Class 2 Voluntary Contributions
For what it's worth to anyone I'm currently living in California with my American wife. I'm Dual Cit originally from Scotland. Intending going back in a few years.
1. I wish we had a separate section for financial matters. 2. I had 22 qualifying years for my full UK pension. I got a statement telling me the cost of Class 2 Voluntary Contributions I need to make in order to catch up. Worked out about 137 GBP per year. It was easy enough to move the funds from my Nationwide Building Society account to the Inland Revenue. I'm just recounting this in case anyone is in the same position of needing to cath up. Cheers |
Re: Class 2 Voluntary Contributions
Yep I just back paid 6 years.
|
Re: Class 2 Voluntary Contributions
umm it seems a bit different for me. i obtained my Pension Summary, i then got the NI38 booklet and filled out form CF83 that form dose not give you the option to pay the 6 years in one lump. i had to send an accompanying as per detailed on page 34 and 35 of NI38.
it has been 4 weeks a still haven't heard a word April is the month the counter clicks over so i may have missed a year How have you guys done yours as id much prefer to pay the lump sum |
Re: Class 2 Voluntary Contributions
Originally Posted by SUPERCAD
(Post 10642919)
umm it seems a bit different for me. i obtained my Pension Summary, i then got the NI38 booklet and filled out form CF83 that form dose not give you the option to pay the 6 years in one lump. i had to send an accompanying as per detailed on page 34 and 35 of NI38.
it has been 4 weeks a still haven't heard a word April is the month the counter clicks over so i may have missed a year How have you guys done yours as id much prefer to pay the lump sum I'm assuming after that I'll be able to pay the rest as I go to reach 30 years. |
Re: Class 2 Voluntary Contributions
Originally Posted by hotscot
(Post 10642926)
I'm assuming after that I'll be able to pay the rest as I go to reach 30 years. https://www.gov.uk/calculate-state-pension. |
Re: Class 2 Voluntary Contributions
Originally Posted by formula
(Post 10643177)
Depending on what age you are, you might need 35 years for a full UK state pension.
https://www.gov.uk/calculate-state-pension. I'm glad I'm a Dual. |
Re: Class 2 Voluntary Contributions
In a few short years we have seen:-
39 years for women and 44 for men and you had to have at least 10(?) years to claim. Then 30 years for all and people could have 1/30 if that was all they paid in. Then to 35 years for all and back to a minimum of 10 years to claim anything. All depending on the persons retirement age. The retirement age keeps getting put back too. I think it is about age 66 now and 68 coming in (I think); depending on your age. It use to be age 60 for women and 65 for men. |
Re: Class 2 Voluntary Contributions
Originally Posted by hotscot
(Post 10642894)
For what it's worth to anyone I'm currently living in California with my American wife. I'm Dual Cit originally from Scotland. Intending going back in a few years.
1. I wish we had a separate section for financial matters. 2. I had 22 qualifying years for my full UK pension. I got a statement telling me the cost of Class 2 Voluntary Contributions I need to make in order to catch up. Worked out about 137 GBP per year. It was easy enough to move the funds from my Nationwide Building Society account to the Inland Revenue. I'm just recounting this in case anyone is in the same position of needing to cath up. Cheers |
Re: Class 2 Voluntary Contributions
Originally Posted by BostonBrit Expat Since 03
(Post 10643762)
Paid back 6 years and now pay Class II every month by Direct Debit
|
Re: Class 2 Voluntary Contributions
After the pensions forecast arrived I filled in this form. www.hmrc.gov.uk/forms/64-8.pdf I got my Ds to do all the leg work seeing he's in UK and works in Finance and does this stuff. He is the one who wrote the check and paid it for me, he's waiting on a receipt. He says they'll probably send it to me not him.
|
Re: Class 2 Voluntary Contributions
Originally Posted by hotscot
(Post 10643851)
That's a good point. As well as paying the 6 years in arrears that I'm allowed. What do I need to know to keep paying the current years? Or do I just send them a standard amount the same way I sent the arrears money?
|
Re: Class 2 Voluntary Contributions
Hi,
I am wondering if anyone else is in the same rather complex position as I and can give any feedback. I am a female 64. I worked 2 1/2 years in the UK before going to the States, where I worked for 5 or 6 years. I wrote to the UK pension folks and asked if I could backpay years and become eleigible for any UK pension. They wrote back saying that even if I backpaid 6 years, I would still not have the minimum 10 years that I would need; however they did quote me some ridiculous amount like .14/month which I do not understand. I am eligible for Canadian CPP (took early) and the basic Government pension next year, but not (if I go to England) what we call the "top-up" amount to bring it up to the standard of living allowance. I am left with some questions: 1) Could I backpay 6 years of UK voluntary payments now and continue to pay annually, even though I am past retirement age (60 for me), until I have the minimum 10 years (assuming it would be worth it), and/or 2) Could I put my US years toward the UK years to bring it up to eleigibility in the UK under the international agreement? 3) Could I use my 2.5 UK years to put toward my 5 US years and be elibilbe for anything from the States under the international agreement? Any input? I really wish that I had paid my voluntary contributions years ago and highly recommend that others do this. I never really gave much thought to pensions in the past and should have :o. |
Re: Class 2 Voluntary Contributions
Originally Posted by bandrui
(Post 10644044)
Hi,
I am wondering if anyone else is in the same rather complex position as I and can give any feedback. I am a female 64. I worked 2 1/2 years in the UK before going to the States, where I worked for 5 or 6 years. I wrote to the UK pension folks and asked if I could backpay years and become eleigible for any UK pension. They wrote back saying that even if I backpaid 6 years, I would still not have the minimum 10 years that I would need; however they did quote me some ridiculous amount like .14/month which I do not understand. I am eligible for Canadian CPP (took early) and the basic Government pension next year, but not (if I go to England) what we call the "top-up" amount to bring it up to the standard of living allowance. I am left with some questions: 1) Could I backpay 6 years of UK voluntary payments now and continue to pay annually, even though I am past retirement age (60 for me), until I have the minimum 10 years (assuming it would be worth it), and/or 2) Could I put my US years toward the UK years to bring it up to eleigibility in the UK under the international agreement? 3) Could I use my 2.5 UK years to put toward my 5 US years and be elibilbe for anything from the States under the international agreement? Any input? I really wish that I had paid my voluntary contributions years ago and highly recommend that others do this. I never really gave much thought to pensions in the past and should have :o. Did you ask them about putting your US contributions towards the UK pension? Maybe they don't even look at doing that until you are in UK. |
Re: Class 2 Voluntary Contributions
Originally Posted by Mummy in the foothills
(Post 10644098)
From what I heard you could put the few years of US towards UK because you aren't eligible to get a US without 10 years either, so 6 years back pay plus 6 years US contributions should put you over the 10 years easily.
Did you ask them about putting your US contributions towards the UK pension? Maybe they don't even look at doing that until you are in UK. |
All times are GMT. The time now is 4:17 am. |
Powered by vBulletin: ©2000 - 2024, Jelsoft Enterprises Ltd.
Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.