Would you catch up a year (pensions)

35 years is a minimum to get the full pension. If you work all your life you pay a lot more for no extra money. My forecast says I will now get a full pension after buying back 6 years, but I still have to pay NI until my 66th birthday, as it contributes to the NHS and other benefits. I have paid in for 47 years, as well as the extra six, as they were contracted out.

It is infuriating that this is the case when those who don't contribute can get as much or more than those who do.

I was a teacher and worked part time for most of my career, due to caring issues. You do get some credit for the years when you were raising children. However, I discovered via Radio 4's Money Box programme that the teachers' pension was "opted out" without us being properly informed of the change. I left mainstream teaching eight years before reaching SPA at 66. I worked from age 58 until retirement as a self employed tutor. I didn't earn enough to pay tax or need to pay compulsory NI contributions, but a very helpful person at the DWP advised me to make voluntary contributions from the age of 58 until the end of the tax year before my 66th birthday. It cost me about £150 a year to make the voluntary contributions, but I now get the full state pension. In my case, it was well worth it. Ring them and ask for specific advice. I found them very helpful!!

ceejayjay

Re the above I mean 4 more years of contributions in order to have a full pension in 15 years

I wouldn't, you've got 15 years to make 4 years payments. If you are too sick to work you'd get credit anyway and if something else stops you working you'd still have the opportunity to pay for the year. I can't see the point.

I do think the issue with being contracted out of the old pension and what it means needs to be better publicised. Lots of people now regretting they were opted out but they don't realise their private/work pension is higher because of it.

I retired and could have had the old or new pension, my old pension was higher than the new one as I had a lot of years when I wasn't contracted out. I don't think it would be terribly fair if people who benefitted from contracting out now got the full new pension.

I do realise the implications. What I probably did not realise when working was that if I hadn’t bothered I might have been as well off in older age.

Doodledog

I do realise the implications. What I probably did not realise when working was that if I hadn’t bothered I might have been as well off in older age.

I wasn't aiming it at you but as a general observation. I suppose it depends on the pension scheme you were in, I think I would have been better off as I was in a very good scheme but due to circumstances I couldn't continue, disabled husband and 4 kids meant every penny counted and pensions were a long way off.

You have to be fair to yourself though, you couldn't have known what the changes were going to mean even if they had been thought of then. I get about £3 a week more than I'd get with the new pension.

I think we'd probably need an actuary to work out exactly who gained, who lost and how much the difference was. I'm just glad I do have a reasonable state pension and have my work pension from before DHs accident.