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Legal, pensions and money

Would you catch up a year (pensions)

(31 Posts)
Wheniwasyourage Wed 30-Oct-24 09:27:35

I topped up several years when I got the chance and was also able to defer my pension for a month or two instead of taking it straight away. Both made life more comfortable now, so if you can afford it, I would do it.

Pittcity Wed 30-Oct-24 09:03:49

Will this be your only pension?
Do you have grandchildren?

I'd top up if the State Pension would be my only form of income and I could easily afford to do so.
If you've grandchildren and looked after them for a working parent you can claim Specified Adult Childcare credits.

Doodledog Wed 30-Oct-24 08:55:36

I was advised to buy back six years at £800+ each, as doing so would lift my pension by about £50 a week. If memory serves I will have to live to 72 or 73 to break even but will then be in profit.

These things are always a gamble, but remember that pensions go up every year so what might seem like a small increase now will rise over time unless that changes.

Is the £285 for part of a year? If so, if you don’t pay it you will lose the £600 or so you have paid, as only full years count. On balance I would pay unless doing so would cause hardship.

nandad Wed 30-Oct-24 08:40:33

£285 equates to over 2 1/2 years on the lower pension. So if you live beyond 69 years of age, then it would be. However if £285 represents a whole year of NI that suggests you are a low wage earner, so can you afford to pay the £285? My top up is £820 and I’ve been advised not to bother.

Oopsadaisy1 Wed 30-Oct-24 08:39:33

As it’s such a relatively small amount I would pay it, you can then forget all about it.

ceejayjay Wed 30-Oct-24 08:10:31

Hi

I’m soon to be 53 with a year missing from my NI record which will cost £285 to catch up.

Currently healthy intending to carry on working for lots more years (health permitting as you never know)

Divorced with small mortgage which I’m overpaying with the hope of being mortgage free by 56.

4 more years NI contributing years after this one so should I pay the £285 even though my plan is to work at least those years as we don’t know what future holds do we ? Thankyou