Mike Rosoft
Registered User
- Messages
- 13
Could someone assist yours truly who gets a bit swamped by maths having reached the dizzy heights of the old inter cert pass paper.
A family member has received notification from UK pension authority that they can make 18 years of class two voluntary contributions which comes in at £2968.25 (£163.8 x 13yrs, £166.95 x 3yrs, £158.6 x 1yr, £179.4 x 1yr). If the UK state pension is currently £221.20 p/w, £11,502 p/annum and each additional year purchased gets you 1/35 of above figures am I right in thinking this works out at a gain of an extra £6.32 p/w or £328.63 annually?
If this is correct then 18 years x £328.63 = £5915 extra pension annually. This appears to show that payback for the additional 18 years bought would be six months?
A family member has received notification from UK pension authority that they can make 18 years of class two voluntary contributions which comes in at £2968.25 (£163.8 x 13yrs, £166.95 x 3yrs, £158.6 x 1yr, £179.4 x 1yr). If the UK state pension is currently £221.20 p/w, £11,502 p/annum and each additional year purchased gets you 1/35 of above figures am I right in thinking this works out at a gain of an extra £6.32 p/w or £328.63 annually?
If this is correct then 18 years x £328.63 = £5915 extra pension annually. This appears to show that payback for the additional 18 years bought would be six months?