Savings Plan / Pension Plan

[TheAceFace]

Although I am way off being able to retire, I would like to start a new private fund that differs from my company one. Can any of you guy's recommend a good secure way to do this from Thailand with a reputable company.

This is all new to me so any advice (Do's...Don'ts) would be appreciated.

Ace

[sweetchariot]

You don't give enough info to offer advice. Are you working offshore or for a Thai firm? Is your company scheme defined benefit or defined contribution? How old are you?

DO: check out your company scheme and see if there is any room for addittional voluntary contributions (AVC's).

DON'T: start investing in a private retirement scheme as you will get hammered with set up costs, and be at the mercy of their annuity rates when you do retire.

This is an area that I used to specialise in, PM me if you want some advice. I don't work anymore and am not looking for a commission payoff, I have just seen too many people in your situation get ripped off by unscrupulous 'advisors', and they are starting to make a foothold over here too.

[ashacat]

DON'T: start investing in a private retirement scheme as you will get hammered with set up costs, and be at the mercy of their annuity rates when you do retire.

What do you class as a "private retirement scheme"?

[TheAceFace]

You don't give enough info to offer advice. Are you working offshore or for a Thai firm? Is your company scheme defined benefit or defined contribution? How old are you?

DO: check out your company scheme and see if there is any room for addittional voluntary contributions (AVC's).

DON'T: start investing in a private retirement scheme as you will get hammered with set up costs, and be at the mercy of their annuity rates when you do retire.

This is an area that I used to specialise in, PM me if you want some advice. I don't work anymore and am not looking for a commission payoff, I have just seen too many people in your situation get ripped off by unscrupulous 'advisors', and they are starting to make a foothold over here too.

Hi SweetC

Thanks for the reply.

I am 32 living in Pattaya with the missus and kids, I work off-shore. The company pension / savings plan is good to be honest plus they offer a share scheme. However I was just looking into the possibility of setting a private one up, and is it worth it....judging by your advice I may steer clear. Like I said I am just playing with the idea of where to put some spare cash each month (where it would gain interest and be secure) so I can not touch it. The Thai Banks interest rates are woeful.

I defo don't want ripping off, maybe we can catch up for a chat over a beer when Im back from off-shore.

[BEENTHEREDONETHAT]

If you are willing to settle for like 8% you can open a New Zealand account and buy a term deposit and add to your account whenever you like. There is no tax but a 2% of the interest earned fee. Which is very reasonable. You can set it up in NZ or Singapore.

The down side (or up side) is the currency fluxuation between NZ and wherever you want to use the money. I've been doing it for quite a few years and have gained a bit on the currency fluxuation.

8% grows pretty fast if you leave it alone.Doubles in 9 years. aaa secure depending on the bank you choose.

Good Luck with it.

[TheAceFace]

If you are willing to settle for like 8% you can open a New Zealand account and buy a term deposit and add to your account whenever you like. There is no tax but a 2% of the interest earned fee. Which is very reasonable. You can set it up in NZ or Singapore.

The down side (or up side) is the currency fluxuation between NZ and wherever you want to use the money. I've been doing it for quite a few years and have gained a bit on the currency fluxuation.

8% grows pretty fast if you leave it alone.Doubles in 9 years. aaa secure depending on the bank you choose.

Good Luck with it.

Thanks for the info, can the above be set up online?

[sweetchariot]

DON'T: start investing in a private retirement scheme as you will get hammered with set up costs, and be at the mercy of their annuity rates when you do retire.

What do you class as a "private retirement scheme"?

I mean a private pension plan, which is the first thing any financial advisor would be duty bound to recommend by their regulator, to someone asking such a question. These type of schemes whilst they do offer certain tax breaks, are very expensive to administer, and are usually invested in passively managed funds which woefully underperform.

To TheAceFace, PM me when you get back to Pattaya, there are too many questions remaining before I can offer an answer.

[GuestHouse]

Having started to save for your pension before 32 years old and now contemplating increasing your savings you are in a great position to build a retirement fund.

Advice regarding the set up costs of private pension funds is correct, though the need to buy annuities can not be avoided.

I'd start by enquiring if you can pay AVCs to your existing company pension and if so does the company help with the administration costs.

Then take a look at stock market based investment funds, these are available off shore and so free of taxes.

At 32 years old and on the expectation that you would work through your high earning years, say to 55 then you have a long period in which your investments can grow.

