NI Voluntary Contributions

[Guest hughescl]

Hi everyone

 

Does anyone pay UK NI voluntary contributions? we are considering this, Paul my husband has been self employed and paid approx 28 years of contributions and I have paid 17 years, is it worthwhile to continue for the UK state pension? we are going to ring HMRC again tommorrow but can't get any decent advice they just keep referring us to a form NI38 and it's a bit unclear. If anyone has experience of this that could give me a bit of info that would be great Many Thanks Claire:)

[Guest Aussie pat]

Aussie pat's other half here

 

Yes I do have some experience of this. Just to get the provisos out of the way first, I am not an expert and this is not financial advice.

 

First thing I would do is get a State Pension forecast from the State Pension Forecasting team, The Pension Service, Tyneview Park, Whitley Road, Newcastle-u-Tyne, NE98 1BA.

tEL: 0845 3000 168 OR 001144 191 218 3600 if in Oz. You can also do it by email if in UK but not in Oz at http://www.direct.gov.uk/pemsions.

 

Now I'm no expert as already declared, but I believe max UK pension only requires 30 years contributions, so one of you is nearly there. The pensions service will tell you if you can purchase additional years contributions and how much that will be.

 

I did this recently, and it struck me as a good deal, provided I survive till I'm 65 and then for a bit after! Better get the lifestyle sorted out - more exercise and less wine!

[Guest rachinadelaide]

Yes, we have topped up a few years to make them full years. My hubby went to some finance seminar and it was recommended as a good investment especially if you have any part years you can top up.

[Guest hughescl]

Thanks both, I will give them a ring in the morning it does seem worthwhile as Paul has 28 years already

 

Thanks Claire:)

[andy and lindsey]

We are just in the process of doing ours, infact Im just looking at the paperwork and am off to the band to get a cheque drawn in UK pounds tomorrow. Andrew Williams helped us sort things out. Think my hubby has 8 years to pay and I have a bit longer. It works out at about 124.80 (pounds a year) per person - at the moment dont know if this will change - but financially in retirement will be very beneficial. If you are unsure how to go about things then speak to Andrew Williams - he can advise you 8381 7177 or o 432 317 272

 

Lindsey

[trevorpayne]

I'm glad this post has been put up as it was something I was thinking about.

Thanks all.

[Guest guest4504]

What will happen if someone pays all NI upfront then returns to UK after a couple of years ? Will they get a rebate ?

[Guest hughescl]

We are just in the process of doing ours, infact Im just looking at the paperwork and am off to the band to get a cheque drawn in UK pounds tomorrow. Andrew Williams helped us sort things out. Think my hubby has 8 years to pay and I have a bit longer. It works out at about 124.80 (pounds a year) per person - at the moment dont know if this will change - but financially in retirement will be very beneficial. If you are unsure how to go about things then speak to Andrew Williams - he can advise you 8381 7177 or o 432 317 272

 

Lindsey

 

Thanks Lindsey, the quote we had was £12.60 a week each this was off a friend in the UK not sure where they had their info from, I much prefer your figure!! will give them a call in the morning and then post with the info they have given, I would like to send the forms and payment off this week before we leave, if it's only £124.80 a year then that would def be worth it. We are going to contact Andrew on arrival as we have some other bits to look at with our private pension, thanks for your help Claire

[Guest hughescl]

I'm glad this post has been put up as it was something I was thinking about.

Thanks all.

 

So many bits to think about, don't forget to do your form P85 for Tax, most people also get a decent rebate Claire

[Andrew from Vista Financial]

Thanks Lindsey, the quote we had was £12.60 a week each this was off a friend in the UK not sure where they had their info from, I much prefer your figure!! will give them a call in the morning and then post with the info they have given, I would like to send the forms and payment off this week before we leave, if it's only £124.80 a year then that would def be worth it. We are going to contact Andrew on arrival as we have some other bits to look at with our private pension, thanks for your help Claire

 

 

Hi Claire

 

It may be worth postponing that contribution for now, the voluntary class contributions that you are about to pay are class 3, it may be possible to pay class 2 contributions like Andy & Lindsey.

 

This is an area that I will cover off in my seminar ( I note that you have replied to the thread), also this is an area that I assist my UK expat clients with.

 

There is a process to follow to apply for the lower rate, it is not a given that someone will be eligible though.

 

Regards

 

Andy

[Guest hughescl]

Hi Claire

 

It may be worth postponing that contribution for now, the voluntary class contributions that you are about to pay are class 3, it may be possible to pay class 2 contributions like Andy & Lindsey.

 

This is an area that I will cover off in my seminar ( I note that you have replied to the thread), also this is an area that I assist my UK expat clients with.

 

There is a process to follow to apply for the lower rate, it is not a given that someone will be eligible though.

 

Regards

 

Andy

 

Thanks Andy I will wait and speak with you when we arrive

Many Thanks

Claire