National Insurance Voluntary Contributions ....

[guyscliffe]

Hi,
Just interested to know what sort of percentage of people that leave the business for whatever reason,would fill the need to pay voluntary contributions to their National Contributions?
Given whats happening to the world financially at the moment,it amounts to £12.60 per week.
But is paying £50.40 a month gonna be worth it in the long run,yes I know i'll reep the benefits further down the road ...
Would just like to hear from anyone that has decided either way.
For the record,I have paid 24 yrs,into my National Insurance.
Thanks in advance ...

[POSTMAN]

I'm guessing you've seen the below...
http://www.hmrc.gov.uk/ni/volcontr/toppingup.htm" onclick="window.open(this.href);return false;

Don't forget also that your pension could be topped up with benefits,like pension credit.

[guyscliffe]

I'm guessing you've seen the below...
http://www.hmrc.gov.uk/ni/volcontr/toppingup.htm" onclick="window.open(this.href);return false;

Don't forget also that your pension could be topped up with benefits,like pension credit.

Hi Postman ....
Yep,I googled the formentioned site earlier,while its VERY helpful their is rather a lot to take in,off that site.
Am just trying to find out a bit more about Pension Credit,now .... <-- It can get quite confusing ...

[Carp]

Never rely on credit pention.As i'm sure it is still mean tested,and would'nt be surprised of it being scrapped in the near future under this climet

[RobertT]

Hi,
Just interested to know what sort of percentage of people that leave the business for whatever reason,would fill the need to pay voluntary contributions to their National Contributions?

I would have thought that the majority of men and a fairly high proportion of women leaving work at approaching retirement age will be at least very close to having the 30 years in. So most people probably won't need to. Personally, I'm in my 40's and am not far off the 30 myself!

Given whats happening to the world financially at the moment,it amounts to £12.60 per week.
But is paying £50.40 a month gonna be worth it in the long run,yes I know i'll reep the benefits further down the road ...

It'll depend on various factors like age, other pension provision, partners pension situation, etc. There is no one size fits all, but in my opinion, generally it would be best for most people.

For the record,I have paid 24 yrs,into my National Insurance.

Have you done a state pension forecast? If not, you may find that time that you've spent unemployed or caring for someone, for example, will also go towards your qualifying years.

Never rely on credit pention.As i'm sure it is still mean tested,and would'nt be surprised of it being scrapped in the near future under this climet

I agree! There are currently proposals to increase the state pension for new pensioners to between £140 - £155 per week in around 2016. But that will also see the abolition of SERPS/S2P entitlements and pension credit.