An advantage of looking at investments away from your employers is that you are not putting all your eggs in one basket - buying substantial amounts of stock in your employer, while perhaps a cheap buy is putting your life savings where you earn your daily bread.

----

As an observation, stating that you have money to invest on here has probably set you up for a host of Private Messages from people willing to help.

I'd advise you seek advice from a financial advisor in a 'REGULATED' jurisdiction - ie Singapore or back where ever home is. Estate Agents, Used Car Salesmen and Investment Brokers are all out of the same mold - Here in Thailand there is no regulation - So do your business elsewhere.

[sweetchariot]

I don't know if Guesthouse was referring to me, but as I stated previously, I am not working now, and was only offering a bit of friendly advice.

My rates are only 3 beers an hour, and I would be able to help anyone avoid the many pitfalls they may encounter when they do consult a professional.

BTW I just checked the FSA website in the UK, and I am still on the register, so I am 'regulated'

[TheAceFace]

Thanks to all for the advice. Much appreciated.

Guesthouse, thanks for your input. Im originally from the UK but my home now is here. Would be looking to set something up in Asia, Singapore or HK maybe an option.

SweetC I will take you up on the 3 beers when I get back.

Thanks again guy's...great help.

[Misty]

I mean a private pension plan, which is the first thing any financial advisor would be duty bound to recommend by their regulator, to someone asking such a question.

I'd agree that that's the first thing a salesman would feel bound to recommend in order to receive the commission stream. But to be honest, I've never heard of a regulator requiring an advisor to sell anything other than advice. Especially not requiring the sale of high commission products.

[Misty]

BTW I just checked the FSA website in the UK, and I am still on the register, so I am 'regulated'

Hi Sweet Chariot, just curious--how does the FSA regulate you here in Thailand, and in what capacity are you regulated?

[samran]

Having started to save for your pension before 32 years old and now contemplating increasing your savings you are in a great position to build a retirement fund.

Advice regarding the set up costs of private pension funds is correct, though the need to buy annuities can not be avoided.

I'd start by enquiring if you can pay AVCs to your existing company pension and if so does the company help with the administration costs.

Then take a look at stock market based investment funds, these are available off shore and so free of taxes.

At 32 years old and on the expectation that you would work through your high earning years, say to 55 then you have a long period in which your investments can grow.

An advantage of looking at investments away from your employers is that you are not putting all your eggs in one basket - buying substantial amounts of stock in your employer, while perhaps a cheap buy is putting your life savings where you earn your daily bread.

----

As an observation, stating that you have money to invest on here has probably set you up for a host of Private Messages from people willing to help.

I'd advise you seek advice from a financial advisor in a 'REGULATED' jurisdiction - ie Singapore or back where ever home is. Estate Agents, Used Car Salesmen and Investment Brokers are all out of the same mold - Here in Thailand there is no regulation - So do your business elsewhere.

GH

You've written on this before. Given the OP is a British National, haven't you once said that it is worth while making voluntary contributions to your NI so that you evenutually qualify for the state pension? While it shouldn't be your only option, it does make sense to have this as well, given voluntary contributions are quite small.

[samran]

Although I am way off being able to retire, I would like to start a new private fund that differs from my company one. Can any of you guy's recommend a good secure way to do this from Thailand with a reputable company.

This is all new to me so any advice (Do's...Don'ts) would be appreciated.

Ace

Check out the long term funds and retirment funds offered by the likes of ING Thailand and Aberdeen Funds management. Both are reputable firms.

Either of these have tax benefits of allowing you to invest a certain portion of your income before tax. Management costs here are low and buyin levels are affordable.

[pkrv]

Having started to save for your pension before 32 years old and now contemplating increasing your savings you are in a great position to build a retirement fund.

Advice regarding the set up costs of private pension funds is correct, though the need to buy annuities can not be avoided.

I'd start by enquiring if you can pay AVCs to your existing company pension and if so does the company help with the administration costs.

Then take a look at stock market based investment funds, these are available off shore and so free of taxes.

At 32 years old and on the expectation that you would work through your high earning years, say to 55 then you have a long period in which your investments can grow.

An advantage of looking at investments away from your employers is that you are not putting all your eggs in one basket - buying substantial amounts of stock in your employer, while perhaps a cheap buy is putting your life savings where you earn your daily bread.

----

As an observation, stating that you have money to invest on here has probably set you up for a host of Private Messages from people willing to help.

I'd advise you seek advice from a financial advisor in a 'REGULATED' jurisdiction - ie Singapore or back where ever home is. Estate Agents, Used Car Salesmen and Investment Brokers are all out of the same mold - Here in Thailand there is no regulation - So do your business elsewhere.

