UK national insurance/pension advice...

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elder

elder

Striker
i left blighty ages ago but i've just read an article that says there's a National Insurance top-up scheme which closes next April, the premise being if (like me) you don't have at least 10 years NI contributions you can 'buy' enough to top them up and so qualify for the basic state pension when you retire. I reckon i've paid in for around 8 or 9 years, so just a bit less than the requirement.

they say that you can only top up for the previous 6 years so i would only need to buy one or two years to get up to the 10, even though i didn't work in the UK for any of those tax years as the 10 years don't have to be concurrent. does that make sense, is correct?

The other thing is how do you find out if you are 'opted in' or 'out' as i believe that might impact the actual pension amount you receive..?? And if you are opted out how do you opt back in.? i'm not sure if i am or not but remember when i was working in the UK that was all the rage (opting out).

all abuse and sensible responses welcome.
 


elder said:
i left blighty ages ago but i've just read an article that says there's a National Insurance top-up scheme which closes next April, the premise being if (like me) you don't have at least 10 years NI contributions you can 'buy' enough to top them up and so qualify for the basic state pension when you retire. I reckon i've paid in for around 8 or 9 years, so just a bit less than the requirement.

they say that you can only top up for the previous 6 years so i would only need to buy one or two years to get up to the 10, even though i didn't work in the UK for any of those tax years as the 10 years don't have to be concurrent. does that make sense, is correct?

The other thing is how do you find out if you are 'opted in' or 'out' as i believe that might impact the actual pension amount you receive..?? And if you are opted out how do you opt back in.? i'm not sure if i am or not but remember when i was working in the UK that was all the rage (opting out).

all abuse and sensible responses welcome.
Click to expand...
Bugger me. I bet you save your illnesses up till your home as well, nee wonder the countries fucked
 
elder said:
i left blighty ages ago but i've just read an article that says there's a National Insurance top-up scheme which closes next April, the premise being if (like me) you don't have at least 10 years NI contributions you can 'buy' enough to top them up and so qualify for the basic state pension when you retire. I reckon i've paid in for around 8 or 9 years, so just a bit less than the requirement.

they say that you can only top up for the previous 6 years so i would only need to buy one or two years to get up to the 10, even though i didn't work in the UK for any of those tax years as the 10 years don't have to be concurrent. does that make sense, is correct?

The other thing is how do you find out if you are 'opted in' or 'out' as i believe that might impact the actual pension amount you receive..?? And if you are opted out how do you opt back in.? i'm not sure if i am or not but remember when i was working in the UK that was all the rage (opting out).

all abuse and sensible responses welcome.
Click to expand...


I am in a similar situation.
You can check your current retirement pension online on the DWP website.
I did this earlier this year and found I only had 6 or 7 full contribution years. However, if i pay a voluntary contributions for the next 10 years i will be entitled to a state pension of £130 per week.
I also have the option of paying a lumper of around £7,500 which will give me another 6 or 7 years credits. This will increase my weekly pension to potentially £150 per week.
My financially savvy mates think this is a no brainer though I can't see it.
FWIW the people at Longbenton are very helpful. Just give them a call.
 
lostinfrance said:
I am in a similar situation.
You can check your current retirement pension online on the DWP website.
I did this earlier this year and found I only had 6 or 7 full contribution years. However, if i pay a voluntary contributions for the next 10 years i will be entitled to a state pension of £130 per week.
I also have the option of paying a lumper of around £7,500 which will give me another 6 or 7 years credits. This will increase my weekly pension to potentially £150 per week.
My financially savvy mates think this is a no brainer though I can't see it.
FWIW the people at Longbenton are very helpful. Just give them a call.
Click to expand...

I'll be happy to get up to the 10 years and take that... i'm sure by the time i retire the'll have changed the age of entitlement to around 75 so we'll all be dead anyway.
 
Interesting thread. Can you add voluntary contributions to take you up to the 30yrs and claim the UK pension even though you are are also claiming a pension abroad ( in this case Ireland)?
 
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