UK state pension reform
#76
Re: UK state pension reform
OK, I found out there is a 6-year limit, but there's also a statement that there are exceptions to the 6-year limit rule - but it's not clear what these are.
It seems that if the rules change (so 35 years are needed instead of 30), and if at the time of being eligible to pay additional voluntary NIC's you would have done if you'd known the rules would change, that should be an exception. But I'm not holding my breath.
£689 (the cost of the additional 5 years' NICs) does seem like a great deal to get the additional £1,000+ per year pension you'd get ... seems almost too good to be true. In fact any voluntary NICs payments seem that way - £137.80 for each year, that brings you an additional £223 a year pension.
"Reform" sounds such a positive word, whereas all it means, literally, is change the shape of something.
It seems that if the rules change (so 35 years are needed instead of 30), and if at the time of being eligible to pay additional voluntary NIC's you would have done if you'd known the rules would change, that should be an exception. But I'm not holding my breath.
£689 (the cost of the additional 5 years' NICs) does seem like a great deal to get the additional £1,000+ per year pension you'd get ... seems almost too good to be true. In fact any voluntary NICs payments seem that way - £137.80 for each year, that brings you an additional £223 a year pension.
"Reform" sounds such a positive word, whereas all it means, literally, is change the shape of something.
Back on topic, this pension thing does my head in. Bill and I didn't even think about him being eligible for a pension when we move to the UK (Bill, husband, will be 65 in 2014, UK citizen, emigrated to Oz when he was 40) - but some advice when I first joined the forum led us to have a look. We've done the online calculation thing and have sent a form to the relevent dept. in the UK (forget what it's called now). Although he only worked for 25 years (15 - 40 years of age), apparantly he qualifies for a good percentage of a full, basic State pension (something like 90 quid a week I think). I'll believe it when I see it, especially with all the 'reform' going on! Would be very handy though.
#77
Lost in BE Cyberspace
Joined: Nov 2012
Location: bute
Posts: 9,740
Re: UK state pension reform
The really nasty "Reform" was when they scrapped SERPS ! My advice to all and sundry is to check out their individual position and make sure they are paid up ! Remember that there are RECIPROCAL arrangements with some countries and you can use contributions from their system to comine with your NICs to get a SRP !!!
#78
Re: UK state pension reform
The really nasty "Reform" was when they scrapped SERPS ! My advice to all and sundry is to check out their individual position and make sure they are paid up ! Remember that there are RECIPROCAL arrangements with some countries and you can use contributions from their system to comine with your NICs to get a SRP !!!
#79
Heading for Poppyland
Joined: Jul 2007
Location: North Norfolk and northern New York State
Posts: 14,719
Re: UK state pension reform
Back on topic, this pension thing does my head in. Bill and I didn't even think about him being eligible for a pension when we move to the UK (Bill, husband, will be 65 in 2014, UK citizen, emigrated to Oz when he was 40) - but some advice when I first joined the forum led us to have a look. We've done the online calculation thing and have sent a form to the relevent dept. in the UK (forget what it's called now). Although he only worked for 25 years (15 - 40 years of age), apparantly he qualifies for a good percentage of a full, basic State pension (something like 90 quid a week I think). I'll believe it when I see it, especially with all the 'reform' going on! Would be very handy though.
#80
Re: UK state pension reform
Is he still working? He sounds like a good candidate for paying arrears of NIC to bring his record up from 25 to the full 30 years. If he is currently in employment still, he should be eligible for paying arrears of Class 2 NIC.. You can pay up to six years of arrears but it sounds like he only needs five years. So a one time payment of just a few hundred pounds will permanently increase the OAP he will receive at age 65. (And no need for scepticism; he is entitled to his pension and he'll receive it foe life!)
#81
Forum Regular
Joined: Sep 2009
Location: Edmonton, Alberta
Posts: 141
Re: UK state pension reform
What a wonderful lady she was! - You forgot to mention the Negative equity - how many people was who lost their homes? Only one group of folks came off good from her schemes.
Ask any ex-miner or ex- steel worker - see if they thought she did good. Should have been hung for destroying our production base, in my opinion.
P.S. Never drive to the Hospital - always use a free bus pass.
Ask any ex-miner or ex- steel worker - see if they thought she did good. Should have been hung for destroying our production base, in my opinion.
