NI Contributions
Sep 23rd 2005, 11:57 am
#1
Senior Stella Member
Thread Starter
Joined: Oct 2003
Location: Brisbane, QLD
Posts: 394
NI Contributions
Hello All,
I'm off to Oz on 7thOctober with my family and am just sorting the final financial stuff out. I have sent my P85 off to the Inland Revenue Office along with my part 2 and 3 P45. I guess that takes care of tax. What about National Insurance contributions?
Is anyone keeping up payments in the hope there may be something there in the next 10-20 years? I have seen some people paying £7 a month to keep contributions up, what does this get for you? I guess it's a bit of a gamble but has anyone lookied into this in detail, I have the Social Security Abroad booklet, but that doesn;t really tell you what level of contribution we should be making.
Guess it's one for a financial advisor.......anyone know anything about shares.....I have some but won't know my options 'till I'm in Oz, should I see one there or here.......sorry - too many questions
.
Thanks for any advice....Mark
I'm off to Oz on 7thOctober with my family and am just sorting the final financial stuff out. I have sent my P85 off to the Inland Revenue Office along with my part 2 and 3 P45. I guess that takes care of tax. What about National Insurance contributions?
Is anyone keeping up payments in the hope there may be something there in the next 10-20 years? I have seen some people paying £7 a month to keep contributions up, what does this get for you? I guess it's a bit of a gamble but has anyone lookied into this in detail, I have the Social Security Abroad booklet, but that doesn;t really tell you what level of contribution we should be making.
Guess it's one for a financial advisor.......anyone know anything about shares.....I have some but won't know my options 'till I'm in Oz, should I see one there or here.......sorry - too many questions
.Thanks for any advice....Mark
Sep 23rd 2005, 6:17 pm
#2
Forum Regular
Joined: Jan 2005
Location: Sydney but also lived in Melbourne
Posts: 221
Re: NI Contributions
Mark,
I have been looking into just that and it has been quite easy to do.
If you go to http://www.thepensionservice.gov.uk/home.asp, you can get an online state pension quotation. You do have to register and they send you out a PIN code so if you are off on the 7th you ought to do it quite quickly. (Mine came through in about 4 days).
When you are registered, it tells you how many years you have paid in and what pension you can expect. If you then want to, you can pay Class 3 Voluntary contributions of £7.15 per week this tax year and £7.65 for next tax year to keep your state pension going.
I did a few quick calculations and having been paying in for 20+ years, assuming that all things stay the same and the amount you pay in and the benefits go up in line with each other and there is still a state pension when I get to 65 (oh, and they haven't increased the state pension age!!) then I would have to live until I was at least 83 to get my money back. :scared:
After working this out, I am going to leave my state pension here and not pay any more in as, in my opinion, there are too many things that may well change against me to risk it and I will put the money into another investment when I am sorted out down-under.
Obviously, everyones case is different but it is good that you can now work it out for yourself.
Sorry for the long post.
I have been looking into just that and it has been quite easy to do.
If you go to http://www.thepensionservice.gov.uk/home.asp, you can get an online state pension quotation. You do have to register and they send you out a PIN code so if you are off on the 7th you ought to do it quite quickly. (Mine came through in about 4 days).
When you are registered, it tells you how many years you have paid in and what pension you can expect. If you then want to, you can pay Class 3 Voluntary contributions of £7.15 per week this tax year and £7.65 for next tax year to keep your state pension going.
I did a few quick calculations and having been paying in for 20+ years, assuming that all things stay the same and the amount you pay in and the benefits go up in line with each other and there is still a state pension when I get to 65 (oh, and they haven't increased the state pension age!!) then I would have to live until I was at least 83 to get my money back. :scared:
After working this out, I am going to leave my state pension here and not pay any more in as, in my opinion, there are too many things that may well change against me to risk it and I will put the money into another investment when I am sorted out down-under.
Obviously, everyones case is different but it is good that you can now work it out for yourself.
Sorry for the long post.
Sep 23rd 2005, 6:53 pm
#3
Forum Regular
Joined: Aug 2005
Location: UK to Crete, Back to UK and moved to Perth in March 2006 - yippee! Loving it!!!
Posts: 110
Re: NI Contributions
Originally Posted by Plug
Hello All,
I'm off to Oz on 7thOctober with my family and am just sorting the final financial stuff out. I have sent my P85 off to the Inland Revenue Office along with my part 2 and 3 P45. I guess that takes care of tax. What about National Insurance contributions?
Is anyone keeping up payments in the hope there may be something there in the next 10-20 years? I have seen some people paying £7 a month to keep contributions up, what does this get for you? I guess it's a bit of a gamble but has anyone lookied into this in detail, I have the Social Security Abroad booklet, but that doesn;t really tell you what level of contribution we should be making.
Guess it's one for a financial advisor.......anyone know anything about shares.....I have some but won't know my options 'till I'm in Oz, should I see one there or here.......sorry - too many questions .
Thanks for any advice....Mark
I'm off to Oz on 7thOctober with my family and am just sorting the final financial stuff out. I have sent my P85 off to the Inland Revenue Office along with my part 2 and 3 P45. I guess that takes care of tax. What about National Insurance contributions?
Is anyone keeping up payments in the hope there may be something there in the next 10-20 years? I have seen some people paying £7 a month to keep contributions up, what does this get for you? I guess it's a bit of a gamble but has anyone lookied into this in detail, I have the Social Security Abroad booklet, but that doesn;t really tell you what level of contribution we should be making.
Guess it's one for a financial advisor.......anyone know anything about shares.....I have some but won't know my options 'till I'm in Oz, should I see one there or here.......sorry - too many questions
.Thanks for any advice....Mark
Can see youa re in Hertfordshire. We used Jennie Simms at Wagstaffs in Stevenage when we moved out to Crete last year. She was very helpful and has guided us through the tax returnes, pensions and the NI contributions. We have been paying Class 3 but we have just cancelled this as we are returning to the UK next verys soon before our onward journey to Oz. Hope this helps.
