tony de wonderful

Would you voluntarily pay if you were working abroad?

Just trying to figure out if it's worth it. I missed 4 years worth when I was working in Oz as it is. Is it worth topping up this?

What do you think?

dpb

How longs a piece of string

piehole1983

iTrader: (7)

No, I wouldn't pay anything if I wasn't in the country.

ReallyReallyGoodMeat

You would if you wanted to move back at some point and want a full state pension.

piehole1983

iTrader: (7)

Id pay if I came back but that's it. Realistically I probably won't see my pension. I'm 31 and the way things are going I'll be dead before I meet the government retirement age. I have a private pension too.

tony de wonderful

I have a SIPP and various funds from the various companies I've worked for, but the state pension is probably the most secure 'scheme' going even if it is small.

ReallyReallyGoodMeat

Fair enough but totally irrelevant to the OP!

john banks

If it is a fixed amount rather than earnings related it is usually a no brainer based on the effective return on investment. Just got my state pension statement and have 19 years at age 40. Everyone gets three from age 16-19 and then 16 years working since uni. You need 35 years for a maximum new state pension.

My wife did low earnings exemption when starting her business, but we are investigating paying it in arrears as she has 16 years at age 41 due to earlier voluntary work, then studying.

£150 a week ish in today's money is not to be sniffed at. They may take it apart, but it is likely unless the country collapses that they would reduce future entitlements gradually. Pensioners are core voters.

Chip

Tony, Either ring them or get an NI statement to find out exactly what you have paid in the past. I thought I was 100% up to date but on enquiring found out I was £700 short of what I should have paid to get max state pension rights etc. I'm not going to pay it though as I won't actually receive the state pension when I'm 65.

https://www.gov.uk/check-national-insurance-record

stevebt

iTrader: (8)

If you dont top it up it will affect how much of a state pension you get in the future if there is one

piehole1983

iTrader: (7)

It's completely relevant. My first post was my view on it and my second was my reasoning. These are my opinions and mine alone. The OP asked opinions from us, I gave mine. Relevant.

I got a letter from HMRC saying I was short in my NI contributions before, the impact was so ridiculously small there was absolutely no point paying the shortfall. I did anyway to keep things right as I still live in the UK. If I moved away and came back some time later I certainly would not pay for the time I was away.

G.Mac

iTrader: (2)

4 years is nothing, as long as you pay in for 30 years you will get a full privileges (if they are worth anything by the time you retire)

Chip

It's 35 years now I think which is why my contributions are a little short.

Midlife......

iTrader: (2)

I've been paying NI for 33 years or so..............I wonder in 2 years time wether the Govt will let me off paying any more. Fat chance !!

Shaun

ReallyReallyGoodMeat

Fine, though at risk of going off a tangent, you used what sounds like your own ill health/lifestyle when reasoning for not bothering, which is why I said your reasoning was not relevant to the OP.

Chip

Shaun, unless your self employed of course then its quite different.

dpb

I topped up 'several' years worth a while back ( hadnt paid in since '95 ) , they said they wont going to chase me for payment of the missing bits

So as long i pay in( dd now ) till im 97 ,i might be able to afford a sandwich every other day when i retire ,if i ive that long

tony de wonderful

Thanks John. That seems to confirm what I thought. I'm ringing HMRC soon to find out where I stand.

Edit: I actually had to ring Dep of work and pensions, and they are sending me a statement, will look at the first.

piehole1983

iTrader: (7)

When I said I'll be dead before I reach pension age I meant the government will have increased the retirement age to about 80

I'm in fact in good health and paying my dues to the government every day and have done since I left school and started working. You could say I'm a little sceptical of whether I'll see a pension or not, that's all.

alcazar

iTrader: (2)

If you contact them, they will give you a rundown of how it's affecting any state pension.

Making it up isn't too difficult and you get out more than it costs, so long as you live a bit beyond pension age.

tony de wonderful

Yeah they (DOWAP) said they would post me a summary first and on it I could find details how how to contact an agent to take it further.

alcazar

iTrader: (2)

Worth doing...I did so when I took early retirement, but only needed a very few payments to top up to maximum, now I don't pay.

tony de wonderful

So I got a letter back from HMRC, I'm missing three years and can cover them by paying ~£600.

Going fwd they seem to be treating me as self-employed (I am not, but I work for an overseas company overseas). I can set up a direct debit to pay around £300 a year Class 2, and £720 a year Class 3. I'm presuming I need to pay the (voluntary) Class 3 to protect my state benefits entitlement?

All in all it doesn't seem that bad to be fair.

dpb

in with tax from april