Buying NIC Years

[expat]

"For 2008-09, this is £4,680 for employees or £4,825 for the self-employed"

in case anyone was interested - these are min salaries required.

I guess many of us are employees of our Ltds

Not 100% sure now why I bought any years back - I was about 28 at the time and retirement age is 65. Two of the years were cheeeeeeap...one - the one I tried to cancel, mostly definitely was not.

Guess back then I thought I'd have no salary after age 60 or something...oh how naive.

You might well spend some time working in other countries without a UK salary. That's why I bought all the years I could.

[ASB]

[QUOTE=Starkraving;804484]

Personally I don't see the point of making up lost years, unless you will end up with less than 30 years contributions by the time you are entitled to receive it! QUOTE]


That's exactly why I'm asking - I won't have 30 years by the time I retire......

You just need to decide when you will retire, and if you will have 30 years qualifying years by that date. If you are a few years short it might be worth buying them - especially if it's not too much (e.g. one of my missing years just needs to be topped up by £64.)

If you are femaile than I think you get extra credit for children (but can't remember the details). Since it is now down to 30 years contributions and retimrement ages are starting to rise for anybody under about 50 if you only have a couple of years to make up it seems questionable as to whether it would be worth it.

This link might help. If you are going to do it, now would be a good time...

http://www.lovemoney.com/news/saving...1232-3206.aspx

[Olly]

ahhhhhhh I remember why i did - cos you needed more qualifying years at the time. Wasn't such a daft thing to do after all...shame they moved the goal posts.

[Little'Old Me]

If you are femaile than I think you get extra credit for children (but can't remember the details). Since it is now down to 30 years contributions and retimrement ages are starting to rise for anybody under about 50 if you only have a couple of years to make up it seems questionable as to whether it would be worth it.

This link might help. If you are going to do it, now would be a good time...

http://www.lovemoney.com/news/saving...1232-3206.aspx

Yes I am female, but I don't qualify to get my pension until I am 66 years old. If I don't make it to 66 - nobody get anything.......

I've went into full time employment when I was 18, and have only missed a couple of years so far due to being self-employed in my late 20's and I refused to pay "my stamp" at the time, and they weren't very good at asking for it either.

If had paid I would not be far off the 30 years contributions now and I still nearly 20 years to do before I can get a penny.... (There you go, hows your maths!) .....