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UK Pension and Retirement Planning

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Old Jun 10th 2011 | 2:44 am
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Default UK Pension and Retirement Planning

Please see below the UK Government website specifically for Pensions and Retirement Planning:

http://www.direct.gov.uk/en/Pensions...ning/index.htm

This covers:

State Pensions and means-tested Pension Credits
  • Pension Forecasts
  • Top-up of your pension contributions
  • Changes to pensionable age
  • Changes in the basis for earning a full State pension
The changes to State Pensions now in a discussion period

Working and looking for work and Job Seekers Allowance

Benefits

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Last edited by Pistolpete2; Jun 10th 2011 at 2:55 am.
 
Old Jun 10th 2011 | 1:11 pm
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Default Re: UK Pension and Retirement Planning

Excellent link, thanks!

I was going to see whether there was any way I could put a top up in even for a few years so that I would be on the books if ever I get the chance to be back in UK as a pensioner.

Has anyone done that BTW? How easy is it? I do have a NI number somewhere but it would be decades old - will it still be current?
 
Old Jun 10th 2011 | 11:14 pm
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Default Re: UK Pension and Retirement Planning

Originally Posted by quoll
Excellent link, thanks!

I was going to see whether there was any way I could put a top up in even for a few years so that I would be on the books if ever I get the chance to be back in UK as a pensioner.

Has anyone done that BTW? How easy is it? I do have a NI number somewhere but it would be decades old - will it still be current?
There is no change to NI numbers which looks like this: QQ 12 34 56 A

A couple of years back I contacted HMRC (as it was then) and asked for a Pension Forecast. This work is now carried out by the National Pension Service. I did not have my National Insurance Number but had sufficient details for them to locate it. They then sent me my previous contribution details.

I then telephoned them and asked them if I could bring my contributions up to date and they said that I should provide recent history of employment to support the payment of reduced rate Class 2 NI contributions on some years. A couple of months later I received an updated contribution payment schedule for ten years (this standard top-up period has now been reduced to six tax years).

Under the same link there is this:

http://www.direct.gov.uk/en/Pensions...st/DG_10014008

to start the process.
 
Old Jun 11th 2011 | 2:04 am
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Default Re: UK Pension and Retirement Planning

Originally Posted by Pistolpete2
There is no change to NI numbers which looks like this: QQ 12 34 56 A

A couple of years back I contacted HMRC (as it was then) and asked for a Pension Forecast. This work is now carried out by the National Pension Service. I did not have my National Insurance Number but had sufficient details for them to locate it. They then sent me my previous contribution details.

I then telephoned them and asked them if I could bring my contributions up to date and they said that I should provide recent history of employment to support the payment of reduced rate Class 2 NI contributions on some years. A couple of months later I received an updated contribution payment schedule for ten years (this standard top-up period has now been reduced to six tax years).

Under the same link there is this:

http://www.direct.gov.uk/en/Pensions...st/DG_10014008

to start the process.
Can you please tell me how you provided your recent employment history?
Thank you.
 
Old Jun 11th 2011 | 2:20 am
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Default Re: UK Pension and Retirement Planning

Originally Posted by ANGIE1956
Can you please tell me how you provided your recent employment history?
Thank you.
I just provided a handwritten list of my position with start and end dates for each employer and their corporate address. These periods of employment were in Bermuda and they reserve the right to check this info. Having been asked for this info for myself I provided up front as a matter of course for my spouse BUT see this:

The National Pension Service ("NPS") have been brought into the loop because HMRC were inundated with requests for Pension Forecasts. NPS can offer a far quicker turnaround of the forecast requests.

However, HMRC still handle the processing of requests for payment of Class 2 NI contributions AND the NPS are not always perfect in transferring copies of your submissions over to HMRC for their files. This means that you should check with HMRC first to see whether they have indeed got your recent submission data on file when doing the Class 2 request. If they haven't, you can always fax the employment details to them. They will give you the number.

Be forewarned, HMRC deal with enquiries and submissions in batches and it can take several months for them to get to your paperwork. IF you are working to a tax year deadline for payment, assuming that you get your paperwork to them before the April 5th tax year end, they normally give you a two month grace period from the date that they have actually responded to your submission.

By the way, I always get a "kick" out of talking to these government departments as they are without exception nice helpful people to deal with. It can sometimes be a bit tough to get then on the line though, particularly when calling the non-surcharged numbers so I factor in their lunch times and winding down periods when calling.

Last edited by Pistolpete2; Jun 11th 2011 at 2:24 am.
 
Old Jun 11th 2011 | 5:14 am
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Default Re: UK Pension and Retirement Planning

Check these key contacts:

What if you are already over State Pension age?

If you are already over State Pension age and have put off claiming your State Pension, you can still get an estimate of your entitlement. This will be based on the date you intend to claim in the future.

If you live or work abroad and are under State Pension age contact the International Caseworker Team if you have questions about:

• National Insurance status and entitlements
• health care provisions

You can either:

Contact The Pension Service if you live in UK:

http://www.direct.gov.uk/en/Dl1/Directories/DG_10011323

Contact the International Caseworker Team if you live outside UK:

http://www.direct.gov.uk/en/Dl1/Directories/DG_189280

Last edited by Pistolpete2; Jun 11th 2011 at 5:16 am.
 
Old Jun 11th 2011 | 5:21 am
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Default Re: UK Pension and Retirement Planning

Originally Posted by Pistolpete2

By the way, I always get a "kick" out of talking to these government departments as they are without exception nice helpful people to deal with.
+1 I've had good experiences with HMRC and the pension service. They are helpful and have done a lot to make their forms easier to fill out.
 
