Voluntary National Insurance payments - How?
Feb 8th 2018, 2:33 pm
#16
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Re: Voluntary National Insurance payments - How?
As i'm considering catching up with my 5 missing years for a full state pension could you reveal how much your paying per year and what type of contribution? I'm close to retirement age without any real income coming in so a little reluctant to pay out from my limited savings.
Class 2 is approx. £145/year (varies by year, e.g. 2013/14 costs £142)
Class 3 is approx. £720/year (varies by year, e.g. 2013/14 costs £705)
Feb 8th 2018, 3:18 pm
#17
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Re: Voluntary National Insurance payments - How?
Thanks for this, but then what determines which one i could pay because obviously i'd like the class 2 one!
Feb 8th 2018, 3:29 pm
#18
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Re: Voluntary National Insurance payments - How?
It may be possible to pay voluntary Class 3 National Insurance contributions (Class 2 if you’re self-employed or possibly if you’re living abroad) in order to get a higher State Pension. This would be a higher Basic State Pension for those people who reach their State Pension age before 6 April 2016 and a higher new State Pension for those people who reach their State Pension age on or after 6 April 2016. The new State Pension will be “single tier” and will not distinguish between basic and additional pension as at present.
Feb 8th 2018, 5:09 pm
#19
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Re: Voluntary National Insurance payments - How?
At the old rate it was an absolute bargain. Very few people took advantage of it though.
Feb 9th 2018, 2:53 am
#20
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Re: Voluntary National Insurance payments - How?
I was very lucky a friend told me about this and got in on Class 2. Some people have mentioned that this option maybe closing soon so now is the time to do it if its beneficial.
The process started about six months ago for me. It takes a while for them to get back to you.
The process started about six months ago for me. It takes a while for them to get back to you.
Feb 9th 2018, 11:05 am
#21
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Re: Voluntary National Insurance payments - How?
I called their office yesterday and they are mailing me out form NI 38 (?). Once i return it he said at the moment it could be 17 weeks before its processed!
Feb 9th 2018, 1:06 pm
#22
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Re: Voluntary National Insurance payments - How?
My wife started this process in January last year and it took months to process. At one point she did call them and confirmed that the application had been received and was waiting in the queue, which was nice to know as it could have been lost in the post or within the DWP building.
Feb 9th 2018, 1:21 pm
#23
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Re: Voluntary National Insurance payments - How?
Feb 9th 2018, 5:03 pm
#24
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Re: Voluntary National Insurance payments - How?
You have to apply for permission. There are certain conditions attached. The most basic one is that you have "entered insurance" (NI-speak for started to pay National insurance) There are certain other provisos before you can be accepted.
Feb 9th 2018, 9:17 pm
#25
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Re: Voluntary National Insurance payments - How?
If you're employed or self-employed you pay class 2. In most other circumstances you pay class 3. This is why your application asks for your US employment record, which is used if you are paying back- contributions. Not sure they ever check your work status moving forward though...
Feb 11th 2018, 10:27 pm
#26
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Re: Voluntary National Insurance payments - How?
I have received the amount to pay If I wish to top up my contribuitons.
But I cannot find an answer to this question!
Once retirement age if you have returned the UK you will get a part pension.
BUT if you were still in USA Australia etc I assume you don't get paid because you still live overseas.
Fair enough if that's the case?? but the problem is nobody can answer that question so far.
Help appreciated.
But I cannot find an answer to this question!
Once retirement age if you have returned the UK you will get a part pension.
BUT if you were still in USA Australia etc I assume you don't get paid because you still live overseas.
Fair enough if that's the case?? but the problem is nobody can answer that question so far.
Help appreciated.
Feb 11th 2018, 10:29 pm
#27
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Re: Voluntary National Insurance payments - How?
You need 10 years of contributions to get anything the HMRC web site advises so top it up to 10 years and then get a proportion 10/40 means 25% of the current 156PDS a week.
Feb 11th 2018, 10:31 pm
#28
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Re: Voluntary National Insurance payments - How?
when you hit 66 apply for the pension and wherever you are on the planet they will send it in Sterling and you get it in local currency....
Feb 11th 2018, 10:34 pm
#29
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Re: Voluntary National Insurance payments - How?
As Benson55 mentions, you will be eligible for it if you have enough contributing years - that's why everyone here wants to pay from overseas because right now the class 2/3 payments look like a very good deal in terms of topping up.
Feb 12th 2018, 3:53 am
#30
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Re: Voluntary National Insurance payments - How?
Thank you for the speedy replies.
