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My shortfall is 6 years and cost to buy back contributions is £4,800. I would get back my £4,800 after 3 years according to them, at £39 per week extra pension.
Does this sound about right to you guys? I don't trust the .gov to have the correct figures, so how do i found out for sure?
I still think it's wrong that no-one explained all this to me while in service.
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wakeywakey, post: 422631, member: 15445 Wrote:My shortfall is 6 years and cost to buy back contributions is £4,800. I would get back my £4,800 after 3 years according to them, at £39 per week extra pension.
Does this sound about right to you guys? I don't trust the .gov to have the correct figures, so how do i found out for sure?
I still think it's wrong that no-one explained all this to me while in service.
After three years you would have received £6000 less tax at £39 pw, and that’s without any increases. Roughly £4800 net.
The only consideration you have to look at is the one none of us have the answer to.
How long will we live. If you are in good health and reckon you will be here long enough I would pay the £4800, but that’s just my opinion.
The figures seem about right, it normally takes 3-4 years to recoup what you put in.
It’s a gamble but say you lived for another 20 years that’s £40,000 less tax and with pension increases that could be £60,000 less tax.
We all have opinions, thank god they are not all the same, or there would be no debate.
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Okay thanks guys. I think I will pay up as long as those figures are about right. I guess, if I had worked after retirement, this wouldn't be a problem as I would have paid my NI contributions. That's why it doesn't affect many others who carry on working?
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"She said that I would qualify for something called Specified Adult Child Care Credit which for every 12 months of childcare gives you another year towards your pension. They also informed me this would have no affect on my daughter/son in law finances. So if anyone else in the same position it may well be worth looking at."
How do they know that you looked after the Grandkids, do they write to the Sons/Daughters for clarification?
There is also a part about if you ever claimed child benefit isn't there?
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Yes I had to complete a form which my daughter signed. Think the child benefit bit is to confirm the child actually exists.
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I'm still confused. A qualifying year must have had a minimum amount to make it qualifying. How do i find out what the minimum amount was and how much my contracted out NI contributions were for that year and indeed all years I was contracted out?
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wakeywakey, post: 422835, member: 15445 Wrote:I'm still confused. A qualifying year must have had a minimum amount to make it qualifying. How do i find out what the minimum amount was and how much my contracted out NI contributions were for that year and indeed all years I was contracted out?
There is no min figure for a qualifying year. So long as you have paid what’s due then that qualifies you. Some pay a lot more than others due to higher income, but this does not give them larger returns, it’s simply a qualifying year.
We all have opinions, thank god they are not all the same, or there would be no debate.