GH

You've written on this before. Given the OP is a British National, haven't you once said that it is worth while making voluntary contributions to your NI so that you evenutually qualify for the state pension? While it shouldn't be your only option, it does make sense to have this as well, given voluntary contributions are quite small.

NO! Your UK state pension is frozen over the remainder of you life if you move outside of the EU and 'some' other countries MP's decide to retire in. In 30 years time how much will 60 GBP per week afford? - Agreed if the law changes then YES! - but now NO!

[malcolminthemiddle]

I was in a similar situation some years back and I did use the services of a reputable local (BKK) financial adviser. Not to sell me a product but to research the market to provide a comparative short list of tax free retirement plans designed specifically for expats.

With my advisors help, I then chose the best plan for me. I then asked the provider to give me the historical unit selling price of every fund as a pre-condition before signing up. So that once the plan was set up, I could track each funds performance and make my own decisions on which units I would buy with my regular contributions.

Some key points.

• Buying an annuity from the provider is not a precondition of my plan.

• I have nearly 80 funds to choose from in all the major currencies and investment sectors.

• Current unit prices are available online and updated every day.

• I update my fund tracking system every 2 weeks, takes about 30 minutes each time.

• Switches between these different funds is free.

• I am contracted to a specific period with a minimum monthly contribution.

• Currency and level of contribution can be changed at any time providing contribution stays within contractual minimum.

• Contribution holidays are permitted.

• After the initial period, I think it was one year,I can withdraw funds anytime. Providing the plan maintains the contractual minimum there is no penalty.

• Management and set up fees are proportional to service and performance.

• It takes a few years to build up sufficient funds to allow meaningful switching between the different funds and currencies.

• The plan follows me wherever I go.

• I am not regulated, just a consumer trying to protect my interests the best I can.

Hope this helps.

[pkrv]

I was in a similar situation some years back and I did use the services of a reputable local (BKK) financial adviser. Not to sell me a product but to research the market to provide a comparative short list of tax free retirement plans designed specifically for expats.

With my advisors help, I then chose the best plan for me. I then asked the provider to give me the historical unit selling price of every fund as a pre-condition before signing up. So that once the plan was set up, I could track each funds performance and make my own decisions on which units I would buy with my regular contributions.

Some key points.

• Buying an annuity from the provider is not a precondition of my plan.

• I have nearly 80 funds to choose from in all the major currencies and investment sectors.

• Current unit prices are available online and updated every day.

• I update my fund tracking system every 2 weeks, takes about 30 minutes each time.

• Switches between these different funds is free.

• I am contracted to a specific period with a minimum monthly contribution.

• Currency and level of contribution can be changed at any time providing contribution stays within contractual minimum.

• Contribution holidays are permitted.

• After the initial period, I think it was one year,I can withdraw funds anytime. Providing the plan maintains the contractual minimum there is no penalty.

• Management and set up fees are proportional to service and performance.

• It takes a few years to build up sufficient funds to allow meaningful switching between the different funds and currencies.

• The plan follows me wherever I go.

• I am not regulated, just a consumer trying to protect my interests the best I can.

Hope this helps.

SIPP?

[William Osborne]

open an online brokerage account and invest in some blue-chip stocks, spread it around in big O&G and metal/mining companies. Working in the industry you know the stuff comes out of the ground so they are always going to make money.

Do some research on motley fool.com, (being offshore i assume you have plenty of time on your hands).

I had a bunch of euros invested in mutual funds back in my home bank and its down over 30% due to the idiots i trusted with my money put it mostly into bank stocks which are worthless at the moment. Monkeys would have done a better job throwing darts at board so i decided i could do better myself

As for expat financial advisers in Thailand, at best they are only commission whores..

Edited June 17, 2008 by William Osborne

[AFKAFSinLOS]

Given you already have some pension provisions in the UK, and are looking for "top-ups":

- Ignore any advice about paying voluntary NI to get a pension for someone your age. That info is outdated. NI is worth considering for health, but not for UK state pensions at your age. You only need 30 years for the maximum UK pension (previously 44), anything you pay above that is wasted. You can only take the pension when you are 68 - assuming you live that long. Plus it dies with you! Doesn't take a genius to work out that 68 - 30 = 38years old, so you don't have to think before that, though people still insist on quoting this old chestnut... If you had never paid before and start now you would have paid the max by 62. You then have to wait 6 years. Increases in state pensions and therefor returns in those 6 years are poor. My guess is you've paid several years already so would finish even earlier. BTW you can also buy back years at a later date if need be. Better to build you money elsewhere first.

