re: Class 2 NI. What about us poor expats paying voluntary contributions?
Originally Posted by nun
(Post 11898416)
FYI folks, I just sent off for a pension forecast. I got my last one 5 years ago under the old rules and as I'll now be retiring under the "New State Pension" I need a new forecast.
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re: Class 2 NI. What about us poor expats paying voluntary contributions?
Originally Posted by Steve_
(Post 11897651)
Maybe they'll grandfather us in. I never got a clear answer as to whether people subject to the 30-year rule were grandfathered in, I think they are, the 35-year rule only applies if you start making contributions after April 5th this year.
Anyway I've just done the math, and under the 30-year rule, my last Class 2 NI payment would be due April 1st, 2018. :rofl: Can't make it up! In short, there is no "granfathering in" of the 30 years of contributions. |
re: Class 2 NI. What about us poor expats paying voluntary contributions?
Originally Posted by Boiler
(Post 11897769)
Can not help but think the world will be VERY different in 20 plus years.
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re: Class 2 NI. What about us poor expats paying voluntary contributions?
Originally Posted by bewildering
(Post 11898567)
Yes. And I'd prefer to have control of my own money in 30 years. The current rise in state pension costs in the UK is unsustainable. Overseas pensioners will be prime targets to have their pensions 'pruned' to save money.
That said I held off making voluntary contributions when I was younger so I could be more sure the state pension will be there when I retire. |
re: Class 2 NI. What about us poor expats paying voluntary contributions?
Originally Posted by nun
(Post 11897768)
What is this 30 years grandfathering? I've been paying voluntary NI for 32 years now as I was told that I would have to pay 35 years rather than 30 to get a full pension. You'll get something with 30 years of contributions, but it won't be the full pension.
https://www.gov.uk/new-state-pension/how-its-calculated :lol: I used to pay into SERPS so I get more, so that means my "starting amount" is presumably a lot higher, yes? Er, so what does that mean. |
re: Class 2 NI. What about us poor expats paying voluntary contributions?
Originally Posted by Steve_
(Post 11904124)
... I used to pay into SERPS so I get more, so that means my "starting amount" is presumably a lot higher, yes? Er, so what does that mean.
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re: Class 2 NI. What about us poor expats paying voluntary contributions?
Originally Posted by Pulaski
(Post 11898456)
People who were "fully paid up" at thirty years and who were not yet retired were given the option to pay a further five years (to give them the new 35 required years) even if they didn't qualify to make additional contributions under the usual "six years of arrears" rule.
In short, there is no "granfathering in" of the 30 years of contributions. And it does appear having paid into SERPS gives me some sort of advantage, what exactly I'm not sure. |
re: Class 2 NI. What about us poor expats paying voluntary contributions?
Originally Posted by Steve_
(Post 11916731)
Don't follow that, why would you make additional payments if you are fully paid up? .....
.... And it does appear having paid into SERPS gives me some sort of advantage, what exactly I'm not sure. |
re: Class 2 NI. What about us poor expats paying voluntary contributions?
This...
Originally Posted by nun
(Post 11898416)
FYI folks, I just sent off for a pension forecast. I got my last one 5 years ago under the old rules and as I'll now be retiring under the "New State Pension" I need a new forecast.
I wondered about...
Originally Posted by kodokan
(Post 11898429)
New rules come in April 2016 - I figured best wait to order my forecast until after then, in case the computers are ridiculously set up to run the old algorithm right up until the change date. You never know...
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re: Class 2 NI. What about us poor expats paying voluntary contributions?
I'm awaiting the latest bill, I assume it will arrive sometime this month. Will it be at the old rate or the new rate?
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re: Class 2 NI. What about us poor expats paying voluntary contributions?
Originally Posted by NatashaB
(Post 11917416)
I'm awaiting the latest bill, I assume it will arrive sometime this month. Will it be at the old rate or the new rate?
The Class 2 rate varies slightly every year, but I suspect that you meant "at the Class 3 rate" when you said "at .... the new rate". .... Ckass 3 will apparently be the rate that expats pay from 2018, so 2016 and 2017 will still be at the Class 2 rate if that is what you were approved for previously. |
re: Class 2 NI. What about us poor expats paying voluntary contributions?
Originally Posted by NatashaB
(Post 11917416)
I'm awaiting the latest bill, I assume it will arrive sometime this month. Will it be at the old rate or the new rate?
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re: Class 2 NI. What about us poor expats paying voluntary contributions?
Given that I've got until 2018, I think it's one of these situation where it's best to let the dust settle and ask them in a few months.
Even the PDF is very vague. There seems to be this habit for the UK govt. to progressively dumb down publications and websites so the dumbest dullard can understand them but in so doing, they lack the necessary detail. Unlike the IRS, who are constantly pissing out new forms and regulations. One of my relatives was going on about Form 8965 which she now has to file "I spent half an hour finding that bloody exemption code!" What I like about the tax systems in Canada and the US is that you are compelled to figure out how they work so you know exactly how much tax you're liable for, whereas in the UK they try and hide how much tax you're paying to the maximum extent possible. E.g. including VAT in retail prices. PAYE RTI. |
re: Class 2 NI. What about us poor expats paying voluntary contributions?
Yes, I meant the class 3 rate when I said 'the new rate'. Thanks Owen778 and Pulaski :thumbsup:
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re: Class 2 NI. What about us poor expats paying voluntary contributions?
Goal posts continually shifting. I think it is safe to assume that we cannot trust any of these b***ers.
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