Should I pay my missing NI to give me a full year?

[elevenpiperspiping]

Still have 20 years to go until retirement age but just thought I’d look at my state pension forecast. I have 4 years that were not paid in full. The first three are whilst I was at university and it’s too late to backpay those anyway and then I have one incomplete year (2020 🙄) annoyingly I was only just under the threshold. I can pay £300 to change it to paid in full. But I can’t decide if it’s really worth doing?

I had a part year when I left school and started work and I paid for the missing contributions, that was when I was 18 and I’m 60 now- turns out I didn’t need to buy them as I have worked ever since but I don’t regret it. It was worth it for the peace of mind alone.

Yes

@rainbowunicorn - the utter panic finding I was short because the government had changed how many years I needed to be eligible for my pension. i feel the 'rules' have the possibility of being changed to more years are required to be eligible for your pension. I didn't have the crystal ball to forewarn me that I would be medically retired at age 50.

Call the future pension centre and get a free pension statement.

They will tell you exactly how many years you personally need to qualify for a full state pension (it's different for everyone but the average is 35)

Ask them if making a voluntary payment will increase your pension credits. They will also advise the best years to pay and the amounts you are liable to pay.

DO NOT, and I repeat, do not make any voluntary payments without confirming with them first, that it will indeed increase your state pension.

It's EXTREMELY difficult to get a refund (sometimes not possible) if you over pay and it doesn't benefit your contributions... ask me how I know... 🫣

Your circumstances have no bearing on the OPs though. She is asking what is best to do for her personal circinstances. There is not enough information to answer that. Her amount of years needed will be determined by whether she was ever contracted out. What her recalculated amount came out at in 2016. It is possible to have enough credits at just under 29 years and equally possible to need as many as 49 years. Whether she has any years in the past or future where she was at home with children claiming child benefit. Whether she has claimed any other benefit that makes her eligible for credits. What her pension forecast says in the respect of number of years still needed.

How do you know with the little information that the OP has given?

OP @elevenpiperspiping the only way to know would be to get your forecast. Easy to do on Government Gateway. It will tell you what your forecast is and how many years you need to achieve it
It will also say if you cant improve your forecast any more i.e that you have already paid enough.