Pension planning

[blue matt]

just checked my state pension, looks like i have 18 more years to pay 12 more years NIC payments , then i am entitled to £175 a week which i believe is the current max state pension

Ive been SE'ed for close to 30 years, so just pay what the HMRC tell me to at the end of the year, these are the NIC i need to pay to continue with building my years up ( as above ) ? ? ?

[Re-sign Carl Dale]

just checked my state pension, looks like i have 18 more years to pay 12 more years NIC payments , then i am entitled to £175 a week which i believe is the current max state pension

Ive been SE'ed for close to 30 years, so just pay what the HMRC tell me to at the end of the year, these are the NIC i need to pay to continue with building my years up ( as above ) ? ? ?

If you're self employed then yes, you will be paying Class 2 (and maybe Class 4) national insurance, so every year will be counting towards the magical 35 that you need. Going backwards can be done, but only if you have missing years in the last few - which it sounds like you don't. As long as you keep paying NI for 12 more years you should be fine!

[blue matt]

I think they allow you to go back as far as 6 years to repay missed years. I was procrastinating a few years back, at a time when it was 300GBP for me to make up missing years - now it is 795GBP a year!
As you probably know, you need a total of 35 years for a full state pension.

thanks
yes 2017 says " we are looking into if you paid enough " i did, as i paid what they told me to at the end of the tax year, but i dont know if that year will change

i didnt know it was 35 years, I always presumed i wouldnt get to pension age, so it never really worried me, when i got to a age where you start to think about it ( think it was my 40th ), i looked into a private pension and the amount per month it would cost was stupidly high ( i would prefer to spend it on holidays and take my chance with the poor state pension )

If you're self employed then yes, you will be paying Class 2 (and maybe Class 4) national insurance, so every year will be counting towards the magical 35 that you need. Going backwards can be done, but only if you have missing years in the last few - which it sounds like you don't. As long as you keep paying NI for 12 more years you should be fine!

thanks

a few missing years when i started work, i spent a few months in Ibiza one year and of course that year is missing, the only recent year is 2017, which i know i paid as i pay it as my tax return, yes from memory its class 4 NIC's

[Hot Shot Hamish.]

thanks
yes 2017 says " we are looking into if you paid enough " i did, as i paid what they told me to at the end of the tax year, but i dont know if that year will change

i didnt know it was 35 years, I always presumed i wouldnt get to pension age, so it never really worried me, when i got to a age where you start to think about it ( think it was my 40th ), i looked into a private pension and the amount per month it would cost was stupidly high ( i would prefer to spend it on holidays and take my chance with the poor state pension )




thanks

a few missing years when i started work, i spent a few months in Ibiza one year and of course that year is missing, the only recent year is 2017, which i know i paid as i pay it as my tax return, yes from memory its class 4 NIC's

Make sure that you have paid the class 2 nic, as class 4 doesn't count towards contributions paid. I know of quite a few people who were happily paying class 4 through their tax return thinking that was going to count when in actual fact it doesn't. Hmrc changed their system about 3 years ago and started collecting the class 2 contributions through self assessment. Prior to that however class 2 contributions had to be paid monthly or quarterly to Hmrc Nic department and was not part of your annual self assessment bill.