State Pension - Gap in contribution

[Raymond Lin]

I just checked mine, it seems there is a gap in a few years in my early 20's when i went back to do my Post-Grad then Law conversion and Law School.

I have already contributed 21 years, so I only need 14 more years and if even if I aim to retire at 60, I will get to 35 years before that.

Would you pay a voluntary contribution for these 2 shortfalls? I am thinking of just do the one that is short by £364 anyway.

(I can't pay back the other earlier ones, just these 2)

 

[Raymond Lin]

Just FYI in case you weren't aware, and for others, although the deadline for paying these top up contributions for more than 6 years ago has been extended to 31st July 2023 it's still difficult to get through to HMRC in order to get the transfer reference that you need to make the payments as they've been inundated by requests, although I'm sure their receipts this year will be bumper regardless.

I have a bunch of missing years from when I was at university - I can top up the oldest one where I was partially working for something like £124 but taking my age into account, I've determined this isn't worth it as I'll likely end up with a full record anyway.

In your case this looks to be the same, so I wouldn't bother. The value in these top ups is really only there for people retiring sooner and those without other sources of income in retirement. Where it's more marginal is if you may decide to retire earlier - in which case topping up those 2 years now may be better value than doing so in the future.

And of course, as always, there's nothing to say that the state pension will be the same or even exist in the future.

MSE's page has more info: https://www.moneysavingexpert.com/savings/voluntary-national-insurance-contributions/

That’s where i am stuck at the moment, i went to pay the £300 one, clicked the link, (will probably not do the £800 one) and it asks me for a long code which i’ve never seen before. A weird system, so i will try contact them in the week.

I will hit 35 years before i am 60 and i don’t expect to earn enough to retire early anyway. Retiring 10 years early living off private pension isn’t going to happen unfortunately.