Paying UK State Pensions Voluntary Contributions from Thailand

[H1w4yR1da]

On 2/15/2020 at 11:09 AM, twix38 said:

Tip. For most if not all any payments made for years before 2016 will not give an extra pension income. You should only make payments for years 2016/17 and onwards.

Can you explain more?

 

There are 3 amounts I could possible receive- A, B or C.

 

A is what I would get now as it stands with no further contributions.

 

B is what I would get if I contributed from this year until retirement.

 

C is what I would get if I contributed for all the years I've missed plus from this year to retirement.

 

C is about 1 third more than B.

 

I'd have to live about 3.5 years past retirement age to get back the any contributions I'd make from missed years.

[steve187]

On 2/16/2020 at 1:20 AM, Pdavies99 said:

Contracting out has no effect under the latest pension calculations for a UK State pension, it is purely 35 years NI contributions for a UK State pension in full.

i collect my state pension next April at 66, my pension will be reduced by about £30 per week, due to contracting out for 9 years, i will have more than 35 years of contributions

 

''the Department for Work and Pensions makes individual deductions from state pensions - known as the Contracted Out Pension Equivalent or COPE'' 

taken from this web page - https://www.thisismoney.co.uk/money/pensions/article-4094526/What-contracting-does-affect-pensions.html

[Jumbo1968]

Just now, steve187 said:

i collect my state pension next April at 66, my pension will be reduced by about £30 per week, due to contracting out for 9 years, i will have more than 35 years of contributions

 

''the Department for Work and Pensions makes individual deductions from state pensions - known as the Contracted Out Pension Equivalent or COPE'' 

taken from this web page - https://www.thisismoney.co.uk/money/pensions/article-4094526/What-contracting-does-affect-pensions.html

The 8 years you contracted out would have been paid into a Private Pension Scheme. I contracted out for a similar time but a colleague didn’t. His State Pension is more than mine but adding my Private Pension to my State Pension there isn’t much difference.

 

[steve187]

1 minute ago, Jumbo1968 said:

The 8 years you contracted out would have been paid into a Private Pension Scheme. I contracted out for a similar time but a colleague didn’t. His State Pension is more than mine but adding my Private Pension to my State Pension there isn’t much difference.

 

yes i do receive a private pension which is far more than the £30 per week my state pension will be reduced by,

 i was replying to a post by pdavies99 that said 

''Contracting out has no effect under the latest pension calculations for a UK State pension, it is purely 35 years NI contributions for a UK State pension in full.''

[Swimfan]

On 2/15/2020 at 8:31 PM, Pdavies99 said:

 

 

(Maybe the UK also might adopt the same rules about non residents as Australia, then you would get nothing!!)

 

 

Not sure where you got that information from ? It’s incorrect. Pension portability is available if you have spent the last 2 years in the country before applying for the pension. For full portability you would have had to work and pay tax for 35 years. If less than 35 years you get pro rata ie if you only worked 25 years  you would only get 25/35ths of the pension 

[sometimewoodworker]

On 2/16/2020 at 8:39 AM, BritManToo said:

I might buy some more years just before my state pension starts, depends on how many years it looks like I have left.

Don’t forget that the years available to buy become more expensive 

[Pdavies99]

4 hours ago, steve187 said:

i collect my state pension next April at 66, my pension will be reduced by about £30 per week, due to contracting out for 9 years, i will have more than 35 years of contributions

 

''the Department for Work and Pensions makes individual deductions from state pensions - known as the Contracted Out Pension Equivalent or COPE'' 

taken from this web page - https://www.thisismoney.co.uk/money/pensions/article-4094526/What-contracting-does-affect-pensions.html

Well you should be getting a contacted out pension for 9 years, in addition to the State Pension??  This is designed to make up the shortfall and if it performed slightly well then you could be better off?

 

It should not make any noticeable difference, and of course you can make a complaint if you feel you were wrongly advised about COPE

[Pdavies99]

4 hours ago, Swimfan said:

Not sure where you got that information from ? It’s incorrect. Pension portability is available if you have spent the last 2 years in the country before applying for the pension. For full portability you would have had to work and pay tax for 35 years. If less than 35 years you get pro rata ie if you only worked 25 years  you would only get 25/35ths of the pension 

Pension rules change on a regular basis and the basis on how Atralian Pension operate has been discussed many times in Parliamrnt, Im not trying to argue...just stating life etc changes...such as how Foreign Widows living overseas now get nothing based on deceased UK husbands Pension, that's a shame.