scousercarol

Hi,

We are going to live in Australia for one or two years. Just wondered if it is best to carry on paying national insurance contributions while we are there?
If we didn't would this effect any future pensions etc.

Wendy&Mike

How old are you? Do you really think there will be a national pension by the time you are eligible. I gave up on the idea a few years ago.

Mike.

scousercarol

Yeah! You are probally right! But we are in are late forties now, so there maybe something left in the pot! We do have private pensions we will continue contributing to, just wanted to make sure it won't detrimental if we miss any payments.

LiffyB

I spoke to Newcastle this week and they advised me that because my husband had already contributed to 30 years worth of NI he had enough to qualify for the full pension. Because I hadn't - if I so wanted to then I could continue to contribute to be entitled to a full pension in my own right.

Hope this helps! it may be worth giving Newcastle a call - I found them to be really helpful. One thing to watch though is that in some countries your pension is frozen from the day you get your first payment. Unfortunately we will be moving to Canada where this happens - don't know the situation with Australia. Perhaps at 65 we will move over the border - ironic isn't it - you move to Canada and have your pension frozen and no cold weather allowance - but move to Florida and you get it index linked and the cold weather allowance (perhaps this extra money pays for the air conditioning!):curse:

Liff

scousercarol

Thanks for your help Liffy Good idea, I will ring Newcastle.

mvagusta

I phoned Newcastle this week for an update on my contributions as I was in a company pension scheme and contracted out of serps.

The 30 years contribution mentioned is correct after 2010.

Currently it is 44 years and this will change in 2010 to 30 years.

TMRE

Yes thats right only if you reach retirement age before 2010 you have to have 44 years for men and 39 for women. If you are reach retirement age after then it's only 30 years needed. One of the posters are in their 40's so the 30 years is right for them.