State pension - filling gaps in National Insurance contributions

HACO said:
Those I already knew
Click to expand...

Limits of free advice unfortunately! Although if you're an employee options are limited.

Energize said:
What it qualifies you for is all that matters in this context. You get NHS whether you pay NI or not it's funded from general taxation, not NI exclusively.
Click to expand...

Ok, if you like. But my point still stands even by your definition, it isn't just pension.

Also, I did wonder what a £200k lump sum would get you as an annuity. Can't be bothered to do those calculators but this article from last years suggests £11,192 pa.

https://www.onlinemoneyadvisor.co.uk/pensions/pension-annuities/200k-annuities/
 
Well I decided to ring up and get it dealt with. The automated system told me that I need to ring the Future Pension Centre to get confirmation that it's in my best interests to fill the gaps. I have never found it so difficult to get someone to take my money...sigh.
 
Vinno said:
Well I decided to ring up and get it dealt with.
Click to expand...
For such a small voluntary cointribution needed to gain 3 years it's worth chasing imo.

They used to send letters informing you if you were short, was a payment slip to return with a cheque (this was back in 2016).
 
Pudney said:
Limits of free advice unfortunately! Although if you're an employee options are limited.



Ok, if you like. But my point still stands even by your definition, it isn't just pension.

Also, I did wonder what a £200k lump sum would get you as an annuity. Can't be bothered to do those calculators but this article from last years suggests £11,192 pa.

https://www.onlinemoneyadvisor.co.uk/pensions/pension-annuities/200k-annuities/
Click to expand...

Crikey. I just ran a quick quote on assureweb for a client to prove what poor value they are; just under £6k p/a for a £245k policy with no guarantee period but indexed to RPI. Age 65 and in good health.
 
I rang back and lied to the automated thingy about having advice from the future pension centre. The bloke who eventually answered didn't even mention getting advice from anywhere and just gave me everything I needed to make the payment, thankfully.

I do find it quite annoying how in one of the years where I am short it's because of a 4 week shortfall in my contributions. For the sake of 4 weeks I would have lost a whole year. Oh well it's all sorted now I suppose!
 
Mushy Peas said:
Crikey. I just ran a quick quote on assureweb for a client to prove what poor value they are; just under £6k p/a for a £245k policy with no guarantee period but indexed to RPI. Age 65 and in good health.
Click to expand...

Aye, as soon as you start adding index / inflation linking and protected benefits upon death, it goes down massively. I was doing quotes out of curiosity last year and 300k was getting me quotes of 6-7k per annum for an annuity I'd actually take the risk on.
 
I'm losing the will to live.

Can somebody please find me a phone number I can ring to talk to somebody about both of mine and my wife's NI numbers?
We both have them on payslips but the site doesn't recognise either of us when we enter name, NI number and date of birth.
 
SexyGreyFox said:
I'm losing the will to live.

Can somebody please find me a phone number I can ring to talk to somebody about both of mine and my wife's NI numbers?
We both have them on payslips but the site doesn't recognise either of us when we enter name, NI number and date of birth.
Click to expand...

https://www.gov.uk/government/organ...rance-enquiries-for-employees-and-individuals

I've called the numbers on this page with general enquiries, they've been helpful. They'll eventually give you the option to talk to someone after you pass through the automated system.
 
Pudney said:
You said it fits any meaningful definition. I pointed out a very meaningful definition where that is wrong. Don't blame me for you being wrong!
Click to expand...

Quite terrific, on a thread related to contributions, you manage to divert into a is a tax a tax or is a tax not a tax because it falls outside the statue of one law argument.
Well played sir.
 
SexyGreyFox said:
I'm losing the will to live.

Can somebody please find me a phone number I can ring to talk to somebody about both of mine and my wife's NI numbers?
We both have them on payslips but the site doesn't recognise either of us when we enter name, NI number and date of birth.
Click to expand...

Might be because of your paper drivers licence ;)
 
That's funny, I phoned HMRC today about my contributions and now I just saw this thread. I get my state pension in 2025 and am on target to get maximum amount. There are some gaps though. I got a demand yesterday for 2014 to 2015 for £161 which I paid immediately, and when I spoke to HMRC today i asked if there's any others outstanding they're likely to bill me for. She said I'll get a demand for 2015-16 for £159 and 2016 -17 for £159, so that's not too bad.
She also said there's a voluntary contribution for a 36 week shortfall I can make if I want to of £109 for 2017-18, and she said I can speak to work & pensions department to ask them if it will make much difference for my final pension amount.
 
Destination said:
Quite terrific, on a thread related to contributions, you manage to divert into a is a tax a tax or is a tax not a tax because it falls outside the statue of one law argument.
Well played sir.
Click to expand...

Thank you.

I nearly brought in my second favourite topic for tangents as well - history.
 
Pudney said:
Ok, if you like. But my point still stands even by your definition, it isn't just pension.

Also, I did wonder what a £200k lump sum would get you as an annuity. Can't be bothered to do those calculators but this article from last years suggests £11,192 pa.

https://www.onlinemoneyadvisor.co.uk/pensions/pension-annuities/200k-annuities/
Click to expand...

Most pension schemes don't work like that though, money is invested and the pot grows over time. Also with employer pensions the employer contributes at least as much as you do into the pension. In a shared cost AVC you sacrifice salary do you don't even pay NI on pension contributions like you normally would. And generally you claim pensions at 65 or earlier. The state pension is by far the worst scheme going really when you think about what you have to contribute over not just 35 years but your entire 50 year working life in NI contributions and what it pays back.

If you earned minimum wage and paid your 12% NI into a scheme with a 5% annual ROI that would be worth £218k after 50 years.

If you earned £50k it would be worth £1.08m.

So even earning minimum wage the state pension of £9.1k is quite frankly crap.
 
Last edited:
Energize said:
Most pension schemes don't work like that though, money is invested and the pot grows over time. Also with employer pensions the employer contributes at least as much as you do into the pension. In a shared cost AVC you sacrifice salary do you don't even pay NI on pension contributions like you normally would. And generally you claim pensions at 65 or earlier. The state pension is by far the worst scheme going really when you think about what you have to contribute over not just 35 years but your entire 50 year working life in NI contributions and what it pays back.

If you earned minimum wage and paid your 12% NI into a scheme with a 5% annual ROI that would be worth £218k after 50 years.

If you earned £50k it would be worth £1.08m.

So even earning minimum wage the state pension of £9.1k is quite frankly crap.
Click to expand...

Most modern pension schemes are DC schemes. Of course state pension isn't like them. It's more like a DB scheme - you contribute over a number of years and that qualifies you for a defined benefit at the end of your working life.

You have a bee in your bonnet about this, that's fine. But you're not really making fair comparisons.
 
Pudney said:
Most modern pension schemes are DC schemes. Of course state pension isn't like them. It's more like a DB scheme - you contribute over a number of years and that qualifies you for a defined benefit at the end of your working life.
Click to expand...

Compared to DB schemes like the LGA pensions it's even worse.

You have a bee in your bonnet about this, that's fine. But you're not really making fair comparisons.
Click to expand...

Because I wrote a whole paragraph about it? Lol.
 
Sp I eventually got through where my NI Number and details were confirmed to be correct however my wifes name, NI Number and DOB don't match up.
She's now got to send details of proof of who she is to the HMRC.
Windrush pt 2, they will send her back to Keighley.
 
You must log in or register to reply here.
Back
Top Bottom