Voluntary NI Payments
 

Hi all,

haven't seen this subject posted before, but have any of you got any experience of the system whereby you make voluntary NI contributions to ensure that you get a uk pension at 65?

Although we will be paying these for 30 years until we qualify it seems like a good deal as its only a few hundred quid a year (apparently). Have got a booklet from the DSS, but was wondering if any of you are thinking along the same lines, or are we missing something?

Re: Voluntary NI Payments
 

Bones - I think you have raised a very interesting point - and one I think will depend on specific circumstances for different people - we are seeking expert financial advice in a week or so - I will be sure to ask about the benefits of this one. Thanks will post if there is an interesting response.

For anyone who wants to look a little further into this

The booklet that has the detail for this is here

http://www.inlandrevenue.gov.uk/leaflets/nic.htm

Leaflet NI38

Few other interesting links here

General Starting Point
http://www.inlandrevenue.gov.uk/cnr/

One on Taxation FAQs
http://www.inlandrevenue.gov.uk/cnr/faqs_general.htm

you can tell I am a bit of a payroll bore!!

Re: Voluntary NI Payments
 

Voluntary NI contributions should certainly not be your automatic choice. Your personal situation, as Sandra suggests, is key.

Your first step should be to get a state pension forecast which will show what you can expect to receive at retirement based on contributions to date.

Aus and NZ are two countries where UK state pension is payable but not increased yearly in line with the UK increase.

It may make more sense to contribute no more to the state scheme and instead invest privately.

Best wishes.

Re: Voluntary NI Payments
 

"Bones" <[email protected]> wrote in message
news:[email protected]...
    > Hi all,
    >
    > haven't seen this subject posted before, but have any of you got any experience of
    > the system whereby you make voluntary NI contributions to ensure that you get a uk
    > pension at 65?
    >
    > Although we will be paying these for 30 years until we qualify it seems like a good
    > deal as its only a few hundred quid a year (apparently). Have got a booklet from
    > the DSS, but was wondering if any of you are thinking along the same lines, or are
    > we missing something?

Our thinking, FWIW, is that if we're fortunate enough to reach 65 :o) there will be
no UK state pension, no matter how many taxes you've paid. Private pensions are a rip
off, so the best bet seems to be just investing in our home and business so we have
something to sell when we feel like stopping work....

Like others are saying, everyone's situation is different though; some hard thinking
is needed!

Winnie

Re: Voluntary NI Payments
 

You can request a Uk Pensions forecast by filling in an online form at https://secure.dss.gov.uk/br19/index.htm

This form gives you the possibility to state that you are going to Australia. You will then get an indication of how much pension you will get at retirement age and what additional contributions you may need to make to top it up.

Re: Voluntary NI Payments
 

Don't forget though that's there's no index-linking of your UK State Pension after
you have moved to Australia ...
http://www.gomatilda.com/news/article.cfm?articleid=171 and http://britishexpats.com

Personally I'd think twice about giving money to the UK Government on these terms.

Best regards.

Alan Collett www.gomatilda.com

etlniwd wrote in message <[email protected]>... You can request a Uk
Pensions forecast by filling in an online form at
https://secure.dss.gov.uk/br19/index.htm

This form gives you the possibility to state that you are going to Australia. You
will then get an indication of how much pension you will get at retirement age and
what additional contributions you may need to make to top it up.

--
nick

Kerry Steve

Posted via http://britishexpats.com