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Pay Voluntary National Insurance

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  • Pay Voluntary National Insurance

    Hello,

    I have not worked in 2020 due to the pandemic but I have continued living in the UK thanks to my savings, I would like to know if paying the voluntary contributions would count a whole year for my future state pension and retirement Thank you

  • #2
    Originally posted by Señorcalvo View Post
    Hello,

    I have not worked in 2020 due to the pandemic but I have continued living in the UK thanks to my savings, I would like to know if paying the voluntary contributions would count a whole year for my future state pension and retirement Thank you
    Morning,

    Yes, you do have the option to pay voluntary contributions to plug any gaps, although you don't need to do so if you claim benefits, such as jobseekers allowance, as you get NICs credited while you are in receipt of the benefit.

    You don't need to pay them right now, you have a certain number of years (usually between 6 and 10) to plug any gaps by making a payment.

    You need to get a NI statement which you can do online: Check your National Insurance record - GOV.UK

    ...where they say:
    You can check your National Insurance record online to see:
    • what you’ve paid, up to the start of the current tax year (6 April 2020)
    • any National Insurance credits you’ve received
    • if gaps in contributions or credits mean some years do not count towards your State Pension (they are not ‘qualifying years’)
    • if you can pay voluntary contributions to fill any gaps and how much this will cost
    Once you get your records up, you'll see whether you have a full year or not for every year and, where possible, you will also see an amount you can pay in order to plug the gap, this amount does tend to go up a little every year you don't pay it, and you are only allowed to make these payments for a limited period of time, i.e. you couldn't pay to cover any gaps that occurred a long time ago. Normally you used to have up to 6 years, but on my records I think the option goes back up to 10 or 12, you need to get your statement and you'll see what I'm talking about.

    Also bear in mind you should only do this if you think there will be a shortfall when you reach state pension age, otherwise you'd be wasting your money, as you won't get more pension if you exceed the required number of full years to get a full pension, so you should also take your age into account, if you're young and have many years' work ahead of you, this probably won't be necessary.

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    • #3
      Thank you very much for the answer

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