P.S. Never drive to the Hospital - always use a free bus pass.
#82
Re: UK state pension reform
If with SERPS or the second state pension you'd have got more than 144GBP a week the reforms are bad for you. But if your NICs are mostly voluntary Class 2 the reform is great as your pension goes from 107GBP a week to 144GBP.
#83
Re: UK state pension reform
OK,
£689 (the cost of the additional 5 years' NICs) does seem like a great deal to get the additional £1,000+ per year pension you'd get ... seems almost too good to be true. In fact any voluntary NICs payments seem that way - £137.80 for each year, that brings you an additional £223 a year pension.
£689 (the cost of the additional 5 years' NICs) does seem like a great deal to get the additional £1,000+ per year pension you'd get ... seems almost too good to be true. In fact any voluntary NICs payments seem that way - £137.80 for each year, that brings you an additional £223 a year pension.
Class 3's quite a bit more. Over £13 right now. £3380 for 5 years if I'm not mistaken.
#85
Re: UK state pension reform
I can't figure out if I can add my US years to my UK pension once we move there, I have 12 or 13 years here and am eligible for a pension of $4 a month or some such ridiculous amount, but adding it to the UK one might boost my years somewhat.
I have my financial advisor Ds on the case to get some back payments made for me, then I hope I can add my US years and work to add more.
I think it was April 5th was cut off to pay 2006/07 so I need to get that years done and maybe a few more while I'm at it. till I'm caught up.
I have my financial advisor Ds on the case to get some back payments made for me, then I hope I can add my US years and work to add more.
I think it was April 5th was cut off to pay 2006/07 so I need to get that years done and maybe a few more while I'm at it. till I'm caught up.
#86
Re: UK state pension reform
#87
Re: UK state pension reform
Received a response from the future pension center's overseas team.
You can contact HM Revenue & Customs at the address below, they will advise of any shortfall years and the rate of voluntary National Insurance contributions you can pay to increase your basic State Pension.
HM Revenue & Customs
International Caseworker
National Insurance Contributions Office
Benton Park View
Newcastle upon Tyne
NE98 1ZZ
Telephone number: 0044 191 203 7010
E-mail: [email protected]
You can contact HM Revenue & Customs at the address below, they will advise of any shortfall years and the rate of voluntary National Insurance contributions you can pay to increase your basic State Pension.
HM Revenue & Customs
International Caseworker
National Insurance Contributions Office
Benton Park View
Newcastle upon Tyne
NE98 1ZZ
Telephone number: 0044 191 203 7010
E-mail: [email protected]
#88
Re: UK state pension reform
Received a response from the future pension center's overseas team.
You can contact HM Revenue & Customs at the address below, they will advise of any shortfall years and the rate of voluntary National Insurance contributions you can pay to increase your basic State Pension.
HM Revenue & Customs
International Caseworker
National Insurance Contributions Office
Benton Park View
Newcastle upon Tyne
NE98 1ZZ
Telephone number: 0044 191 203 7010
E-mail: [email protected]
You can contact HM Revenue & Customs at the address below, they will advise of any shortfall years and the rate of voluntary National Insurance contributions you can pay to increase your basic State Pension.
HM Revenue & Customs
International Caseworker
National Insurance Contributions Office
Benton Park View
Newcastle upon Tyne
NE98 1ZZ
Telephone number: 0044 191 203 7010
E-mail: [email protected]
#89
Re: UK state pension reform
Received a response from the future pension center's overseas team.
You can contact HM Revenue & Customs at the address below, they will advise of any shortfall years and the rate of voluntary National Insurance contributions you can pay to increase your basic State Pension.
HM Revenue & Customs
International Caseworker
National Insurance Contributions Office
Benton Park View
Newcastle upon Tyne
NE98 1ZZ
Telephone number: 0044 191 203 7010
E-mail: [email protected]
You can contact HM Revenue & Customs at the address below, they will advise of any shortfall years and the rate of voluntary National Insurance contributions you can pay to increase your basic State Pension.
HM Revenue & Customs
International Caseworker
National Insurance Contributions Office
Benton Park View
Newcastle upon Tyne
NE98 1ZZ
Telephone number: 0044 191 203 7010
E-mail: [email protected]
#90
Re: UK state pension reform
Fingers crossed you get a pleasant surprise too.