HRP should mean that you have a fair contribution towards your pension already. For each full financial year you get child benefit you get HRP which counts towards your state pension entitlement if you don't work.
For instance, I worked from 18-20, then from 24-40 (break for a degree). I got child benefit from 1995. I stopped work in 2006 to move abroad with dh (Armed Forces, so still entitled to child benefit). My NI payments covered my pension to that date. From 2006 to 2010 I get 4 years towards my pension, without having worked from mid 2006, as the HRP counts.
From April 2010 the rules change. As my lad is over 12, I won't get HRP any more and have to pay voluntary NI contributions to make up my pension entitlement. I live abroad, so any money I earn here and pay the NI equivalent on, doesn't get credited to the UK, but to Belgium, which is useless for my pension.
The following may help:
From 6 April 2010, parents and carers will be able to build up qualifying years through new weekly credits for the basic State Pension and additional State Pension. If you are a parent or carer, you will get a credit for each week in which you:
- are getting Child Benefit for children aged under 12
- are an approved foster carer
- are caring for at least 20 hours a week for people who are getting Attendance Allowance, the middle-rate or highest-rate care component of Disability Living Allowance, or Constant Attendance Allowance, or the need for care has been certified
Some of the detail around these changes is subject to further parliamentary approval.
There will be no limit to the credits awarded to parents and carers after April 2010, as long as you meet the qualifying rules.
If you reach State Pension age on or after 6 April 2010, complete tax years of Home Responsibilities Protection you have already built up before 2010 will be converted into qualifying years up to a maximum of 22 years.These qualifying years will also count towards bereavement benefits.
At present, I have 25/30 years required for a full state pension. I need to work out if paying £3k is worth it for the return I'll get on a full pension.