Go Back  British Expats > Living & Moving Abroad > Australia
Reload this Page >

Voluntary NI Payments

Voluntary NI Payments

Old Mar 18th 2002, 9:06 pm
  #1  
Forum Regular
Thread Starter
 
Joined: Feb 2002
Location: South Adelaide Hills
Posts: 85
Bones is an unknown quantity at this point
Default 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?
Bones is offline  
Old Mar 18th 2002, 9:57 pm
  #2  
Gone Senile Member
 
Sandra's Avatar
 
Joined: Sep 2001
Location: Sydney
Posts: 3,014
Sandra has a reputation beyond reputeSandra has a reputation beyond reputeSandra has a reputation beyond reputeSandra has a reputation beyond reputeSandra has a reputation beyond reputeSandra has a reputation beyond reputeSandra has a reputation beyond reputeSandra has a reputation beyond reputeSandra has a reputation beyond reputeSandra has a reputation beyond reputeSandra has a reputation beyond repute
Default 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!!
Sandra is offline  
Old Mar 19th 2002, 1:40 am
  #3  
Banned
 
newstartnz's Avatar
 
Joined: Mar 2002
Posts: 756
newstartnz is a jewel in the roughnewstartnz is a jewel in the roughnewstartnz is a jewel in the roughnewstartnz is a jewel in the roughnewstartnz is a jewel in the rough
Default 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.
newstartnz is offline  
Old Mar 19th 2002, 8:05 am
  #4  
Winnie
Guest
 
Posts: n/a
Default 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 ) 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
 
Old Apr 11th 2002, 10:43 am
  #5  
BE Enthusiast
 
etlniwd's Avatar
 
Joined: Mar 2002
Posts: 498
etlniwd is an unknown quantity at this point
Default 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.
etlniwd is offline  
Old Apr 30th 2002, 7:00 pm
  #6  
Alan Collett
Guest
 
Posts: n/a
Default 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
 

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us Archive Advertising Cookie Policy Privacy Statement Terms of Service

Copyright © 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.