Voluntary National Insurance contributions
#31
Lost in BE Cyberspace
Joined: Jul 2016
Posts: 10,009
Re: Voluntary National Insurance contributions
Currently my thoughts take early social security form US , and over next few years catch up on my NI contributions- just trying to make sure I understand NI rules before I start paying in again.
#32
BE Forum Addict
Joined: Jul 2008
Posts: 1,477
Re: Voluntary National Insurance contributions
I've been independent contractor for past 4 years. Would I pay Class II or Class III contributions? Big difference in the price..Thanks.
#33
Forum Regular
Joined: Apr 2014
Location: Northern California
Posts: 53
Re: Voluntary National Insurance contributions
Thanks. As a practical matter, what are the relevant advantages/disadvantages of paying Class 2 or Class 3 contributions ? Does it make any difference in terms of potential benefits ?
Currently my thoughts take early social security form US , and over next few years catch up on my NI contributions- just trying to make sure I understand NI rules before I start paying in again.
Currently my thoughts take early social security form US , and over next few years catch up on my NI contributions- just trying to make sure I understand NI rules before I start paying in again.
#34
Forum Regular
Joined: Apr 2014
Location: Northern California
Posts: 53
Re: Voluntary National Insurance contributions
As long as you worked you get to pay Class II. When you apply for permission to pay contributions attach a detailed list of your work history. They'll want start and end dates for each job. In my case I just stated the years I worked as a consultant and they allowed to pay Class II. I paid Class III for the years after I stopped working.
#35
Lost in BE Cyberspace
Joined: Jul 2016
Posts: 10,009
Re: Voluntary National Insurance contributions
As long as you worked you get to pay Class II. When you apply for permission to pay contributions attach a detailed list of your work history. They'll want start and end dates for each job. In my case I just stated the years I worked as a consultant and they allowed to pay Class II. I paid Class III for the years after I stopped working.
#39
Forum Regular
Joined: Apr 2014
Location: Brum
Posts: 40
Re: Voluntary National Insurance contributions
Hi I was under the impression their is NO class 2s anymore,they have stopped, just class 3 @ about 700 pa
#40
Re: Voluntary National Insurance contributions
Your spouse is 66 years of age collecting state pension & I believe he is still eligible since he is under the old rules to pay 'up to 6 years worth of voluntary NIC' even if they are at class 3, the payback is still good.
You'd also get a category B pension based on his contributions which amounts to 60% of whatever he gets
https://www.gov.uk/voluntary-nationa...-contributions
#41
Re: Voluntary National Insurance contributions
from that link in post#40
https://www.gov.uk/voluntary-nationa...ions/deadlines
Deadlines
You can usually pay voluntary contributions for the past 6 years. The deadline is 5 April each year.
You can sometimes pay for gaps from more than 6 years ago, depending on your age.
https://www.gov.uk/voluntary-nationa...ions/deadlines
Deadlines
You can usually pay voluntary contributions for the past 6 years. The deadline is 5 April each year.
You can sometimes pay for gaps from more than 6 years ago, depending on your age.
#42
Re: Voluntary National Insurance contributions
from that link in post#40
https://www.gov.uk/voluntary-nationa...ions/deadlines
Deadlines
You can usually pay voluntary contributions for the past 6 years. The deadline is 5 April each year.
You can sometimes pay for gaps from more than 6 years ago, depending on your age.
https://www.gov.uk/voluntary-nationa...ions/deadlines
Deadlines
You can usually pay voluntary contributions for the past 6 years. The deadline is 5 April each year.
You can sometimes pay for gaps from more than 6 years ago, depending on your age.
person reaches State Pension age on or after 6 April 2016; and
person makes payment by 5 April 2023.
The amount to be paid is as follows:
if paid by 5 April 2019, the amount payable is the rate that applied in the 2012-13 tax year for the tax years 2006-07 to 2009 - 10 for Class 3 and 2006-07 to 2010-11 for Class 2.
for the remaining years, up to and including 2015-16, higher rate provisions will not apply until 6 April 2019.
if payment is made after 5 April 2019, the rates may have increased.
Voluntary NI contributions | The Pensions Advisory Service
#43
Re: Voluntary National Insurance contributions
Anyone follow up on this new 10 year back contributions yet? I am getting ready to call to find out if I can pay the additional 4 years (since I have already paid the 6) but cannot find in the pension links provided anywhere that spells out in detail that I have the right to pay for those extra years.
By the way, whoever writes those pension statements and "information" websites need to be severely rapped over the head
By the way, whoever writes those pension statements and "information" websites need to be severely rapped over the head
#44
Re: Voluntary National Insurance contributions
Perth @ post # 43, does the following help any
State pension top-ups overhaul: you risk paying more for nothing - Telegraph
How can I fill the gap?
"You can normally only fill gaps in your record for the past six years. However, those retiring before next April are being offered the opportunity to plug a further six years within six years of retirement. Buying back each year will cost £14.10 per week or £733.20, which will buy you an extra £200 annual pension under the current regime."
If you survive for four years, then your investment is made good
State pension top-ups overhaul: you risk paying more for nothing - Telegraph
How can I fill the gap?
"You can normally only fill gaps in your record for the past six years. However, those retiring before next April are being offered the opportunity to plug a further six years within six years of retirement. Buying back each year will cost £14.10 per week or £733.20, which will buy you an extra £200 annual pension under the current regime."
If you survive for four years, then your investment is made good
#45
Re: Voluntary National Insurance contributions
Perth @ post # 43, does the following help any
State pension top-ups overhaul: you risk paying more for nothing - Telegraph
How can I fill the gap?
"You can normally only fill gaps in your record for the past six years. However, those retiring before next April are being offered the opportunity to plug a further six years within six years of retirement. Buying back each year will cost £14.10 per week or £733.20, which will buy you an extra £200 annual pension under the current regime."
If you survive for four years, then your investment is made good
State pension top-ups overhaul: you risk paying more for nothing - Telegraph
How can I fill the gap?
"You can normally only fill gaps in your record for the past six years. However, those retiring before next April are being offered the opportunity to plug a further six years within six years of retirement. Buying back each year will cost £14.10 per week or £733.20, which will buy you an extra £200 annual pension under the current regime."
If you survive for four years, then your investment is made good