- Adding to UK pensions is an option, and not too bad sometimes. But rarely the best, given pensions are taxable when you take them, and inflexibly at the whim of governments. eg can't now take until 55. Do you really want your money tied up for 23 years then taxble? Also once you start drawing them, they usually die with you rather than being passed on in full to your family. At best there might be a reduced widow's pension. AVCs are also outdated - unless you can buy extra defined benefits/year. Go for a low cost SIPP rather than AVC, if you must go this direction.

- There are offshore investments that are more tax efficient, and more flexible than UK pernsions, but beware IFA sharks and high cost plans.

Within Thailand specifically:

- Samran's suggestion on Long Term Equity Funds in Thailand is very good if you are base here. UK pensions cannot compare with an LTEF in terms of tax efficiency or flexibility. Invest up to THB 500k a year, and get tax relief up front at your marginal rate. For a 37% tax payer, you effectively get THB 185k out of your THB 500k from the Thai Revenue. All you have to do is hold for the period. Hold for 5 years (you can actually work this to 3 years 2 days) and after that your money is tax free. Unlike UK pensions that are taxable when you take them. Also you don't have to wait until 55 unlike the UK crap rules. Take out each year, and then you have regular amounts maturing each year after 5 years, which you can just leave running, or take as needed. Or you can cheekily reinvest (still up to the 500k p.a. limit), and end up with tax relief on tax relief!

- Samran's suggestion on Retirement Mutual Funds (RMFs) might be worth considering, for the tax relief. They are similar to UK pensions. That brings similar disadvantages tho' - you can only take at 55, and generally less choice than UK pensions. Biggest advantage over the UK is that you can take the whole amount eventually in cash, rather than be forced into annuities that die with you in the UK. The other main advantage would be THB based so you might eliminate currency risk if based here.

- After LTF's: Consider generally mutual funds here for you, your wife and your children given the long time frame. Up front charges are often low. The investments are flexible, and these days there is a wide range from world equities, Thai equities, fixed income, cash funds, commodity funds etc. There is no capital gains tax (unlike UK). For a child under 18, the investment will be shown as: "Child's name by parent's/your name" - you can control it until they are 18. These also help keep out of the greedy inheritance tax claimers in the UK.

Edited June 18, 2008 by AFKAFSinLOS

[GuestHouse]

- Ignore any advice about paying voluntary NI to get a pension for someone your age. That info is outdated. NI is worth considering for health, but not for UK state pensions at your age. You only need 30 years for the maximum UK pension (previously 44), anything you pay above that is wasted. You can only take the pension when you are 68 - assuming you live that long. Plus it dies with you! Doesn't take a genius to work out that 68 - 30 = 38years old, so you don't have to think before that, though people still insist on quoting this old chestnut... If you had never paid before and start now you would have paid the max by 62. You then have to wait 6 years. Increases in state pensions and therefor returns in those 6 years are poor. My guess is you've paid several years already so would finish even earlier. BTW you can also buy back years at a later date if need be. Better to build you money elsewhere first.

Here we go again....

On the basis that the OP has almost certainly paid some yeas of NI towards his UK State Pension then continung to do so at the reduce rates allowed under voluntary contributions is a bargain. Something like three hundred ponds a year for 30 years (minus years already paid) gives access to a full state pension - Go ask around and see where you can get that return on investment elsewhere.

Advice to put of payment is also 'suspect' - Rght now the OP is allowed to pay into the system from overseas, this has been questioned in discussion on pension reform and therefore should not be taken as a right that will always exist.

---

Anyway, over to the Naysayers, come up with the goods and show us that investment that guarantees the same return as Voluntary Contributions to a UK pension. (for the life of the pensioner and where he has registered his marrige for his spouse too).

[samran]

Anyway, over to the Naysayers, come up with the goods and show us that investment that guarantees the same return as Voluntary Contributions to a UK pension. (for the life of the pensioner and where he has registered his marrige for his spouse too).

5 pounds per week till retirement paid in now for a 60 pound per week return when you retire. Sounds like a good deal.

