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National Insurance

Old Sep 18th 2007, 1:44 am
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Default National Insurance

I've got a handle on what to do with my UK pension funds but am still confused about NI.

In essence, I've paid money in but how do I find out much I have paid, what it will be worth, should I pay in more, can I pay in more?

I have been here 2.5 years.

Could somebody please spell it out to save me trawling the net.

Thanks,
Ian
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Old Sep 18th 2007, 8:33 am
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Default Re: National Insurance

Originally Posted by ebo1608
Could somebody please spell it out to save me trawling the net.
Boy, are you lazy! You couldn't even be bothered to do a search on here!

The short answers are:

"How much it's worth" will depend on how many years you've paid into it. If it's less than 10 years, you'll get nothing. There is a pension reform going on and you now need only 30 years NI contributions to get the full state pension.

"Can you pay in more": Yes, you can pay voluntary NI contributions from abroad. The contributions for each tax year can be paid up to 6 years after the end of the tax year. You say you've been away 2.5 years. Let's say your first year was the tax year 2004/2005. Then you have until 6 April 2011 to pay the NI contributions for 2004/2005 (in other words there is no rush). Then the next year, 2012, the contribtuions for 2006 will be due - and so on.

Should you pay in more: As I said above, there is no rush to pay any money over. This means you can sit back and see how things develop.

If you're only a few years short of the full 30 years, it might be worth paying it. But you should know that paying your NI contributions is no guarantee that you will get the state pension at the end. A future government might decide the pension is means-tested. Then, as you live abroad, you'd get nothing.

The forms for non-UK residents who want a retirement pension forecast and are thinking about paying voluntary NI are here: http://www.hmrc.gov.uk/cnr/osc.htm#3

When the above page has opened:

1. Click on: "Voluntary NI contribtutions and how to pay from abroad".
2. Click on: "Retirement Pension Forecasts".

Oh, and if you think you can get your state pension from age 65, think again (depending on when you were born). To check when you could claim your pension, use the calculator here:
http://www.thepensionservice.gov.uk/...ensioncalc.asp

Gina
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Old Sep 18th 2007, 9:20 am
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Default Re: National Insurance

Originally Posted by GinaUK
Boy, are you lazy! You couldn't even be bothered to do a search on here!
Gina
Honestly, I did do a search and I got confused.

I was looking into life insurance and things at the time as well and decided it was all too much for me.

So I put my begging cap on.

Thanks for the answers. I think it will (have to) go means-tested so I'll treat my contributions to date as the start of my UK charitable foundation.

Ta very much,
Ian.

PS The smilies are good fun.
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Old Oct 3rd 2007, 7:05 am
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Default Re: National Insurance

Originally Posted by GinaUK
Boy, are you lazy! You couldn't even be bothered to do a search on here!

The short answers are:

"How much it's worth" will depend on how many years you've paid into it. If it's less than 10 years, you'll get nothing. There is a pension reform going on and you now need only 30 years NI contributions to get the full state pension.

"Can you pay in more": Yes, you can pay voluntary NI contributions from abroad. The contributions for each tax year can be paid up to 6 years after the end of the tax year. You say you've been away 2.5 years. Let's say your first year was the tax year 2004/2005. Then you have until 6 April 2011 to pay the NI contributions for 2004/2005 (in other words there is no rush). Then the next year, 2012, the contribtuions for 2006 will be due - and so on.

Should you pay in more: As I said above, there is no rush to pay any money over. This means you can sit back and see how things develop.

If you're only a few years short of the full 30 years, it might be worth paying it. But you should know that paying your NI contributions is no guarantee that you will get the state pension at the end. A future government might decide the pension is means-tested. Then, as you live abroad, you'd get nothing.

The forms for non-UK residents who want a retirement pension forecast and are thinking about paying voluntary NI are here: http://www.hmrc.gov.uk/cnr/osc.htm#3

When the above page has opened:

1. Click on: "Voluntary NI contribtutions and how to pay from abroad".
2. Click on: "Retirement Pension Forecasts".

Oh, and if you think you can get your state pension from age 65, think again (depending on when you were born). To check when you could claim your pension, use the calculator here:
http://www.thepensionservice.gov.uk/...ensioncalc.asp

Gina

Hi Gina, I stumbled onto this post and am now curious if its possible to know the amount of NI you've paid (just before I chuck years of payslips before we leave !) You seem to be a woman who knows these sort of things

I am trying to sort out a shortfall cock-up from 2 yrs ago, they admit is their fault but I have to find & send them my old P60 to now rectify..

Appreciate any further info you know.

SB
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