I've been PAYE all my life, everything deducted at source.
I'm now nearing that point in life where the government want to give me some money every 4 weeks.
I've had the forecast and am a few £ short of full contributions since 2018, when I packed in completely, to the tune of roughly £1650.
They claim that if I pay the missing contributions I will received an enhanced pension of £15.40 a week which is £12.32 after 20% tax.
Dividing £1650 by £12.32 its coming out at 134.6 weeks whereby the enhanced Pension will pay off my extra contributions. I make that 2.6 years.
So if I survive another 2.6 years I'm into profit.
The figures aren't so far out to actually make this a worthwhile gamble - I hope :/
Has anyone taken advantage of filling in the contributions gap, or not, and what was the decision making process?
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