[pkrv]

- Ignore any advice about paying voluntary NI to get a pension for someone your age. That info is outdated. NI is worth considering for health, but not for UK state pensions at your age. You only need 30 years for the maximum UK pension (previously 44), anything you pay above that is wasted. You can only take the pension when you are 68 - assuming you live that long. Plus it dies with you! Doesn't take a genius to work out that 68 - 30 = 38years old, so you don't have to think before that, though people still insist on quoting this old chestnut... If you had never paid before and start now you would have paid the max by 62. You then have to wait 6 years. Increases in state pensions and therefor returns in those 6 years are poor. My guess is you've paid several years already so would finish even earlier. BTW you can also buy back years at a later date if need be. Better to build you money elsewhere first.

Here we go again....

On the basis that the OP has almost certainly paid some yeas of NI towards his UK State Pension then continung to do so at the reduce rates allowed under voluntary contributions is a bargain. Something like three hundred ponds a year for 30 years (minus years already paid) gives access to a full state pension - Go ask around and see where you can get that return on investment elsewhere.

Advice to put of payment is also 'suspect' - Rght now the OP is allowed to pay into the system from overseas, this has been questioned in discussion on pension reform and therefore should not be taken as a right that will always exist.

---

Anyway, over to the Naysayers, come up with the goods and show us that investment that guarantees the same return as Voluntary Contributions to a UK pension. (for the life of the pensioner and where he has registered his marrige for his spouse too).

A good response - I agree nothing is fixed in stone - However it must be recognised that there is a battle being fought over this one. If won then all is well and I agree. BUT the battle has most definitly not been won. Couple this with there may not be enough money to pay for lower level civil servents pensions in future (they are not on the same scheme as say high court judges or MP's). Will the battle be won? It is a gamble, is it not?

[pkrv]

- Ignore any advice about paying voluntary NI to get a pension for someone your age. That info is outdated. NI is worth considering for health, but not for UK state pensions at your age. You only need 30 years for the maximum UK pension (previously 44), anything you pay above that is wasted. You can only take the pension when you are 68 - assuming you live that long. Plus it dies with you! Doesn't take a genius to work out that 68 - 30 = 38years old, so you don't have to think before that, though people still insist on quoting this old chestnut... If you had never paid before and start now you would have paid the max by 62. You then have to wait 6 years. Increases in state pensions and therefor returns in those 6 years are poor. My guess is you've paid several years already so would finish even earlier. BTW you can also buy back years at a later date if need be. Better to build you money elsewhere first.

Here we go again....

On the basis that the OP has almost certainly paid some yeas of NI towards his UK State Pension then continung to do so at the reduce rates allowed under voluntary contributions is a bargain. Something like three hundred ponds a year for 30 years (minus years already paid) gives access to a full state pension - Go ask around and see where you can get that return on investment elsewhere.

Advice to put of payment is also 'suspect' - Rght now the OP is allowed to pay into the system from overseas, this has been questioned in discussion on pension reform and therefore should not be taken as a right that will always exist.

---

Anyway, over to the Naysayers, come up with the goods and show us that investment that guarantees the same return as Voluntary Contributions to a UK pension. (for the life of the pensioner and where he has registered his marrige for his spouse too).

A good response - I agree nothing is fixed in stone - However it must be recognised that there is a battle being fought over this one. If won then all is well and I agree. BUT the battle has most definitly not been won. Couple this with there may not be enough money to pay for lower level civil servents pensions in future (they are not on the same scheme as say high court judges or MP's). Will the battle be won? It is a gamble, is it not?

Opps I should have added I think that if you are a Civil Servant in the UK it looks like your pension will be indexed linked (was it up by about 50p per week last year? I forget) if you move to say Thailand. It is all very confusing and must cost an arm and a leg to administer (probably far more than is saved).

(Apologies for the typos in the previous post I am actually slightly dyslexic.)

Edited June 19, 2008 by pkrv

[Firefan]

Aceface; we already know each other, and I can give you free advise too. I am also not selling anything.

I know nothing about UK tax/pension payments - but sounds like a good deal to look into first.

If you are non-taxable in the UK there is really no need to open fancy "wrapper", "life insurance" or similar products from Skandia Etc. which is what most "financial advisors" sell here (fattest commissions/loads, extra layer of fees, restrictions/penalties on pulling out, tied to certain payment plan for years Etc.).

Instead follow the advise of other poster here; open an online discount broker account outside UK, purchase a few funds or ETFs (be it indexed or not), and rebalance when new money has reached a resonable level.

What funds/ETFs? Well that depends on risk tolerance Etc. Here is one listed in the US (which most online brokers will have access to) that covers the whole world stock market in 1 buy and with low expense ratio: http://www.four-pillars.ca/2008/04/07/new-...x-fund-and-etf/

There are similar ETFs out there for bonds/commodities Etc.

