Hi Danny yes I have applied & have the letter back.I still need 16 qualifying years for 2034 pension issuance.Not fully understanding the question.
Q.1: Have you applied to pay NICs?
Q.2: Have you received a letter back confirming payments due?
Should I pay the full 16 years in one go even though still 10 years from age?Or pay 8 years now and 8 years annually between now and then?Still dont see what the question is.
1) if you pay back years the money is gone. That means you lose any potential investment return from the funds. Also if you pass away tomorrow there is no benefit to your estate.Should I pay the full 16 years in one go even though still 10 years from age?Or pay 8 years now and 8 years annually between now and then?
Thank you jpdThat's up to you
It might be safer to pay now in case the rules are changed in the next 10 years
Thank you Dr Strangelove1) if you pay back years the money is gone. That means you lose any potential investment return from the funds. Also if you pass away tomorrow there is no benefit to your estate.
2) if you wait to pay there’s no money lost if you pass away and you may have better uses for your money in the meantime. However I don’t think eligibility is ever going to be as cheap and generous as it is today.
Personally I’ve paid back as much as possible and will make another fifteen or so years going forward.
Thank youPay the back payment to bring you up to date; then you'll make annual payments.
This should be clear from the letter that was sent.
Thank you Giggs11May also be dependant on class 2 or class 3
If you are class 2 or class 3 for all 16 years, (either 2008-2024 OR 2016-2032) there is not too much difference in cost.
If there is a chance you will move from class 3 to class 2 in the future, may be good to wait.
However if you are class 2 from 2008-2024, then deffo pay all years now. It is so cheap and it will mean you have flexibility to retire early etc