Old Jun 29th 2011 | 3:40 am
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Default Re: UK Pension and Retirement Planning

Originally Posted by robin1234
I'll be retiring in a couple of years and want to pay Class 2 Voluntary NI Contributions; I got a Pension Forecast from HMRC about a year ago and meant to pay the arrears at that time, but was confused by the choices and the paperwork so I delayed, but now I really mean to do it! I currently have 18 qualifying years..

I'm fairly sure I'm eligible to pay Class 2, as I worked for an employer in the UK for many years up to the day I left England to come to the US, July 1 1991. I've been continuously employed in the US since September 1991 for just two employers.

Guided by my Pension Forecast, I looked at Leaflet NI38 and Application Form CF83 that is printed at the end of Leaflet NI38. According to the info on p.9 of NI38, I just have to fill out the CF83 and on an accompanying letter give some further details of my employment including documentary evidence.

Couple of questions though..
  • The form CF83 seems to be primarilly designed for folks still in the UK, and about to move abroad.. does that matter?
  • Can I pay at the time I send in the Form, or do I have to wait for them to approve my application?
  • I assume I can pay arrears of six years, 2005-2010, and the current year, right?
  • How much is the rate currently?

Would appreciate insights from folks who are in the know! Thanks!
I've kicked you across to this thread.

See my post #5 above.

I don't see why you couldn't use the form CF83 as the basis for your employment outline for eligibility to pay Class 2 NI contributions.

You have to submit the employment data to HMRC and not the National Pension Service but you can do it to the fax number 011 44 191 225 4215

It's a good idea to call up (011 44 191 203 7010) and get a contact name and then put that name on the fax (for attention) as the department has been known to lose faxes in the mountains of paperwork they must receive.

When you submit the fax they log that as your inquiry date which means that whatever you are good to go for the 2005-2010 years. They will respond in a month or so and only then do you pay.

The current Class 2 rate is: 2.50 per week

Last edited by Pistolpete2; Jun 29th 2011 at 3:56 am.
 
Old Jun 29th 2011 | 5:29 am
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Default Re: UK Pension and Retirement Planning

Pistolpete2, thanks for that information. That sounds pretty straightforward.
 
Old Jun 30th 2011 | 7:50 am
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Default Re: UK Pension and Retirement Planning

Which countrys are indexed linked cant find the info on there website
Thanks
Firefox
 
Old Jun 30th 2011 | 8:07 am
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Default Re: UK Pension and Retirement Planning

Originally Posted by firefox
Which countrys are indexed linked cant find the info on there website
Thanks
Firefox
Do you mean, which countries is the UK State Pension "frozen" and which countries have a reciprocal agreement with the UK, leading to an index-linked pension?

If so, this is a useful list (has some interesting info on numbers of customers in each country.)
http://www.pension100.co.uk/expatpen...prated2007.htm
Here's info from the UK Government
http://www.dwp.gov.uk/international/...nts-in-social/
 
Old Jun 30th 2011 | 9:02 am
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Default Re: UK Pension and Retirement Planning

Originally Posted by firefox
Which countrys are indexed linked cant find the info on there website
Thanks
Firefox
This is the complete info you are seeking:

UK State Pension annual increases

If you are living abroad on a permanent basis you may be entitled to the annual increase to your State Pension rates if you live in an EEA country*, Switzerland, or a country that has a reciprocal social security agreement with the UK**.

If you live abroad in any other country you will not receive an annual increase.

* The EEA countries are Austria, Belgium, Bulgaria, Czech Republic, Cyprus, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden. The UK is also part of the EEA. UK means England, Scotland, Wales and Northern Ireland. Gibraltar is treated as another EEA country by the UK. Other EEA countries treat Gibraltar as part of the UK.

As per robin1234

** Countries with reciprocal agreements are Barbados, Bermuda, Israel (the agreement with Israel applies to the territory administered by the Government of Israel on 19 July 1956), Jamaica, Jersey and Guernsey, Isle of Man, Mauritius, Philippines, Turkey, USA and the separate republics of the former Yugoslavia that are not EU Member States (Bosnia-Herzegovina, Croatia, Montenegro, the Republic of Macedonia and Serbia). Increases are also payable in Sark under the UK domestic legislation.
 
Old Jun 30th 2011 | 10:56 am
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Default Re: UK Pension and Retirement Planning

Originally Posted by Pistolpete2
This is the complete info you are seeking:

UK State Pension annual increases

If you are living abroad on a permanent basis you may be entitled to the annual increase to your State Pension rates if you live in an EEA country*, Switzerland, or a country that has a reciprocal social security agreement with the UK**.

If you live abroad in any other country you will not receive an annual increase.

* The EEA countries are Austria, Belgium, Bulgaria, Czech Republic, Cyprus, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden. The UK is also part of the EEA. UK means England, Scotland, Wales and Northern Ireland. Gibraltar is treated as another EEA country by the UK. Other EEA countries treat Gibraltar as part of the UK.

As per robin1234

** Countries with reciprocal agreements are Barbados, Bermuda, Israel (the agreement with Israel applies to the territory administered by the Government of Israel on 19 July 1956), Jamaica, Jersey and Guernsey, Isle of Man, Mauritius, Philippines, Turkey, USA and the separate republics of the former Yugoslavia that are not EU Member States (Bosnia-Herzegovina, Croatia, Montenegro, the Republic of Macedonia and Serbia). Increases are also payable in Sark under the UK domestic legislation.
Loks like a move to the Philippines then
 

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