Cheers!

[BEENTHEREDONETHAT]

If you are willing to settle for like 8% you can open a New Zealand account and buy a term deposit and add to your account whenever you like. There is no tax but a 2% of the interest earned fee. Which is very reasonable. You can set it up in NZ or Singapore.

The down side (or up side) is the currency fluxuation between NZ and wherever you want to use the money. I've been doing it for quite a few years and have gained a bit on the currency fluxuation.

8% grows pretty fast if you leave it alone.Doubles in 9 years. aaa secure depending on the bank you choose.

Good Luck with it.

Thanks for the info, can the above be set up online?

Sorry for the delay in getting back to you on this. If you want to set it up in New Zealand it requires a trip there to do it and it cannot be done on line.

Affraid I don't know much about the requirements for setting it up in Singapore but I think Naam can provide you with that information. If he dosen't respond to this you can PM him and I'm sure it would respond.

Good luck in whatever you choose. If you want to figure out what inflation will do to your money check this for a quick and easy calculation. Don't know a thing about the Co. providing it.

http://inflationdata.com/inflation/Retirem..._Calculator.asp

[sweetchariot]

I'd agree that that's the first thing a salesman would feel bound to recommend in order to receive the commission stream. But to be honest, I've never heard of a regulator requiring an advisor to sell anything other than advice. Especially not requiring the sale of high commission products.

I didn't say sell, I said advise. The regulator will require that product groups are recommended in a certain heirarchy depending on many factors such as tax efficiency, risk, cost etc., plus the individuals particular circimstances. For someone in the OP's position this would almost always be some kind of formal retirement planning as number 1, regardless of the commission/ inflexibilty etc.

Out here there is no regulation, it was a flip comment really.

Hi Sweet Chariot, just curious--how does the FSA regulate you here in Thailand, and in what capacity are you regulated?

As I said previously I am not working, and haven't been for nearly 3 years, but I am still on the register for some strange reason.

[Misty]

I didn't say sell, I said advise. The regulator will require that product groups are recommended in a certain heirarchy depending on many factors such as tax efficiency, risk, cost etc., plus the individuals particular circimstances. For someone in the OP's position this would almost always be some kind of formal retirement planning as number 1, regardless of the commission/ inflexibilty etc.

Out here there is no regulation, it was a flip comment really.

Hi Sweet Chariot, just curious--how does the FSA regulate you here in Thailand, and in what capacity are you regulated?

As I said previously I am not working, and haven't been for nearly 3 years, but I am still on the register for some strange reason.

Okay, I get it--you're referring to what the UK's FSA requires. I guess the confusion came about regarding the term "regulator" which I took to mean "every regulator" rather then just the FSA. Not sure about other countries, but the US doesn't have a required hierarchy like this.

In Thailand there are laws, regulation, and a regulator. Sounds like there's little enforcement though!

Okay, and got it that the FSA's register is just out of date. So the FSA isn't trying to regulate you now for any advice you might give in Thailand to Thai residents.

[TheAceFace]

Thanks for the replies guy's, some excellent advice.

FF, Ive moved from BKK now and Im based in Pattaya, give us a shout when you visit.

GuestHouse....thanks again. Regarding the UK NI and pension, I started work at 16, and paid my taxes and NI up until my company sent me to work is Auz, I was 22 at the time, upon working in Auz I ceased paying my tax and NI as I was on the Auz companies books and paying Auz tax.

As another poster said.....I thought I would'nt be able to pay contributions to the UK as its been a while since I have been back / or paid anything there, as I have always lived and worked outside the UK for the past 9 yrs. Does anybody have a contact email where I could enquire about getting my payments started again to be able to qualify for a UK penison? Seems a good deal for the returns.

Thanks again folks.

[GuestHouse]

This PDF Document from the UK Pension Service Explains "Voluntary National Insurance Payments" - at the bottom of Page 3 there are details of who to contact to get a pension forecast.

UK National Insurance - Voluntary NI Payments

[pkrv]

Thanks for the link GuestHouse - interesting information. A very odd tip for those who are UK based is if you are out of work it is incredibly important to sign on to unemployment benefit. Although the money it brings in is relatively small the key thing is that your National Insurance contributions are paid. So if you are in and out of work 'time off' can mount up. I note you need 44 years worth of contributions to get the full benefit (if a man).

Edited June 20, 2008 by pkrv