up last year's would require £179.40.
So in order to reach my 35 year requirement can I select to pay 2006, but ignore years 2015-2019, and pay everything from last year onwards?
Or do any 5years' worth of non-payments need to be at the front, or end, of my possible payments period. Or do I just need to pay all 40years' worth?
I'm certainly not opposed to paying all 40 years' as from my calculations that would mean a total payment from now of around £14k needed, in order to secure £11k (at current rates) yearly UK pension...
However if I could save the 5 * £824 that's nearly equivalent to my iDeCo payments for a year...
Firstly big thanks to Ben for the site, and helping me recently via another online site to get my lost password changed! Now having gained access again I will be reading lots, asking lots, and when in a qualified position, be answering as much as I can.
My first query is about backpaying missing/incomplete UK NIc's. I applied for this ability thanks to info on the wiki/forum when I saw it in March 2023, and the Gov.UK website suggests I should have received a response last week. However my online application has very recently changed to "in progress" and so I'll wait a few more days/weeks before phoning to see where my application is.
My query today is about how many years to pay in full? I think I read on these forums that 35 years of contribution leads to a full UK pension. Looking at my government account (if I am successful in my bid to back, and future, pay missing years) I will be able to make 40 years' of payments by the time I reach 67.
And so, should this be the case, can I pick and choose which years to top-up, and which to not?
To give examples, from My Government Portal page the following figures are given;
To top up my tax year 2006 (starting Apr 2006~) I only need pay £47.55.
To top up each of the years 2015-2019 would require £824.20 each year.
To top up last year's would require £179.40.
So in order to reach my 35 year requirement can I select to pay 2006, but ignore years 2015-2019, and pay everything from last year onwards?
Or do any 5years' worth of non-payments need to be at the front, or end, of my possible payments period. Or do I just need to pay all 40years' worth?
I'm certainly not opposed to paying all 40 years' as from my calculations that would mean a total payment from now of around £14k needed, in order to secure £11k (at current rates) yearly UK pension...
However if I could save the 5 * £824 that's nearly equivalent to my iDeCo payments for a year...