national insurance contributions
Jan 13th 2007, 6:14 pm
#1
Forum Regular
Thread Starter
Joined: Dec 2005
Location: Sunshine Coast
Posts: 252
national insurance contributions
Hi,
Just a thought, what happens to our national insurance contributions that we have paid all these years? Can we still pull a pension over in Aus?
Do we just lose out on what we've paid? What have all you folks done?
Of course by the time we are 65 I guess the national pension will be no more!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!??
I still have four private/ frozen pensions from past jobs but just wondered where we stand with the Gov. one.
What do most of you do with your personal pensions, take them? or leave them here??
Thanks for any suggestions,
J and J
Just a thought, what happens to our national insurance contributions that we have paid all these years? Can we still pull a pension over in Aus?
Do we just lose out on what we've paid? What have all you folks done?
Of course by the time we are 65 I guess the national pension will be no more!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!??
I still have four private/ frozen pensions from past jobs but just wondered where we stand with the Gov. one.
What do most of you do with your personal pensions, take them? or leave them here??
Thanks for any suggestions,
J and J
Jan 13th 2007, 6:24 pm
#2
Bitter and twisted
Joined: Dec 2003
Location: Upmarket
Posts: 17,503
Re: national insurance contributions
Hi,
Just a thought, what happens to our national insurance contributions that we have paid all these years? Can we still pull a pension over in Aus?
Do we just lose out on what we've paid? What have all you folks done?
Of course by the time we are 65 I guess the national pension will be no more!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!??
I still have four private/ frozen pensions from past jobs but just wondered where we stand with the Gov. one.
What do most of you do with your personal pensions, take them? or leave them here??
Thanks for any suggestions,
J and J
Just a thought, what happens to our national insurance contributions that we have paid all these years? Can we still pull a pension over in Aus?
Do we just lose out on what we've paid? What have all you folks done?
Of course by the time we are 65 I guess the national pension will be no more!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!??
I still have four private/ frozen pensions from past jobs but just wondered where we stand with the Gov. one.
What do most of you do with your personal pensions, take them? or leave them here??
Thanks for any suggestions,
J and J
There are lots of tax implications for any investments left in the UK.
G
Jan 13th 2007, 9:10 pm
#3
Retired
Joined: Apr 2004
Posts: 34,649
Re: national insurance contributions
As there is now no longer a UK-Australia social security agreement,you get no credit in Australia for your UK contributions. HOWEVER, you can still qualify for an Australian age pension after 10 years residence - but the age pension is means-tested (unlike UK).
I still have four private/ frozen pensions from past jobs but just wondered where we stand with the Gov. one.
What do most of you do with your personal pensions, take them? or leave them here??
What do most of you do with your personal pensions, take them? or leave them here??
Jan 13th 2007, 9:15 pm
#4
Forum Regular
Thread Starter
Joined: Dec 2005
Location: Sunshine Coast
Posts: 252
Re: national insurance contributions
Under current law, you may be able to claim a UK pension in time based on your UK contributions. It will not be indexed annually in line with inflation.
As there is now no longer a UK-Australia social security agreement,you get no credit in Australia for your UK contributions. HOWEVER, you can still qualify for an Australian age pension after 10 years residence - but the age pension is means-tested (unlike UK).
Best advice depends on circumstances.
As there is now no longer a UK-Australia social security agreement,you get no credit in Australia for your UK contributions. HOWEVER, you can still qualify for an Australian age pension after 10 years residence - but the age pension is means-tested (unlike UK).
Best advice depends on circumstances.
When you've worked since leaving school, mostly full time, there must be a fair bit of money in the fund! Will try and get some professional advice on the private pensions, Best Wishes, Jackie and Justin
Jan 14th 2007, 7:16 am
#5
Im here!!!!!!
Joined: Dec 2005
Location: Bayside, Melbourne
Posts: 311
Re: national insurance contributions
Thanks to you both for that. Just wanted to tie everything up appropriately.
When you've worked since leaving school, mostly full time, there must be a fair bit of money in the fund! Will try and get some professional advice on the private pensions, Best Wishes, Jackie and Justin
When you've worked since leaving school, mostly full time, there must be a fair bit of money in the fund! Will try and get some professional advice on the private pensions, Best Wishes, Jackie and Justin
I recently asked for an assessment and found that at 40 years of age I only have to pay voluntary contributions for another 13 years to get full pension at retirement. But bare in mind, this income then will be the incom you are means tested against for an Australian pension should you qualify for one at retirement - may turn out you get one or the other.
Id suggest you try this route. Theres no way Im going to walk away from all those hard earned £'s Ive paid in and not get anything back!
Good Luck!
Jan 14th 2007, 8:03 am
#6
Bitter and twisted
Joined: Dec 2003
Location: Upmarket
Posts: 17,503
Re: national insurance contributions
Dont pay out wasted money to get 'professional advice' when all you need to do is look on the N.I / Pensions website.
I recently asked for an assessment and found that at 40 years of age I only have to pay voluntary contributions for another 13 years to get full pension at retirement. But bare in mind, this income then will be the incom you are means tested against for an Australian pension should you qualify for one at retirement - may turn out you get one or the other.
Id suggest you try this route. Theres no way Im going to walk away from all those hard earned £'s Ive paid in and not get anything back!
Good Luck!
I recently asked for an assessment and found that at 40 years of age I only have to pay voluntary contributions for another 13 years to get full pension at retirement. But bare in mind, this income then will be the incom you are means tested against for an Australian pension should you qualify for one at retirement - may turn out you get one or the other.
