U.k. National Insurance Contributions
#1
Forum Regular
Thread Starter
Joined: Jun 2008
Posts: 68
U.k. National Insurance Contributions
Hi,
Can anyone let me know if it is worth making back payments in to U.K. Pension? We left 7 yrs ago and are both in our 50s. Thank you in advance.We are currently in Australia.
Can anyone let me know if it is worth making back payments in to U.K. Pension? We left 7 yrs ago and are both in our 50s. Thank you in advance.We are currently in Australia.
#2
Re: U.k. National Insurance Contributions
NIC payments don't cost much but yield a lot in return - the topic has been covered in several current threads.
#3
Re: U.k. National Insurance Contributions
First off, each of you should get a pension statement. https://www.gov.uk/state-pension-statement
You can phone to request one and it takes a couple or more weeks to arrive.
Then check here https://www.gov.uk/national-insurance-credits
And do the sums.
You can phone to request one and it takes a couple or more weeks to arrive.
Then check here https://www.gov.uk/national-insurance-credits
And do the sums.
#4
Re: U.k. National Insurance Contributions
Read this for new information about penions, especially married persons pension where one half has never lived in the UK.
#5
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Thread Starter
Joined: Jun 2008
Posts: 68
Re: U.k. National Insurance Contributions
Many Thanks for your replies
#6
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Joined: Jan 2006
Location: San Francisco
Posts: 12,885
Re: U.k. National Insurance Contributions
Or more accurately when one of the couple has little NI record of their own. And as the OP is in Australia, they should be aware that NI pensions are "frozen" to recipients who live there, i.e. they are not adjusted for inflation each year.
#7
Re: U.k. National Insurance Contributions
Would you mind reposting the link to that information please?
I am looking at moving back to the UK from Australia in 2018 and IF I start paying voluntary contributions now AND pay the 6 years in arrears AND put in another 12 years work when I get back I will just be OK (assuming that they don't change the rules again - which they probably will!)
My big worry though is that my(Australian) wife will be coming with me and she has never lived/worked in the UK. How do I get pension provision for her and what would happen if we retired in the UK and I carked it before her?
I know the subject of pensions/NI contributions has been covered extensively but some of us thick kids at the back of the classroom are still struggling with it a bit
Any help appreciated.
#8
Re: U.k. National Insurance Contributions
Hi Mike
Would you mind reposting the link to that information please?
I am looking at moving back to the UK from Australia in 2018 and IF I start paying voluntary contributions now AND pay the 6 years in arrears AND put in another 12 years work when I get back I will just be OK (assuming that they don't change the rules again - which they probably will!)
My big worry though is that my(Australian) wife will be coming with me and she has never lived/worked in the UK. How do I get pension provision for her and what would happen if we retired in the UK and I carked it before her?
I know the subject of pensions/NI contributions has been covered extensively but some of us thick kids at the back of the classroom are still struggling with it a bit
Any help appreciated.
Would you mind reposting the link to that information please?
I am looking at moving back to the UK from Australia in 2018 and IF I start paying voluntary contributions now AND pay the 6 years in arrears AND put in another 12 years work when I get back I will just be OK (assuming that they don't change the rules again - which they probably will!)
My big worry though is that my(Australian) wife will be coming with me and she has never lived/worked in the UK. How do I get pension provision for her and what would happen if we retired in the UK and I carked it before her?
I know the subject of pensions/NI contributions has been covered extensively but some of us thick kids at the back of the classroom are still struggling with it a bit
Any help appreciated.
#9
Re: U.k. National Insurance Contributions
Hi Mike
Would you mind reposting the link to that information please?
I am looking at moving back to the UK from Australia in 2018 and IF I start paying voluntary contributions now AND pay the 6 years in arrears AND put in another 12 years work when I get back I will just be OK (assuming that they don't change the rules again - which they probably will!)
My big worry though is that my(Australian) wife will be coming with me and she has never lived/worked in the UK. How do I get pension provision for her and what would happen if we retired in the UK and I carked it before her?
I know the subject of pensions/NI contributions has been covered extensively but some of us thick kids at the back of the classroom are still struggling with it a bit
Any help appreciated.
Would you mind reposting the link to that information please?
I am looking at moving back to the UK from Australia in 2018 and IF I start paying voluntary contributions now AND pay the 6 years in arrears AND put in another 12 years work when I get back I will just be OK (assuming that they don't change the rules again - which they probably will!)
My big worry though is that my(Australian) wife will be coming with me and she has never lived/worked in the UK. How do I get pension provision for her and what would happen if we retired in the UK and I carked it before her?
I know the subject of pensions/NI contributions has been covered extensively but some of us thick kids at the back of the classroom are still struggling with it a bit
Any help appreciated.
#10
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Joined: Jan 2011
Location: Tunbridge Wells KENT
Posts: 2,914
Re: U.k. National Insurance Contributions
I couldn't find the original article (the issue was in the news about May 5th), but here is a later one on the same issue.
http://www.bbc.co.uk/news/uk-22423878
#11
Re: U.k. National Insurance Contributions
Am trying not to use links to the Daily Telegraph as some users will be locked out after sampling their monthly pre-subscription ration:
http://www.bbc.co.uk/news/uk-22423878
http://www.bbc.co.uk/news/uk-22423878
I knew BBC ran a news piece on it on the 6th (because I posted about it), but when I searched for "pension" in the BBC News site, this didn't come up. Confuzzling.
#12
Re: U.k. National Insurance Contributions
Yes, assuming it will help you get to 35 years by the time you retire - although I wouldn't be surprised if the next government (or the one after that) puts it up to 40, or 45, or ... who knows how many.
NIC payments don't cost much but yield a lot in return - the topic has been covered in several current threads.
NIC payments don't cost much but yield a lot in return - the topic has been covered in several current threads.
#14
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Joined: Jan 2011
Location: Tunbridge Wells KENT
Posts: 2,914
Re: U.k. National Insurance Contributions
This freezing issue was put to the Chancellor recently and he clearly has no intention of making any changes/concessions as it is a cost issue that "cannot be funded elsewhere".
Plus deferral might or might not be handy for tax purposes if you are playing the residence game - want to reduce your income for tax purposes while resident somewhere that the pension would be taxed.
#15
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Joined: Jan 2011
Location: Tunbridge Wells KENT
Posts: 2,914
Re: U.k. National Insurance Contributions
Pensions Minister and Chancellor have been flip-flopping on the date of implementation and the changes as proposed are still part of the Pensions Bill 2013 so are not yet law. We will have to keep looking for when the changes become concrete, even if wet concrete.
Last edited by Pistolpete2; May 19th 2013 at 2:09 am.