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Buying Added State Pension Years
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fly-catchers
- EX ROYAL MAIL
- Posts: 573
- Joined: 05 Oct 2008, 16:38
- Gender: Male
Re: Buying Added State Pension Years
When I left RM I had 46 years of NI contributions. With two more years 21/22 and 22/23 to give me the full pension. As I don't intend to work again I intend to buy one year. The other one would only give me 40p! I get my State Pension at 66 which is in January 2024. I don't want to start buying the missing year until I need to. But given the slowness of the Government departments I wonder when I should purchase this year? Next year perhaps?
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RobertT
- EX ROYAL MAIL
- Posts: 6644
- Joined: 09 Sep 2007, 14:26
- Gender: Male
Re: Buying Added State Pension Years
A good example of how state pension is a very individual thing, based on your own specific work history.
In practice, the older you are and the longer you've been contracted out, the more that is likely to affect the amount you actually receive and the less time you've got, post 2016, to make up for it.
I haven't got a clue how long it takes to purchase missed years. But personally I would say if you have no intention of working again, why wait?
In practice, the older you are and the longer you've been contracted out, the more that is likely to affect the amount you actually receive and the less time you've got, post 2016, to make up for it.
I haven't got a clue how long it takes to purchase missed years. But personally I would say if you have no intention of working again, why wait?
Links to all RM pension related websites are here