stu:0

Just wondering what the situation is with uk national insurance contributions when you leave for oz?
Do most people continue to pay minimum stamp just incase they come back or just not bother at all???

Stu

cra1gm

i had my letter through from them and they wanted nearly £400 for the year. i would rather put that $1000 in my super fund, atleast i know that IM going to get it in the end!

im gonna put as much as i can in my super as i can afford even though im just 25. I could never had afforded to put anything in a pension in the UK, so im gonna make the most of it now

bridie

Didnt bother...

tony4563

Are you still entitled to a part of it at retirement age though if you stop making payments whilst living in Oz? I've put in 30 yrs so far in the UK. Is there a chance you will lose it by emigrating?

bridie

As far as I'm aware you're entitled to a pension but it's at whatever rate it was when you left, so by the time I retire (about another 30 years) will probably be all of $2.50 a week!

Could be wrong though, have a look at the IR website, should tell you on there I think.

esperanza

It might even be worth going back to the UK for a year just before retiring to make payments again and then return to Oz with an uptodate pension amount! Just an idea...

Personally I don't trust the govt at all - there's no guarantee they will ever give me a penny. I won't be 70 until 2051 and who knows what they world will be like then. I prefer to manage my own savings/investments. In fact I wouldn't mind having the NI I have paid to them back! I may be wrong but I think I heard somewhere that you have to had paid 7 years of contributions to get anything back? I haven't - so what will they do with my four or five years contributions? Thieving gits the lot of them!

bridie

Yep, I'm the same, would rather have the money here to put into savings or whatever than give it to them theiving gits...!

As it is I'm being taken to court by Inland Revenue if I dont pay them 49p by 22nd May - I mean FFS! :curse:

Nomore

My mum works for the Inland Revenue and she said all the funds paid into the NI contributions now is being eaten away by all the oldies in the UK now, by the time we get to the age of retirement (if your 30 now) there will be none left for us. The government is always talking about abolishing the NI as the forcast is grim.
Therfore when i left the UK i paid nothing to the NI...investment in OZ is wise.

Sue from Manchester

The amount you get paid is dependent on how many years you put in, not when you left. For example, if you have made full contributions you will get the full pension that is being paid out when you get to 65. However, it will then not go up each year as for a pensioner living in the UK. It is a personal decision and I decided to carry on making voluntary contributions because of coming out in my mid 40s. It's a gamble because they could change the rules, but for a couple of quid a week, one I'm prepared to take.

tabby

You must have missed some payments since 16 as I have just had my statement come and I only have to pay 109.42 GBP for this last year

chrisinperth

I continue to pay NI contributions (Class 2) not least because
The UK Gov are likely to change pensions regulations this year so that only 30 years contributions are required for a full pension rather than the existing 44 years. See:
http://www.dwp.gov.uk/pensionsreform/factsheets.asp

Class 2 NI contributions are payable at GBP2.20 a week in 2007/08. 10p more than last year. Thats GBP114 or about AUD$280 for the year. Depending on how many years you have paid for before you came, you may think like I do that it is worthwhile to keep going with Class 2's.

You can ask the Pensions Office for a contributions statement so you can work out whether its worthwhile for you. If you were only a few years short of 30 years it seems reasonable to keep going.

Cheers
Chris

stu:0

Thats the answer i was looking for. Im not up on all this stuff so any helps great. Thanks

Stu

Centurion

The liklihood of a UK state pension actually remaining in existence when I reached retirement age would be nil to nothing I reckon. Super funds are at least private investments.

stu:0

The thing i was wondering was if say i returned to the uk in maybe four years(hope i wont) but would i have lost any entitlements. Im 30 years of age and paid since 16 aswell as my nhs pension from 16??

Stu

esperanza

I believe you can pay retrospectively for the last six years. So if you returned after being away six years or less you could make up all those payments - assuming that you had the cash to do it. Even if you returned after ten years, you'd only have missed out on four.
This six-year rule means that this is not something you need to decide upon immediately.

Out of interest, I know a lot of people (inc myself) are v sceptical of whether we will ever be offered a UK state pension by the time we get to retirement age - does anyone know has the UK govt ever offered any kind of guarantee regarding this? If there was a guarantee in place then I'd be tempted to do the £2/$5 a week thing just as a back-up. But if there's no guarantee then I might as well spend it on lotto tickets!