Id suggest you try this route. Theres no way Im going to walk away from all those hard earned £'s Ive paid in and not get anything back!
Good Luck!
Feb 10th 2007, 11:04 am
#7
Forum Regular
Joined: Jan 2007
Location: Perth (April 2007)
Posts: 117
Re: national insurance contributions
Hi,
Just a thought, what happens to our national insurance contributions that we have paid all these years? Can we still pull a pension over in Aus?
Do we just lose out on what we've paid? What have all you folks done?
Of course by the time we are 65 I guess the national pension will be no more!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!??
I still have four private/ frozen pensions from past jobs but just wondered where we stand with the Gov. one.
What do most of you do with your personal pensions, take them? or leave them here??
Thanks for any suggestions,
J and J
Just a thought, what happens to our national insurance contributions that we have paid all these years? Can we still pull a pension over in Aus?
Do we just lose out on what we've paid? What have all you folks done?
Of course by the time we are 65 I guess the national pension will be no more!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!??
I still have four private/ frozen pensions from past jobs but just wondered where we stand with the Gov. one.
What do most of you do with your personal pensions, take them? or leave them here??
Thanks for any suggestions,
J and J
MY HUSBAND AND I REQUESTED PENSION FORECASTS THROUGH FROM HM REVENUE & CUSTOMS......GREAT INDICATOR WHERE YOU ARE AT. AT THE MOMENT YOU NEED TO HAVE 44/39 YEARS OF PAID IN N.I CONTRIBUTIONS HOWEVER SEPT 07 THEY ARE HOPING TO PASS A LAW
TO REDUCE THIS TO 30 YRS FOR BOTH MEN AND WOMEN (CURRENTLY IT IS 39 FOR WOMEN AND 44 FOR MEN). THEY WILL KNOW THIS SUMMER THE OUTCOME
SO IT WILL DEPEND HOW MUCH YOU HAVE ALREADY PAID IN HOW LONG YOU THINK YOU MAY BE OUT THERE AS TO WHETHER YOU STILL NEED TO CONTRIBUTE WHILST IN OZ. ADVISOR I SPOKE TO SAID IN OUR ABSENCE WE COULD CONTRIBUTE VIA NI CONTRIBUTIONS CLASS 2 ( DONT QUOTE ME BUT THINK IT WAS £2.20 A WK) RATHER THAN 1. THE WEBSITE IS GOOD OTHERWISE GIVE THEM A CALL THEY SENT ME SOME WORTHWHILE LEAFLETS.
Feb 10th 2007, 12:52 pm
#8
Forum Regular
Thread Starter
Joined: Dec 2005
Location: Sunshine Coast
Posts: 252
Re: national insurance contributions
HI THERE
MY HUSBAND AND I REQUESTED PENSION FORECASTS THROUGH FROM HM REVENUE & CUSTOMS......GREAT INDICATOR WHERE YOU ARE AT. AT THE MOMENT YOU NEED TO HAVE 44/39 YEARS OF PAID IN N.I CONTRIBUTIONS HOWEVER SEPT 07 THEY ARE HOPING TO PASS A LAW
TO REDUCE THIS TO 30 YRS FOR BOTH MEN AND WOMEN (CURRENTLY IT IS 39 FOR WOMEN AND 44 FOR MEN). THEY WILL KNOW THIS SUMMER THE OUTCOME
SO IT WILL DEPEND HOW MUCH YOU HAVE ALREADY PAID IN HOW LONG YOU THINK YOU MAY BE OUT THERE AS TO WHETHER YOU STILL NEED TO CONTRIBUTE WHILST IN OZ. ADVISOR I SPOKE TO SAID IN OUR ABSENCE WE COULD CONTRIBUTE VIA NI CONTRIBUTIONS CLASS 2 ( DONT QUOTE ME BUT THINK IT WAS £2.20 A WK) RATHER THAN 1. THE WEBSITE IS GOOD OTHERWISE GIVE THEM A CALL THEY SENT ME SOME WORTHWHILE LEAFLETS.
MY HUSBAND AND I REQUESTED PENSION FORECASTS THROUGH FROM HM REVENUE & CUSTOMS......GREAT INDICATOR WHERE YOU ARE AT. AT THE MOMENT YOU NEED TO HAVE 44/39 YEARS OF PAID IN N.I CONTRIBUTIONS HOWEVER SEPT 07 THEY ARE HOPING TO PASS A LAW
TO REDUCE THIS TO 30 YRS FOR BOTH MEN AND WOMEN (CURRENTLY IT IS 39 FOR WOMEN AND 44 FOR MEN). THEY WILL KNOW THIS SUMMER THE OUTCOME
SO IT WILL DEPEND HOW MUCH YOU HAVE ALREADY PAID IN HOW LONG YOU THINK YOU MAY BE OUT THERE AS TO WHETHER YOU STILL NEED TO CONTRIBUTE WHILST IN OZ. ADVISOR I SPOKE TO SAID IN OUR ABSENCE WE COULD CONTRIBUTE VIA NI CONTRIBUTIONS CLASS 2 ( DONT QUOTE ME BUT THINK IT WAS £2.20 A WK) RATHER THAN 1. THE WEBSITE IS GOOD OTHERWISE GIVE THEM A CALL THEY SENT ME SOME WORTHWHILE LEAFLETS.
