UK National Pension - Moving the Goalposts

[12DrinkMore]

I have made up by voluntary contributions the thirty years worth of payments to get a full UK National Pension.

Plans are now afoot in the UK to increase the number of years you have to contribute to thirty five as "collateral damage" when the new "Single Tier Scheme" is introduced. If you have only contributed 30 years then your pension will be proportionally reduced.

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/181237/single-tier-pension-fact-sheet.pdf

This is currently going through parliament and will almost definitely be passed fairly soon. It will be possible to purchase additional years of contributions credits, more information will be published here

http://www.pensionsadvisoryservice.org.uk/state-pensions/voluntary-national-insurance-contributions

[cardholder]

12D - Any reason why this has not been posted on the UK Pensions thread ?

(fortunately, my 35 years have been confirmed - last advice was do nothing until it has passed through parliament. maybe there will credits available?)

[PattayaPhom]

Unless you live till your about 90, you wont get anything anyway Seriously, didn't it use to be 42 years then reduced to 30. Considering most leave school at 16 and work 50 years asking for 35 years isn't that bad. Also isn't there a minimum pension coming in that is paid to everyone with 22 years??? The UK pension doomed. 5 million immigrants in 10 years entitled without paying any contributions, it just isn't sustainable.

[darrendsd]

OP if you don't mind me asking how much did you need to pay for your voluntary contributions for each year?

I need to contact them to start to make the voluntary contributions myself but would be nice to know beforehand how much I am likely to pay

[stranger-in-paradise]

darrendsd. The amount you need to pay for topping up depends on previous contributions. I am presuming that you are already living out of the UK, in which case the International Pensions Centre (link below) can advise on a case by case basis.

https://www.gov.uk/international-pension-centre

[12DrinkMore]

OP if you don't mind me asking how much did you need to pay for your voluntary contributions for each year?

I need to contact them to start to make the voluntary contributions myself but would be nice to know beforehand how much I am likely to pay

There was some special deal going on a few years ago and I paid between (from memory) GBP 200 to GBP 450 to top up to the 30 years I then needed.

The current price is about GBP 600 for each year, but it is worth getting a breakdown of where you currently stand and what options you have to top up, link has been provided by another poster.

[12DrinkMore]

12D - Any reason why this has not been posted on the UK Pensions thread ?

(fortunately, my 35 years have been confirmed - last advice was do nothing until it has passed through parliament. maybe there will credits available?)

Hi,

Didn't realise there was such a thread. I don't spend much time on TV nowadays, had to wean myself off as I was spending far too much time just doing basically FA.

If the mods want to move this topic then fine.

[cardholder]

OP if you don't mind me asking how much did you need to pay for your voluntary contributions for each year?

I need to contact them to start to make the voluntary contributions myself but would be nice to know beforehand how much I am likely to pay

Put yourself down as an International Business Consultant and pay the self-employed rates,

Don't be dumb and pay as an employed person if that is what you were in a previous life.

[HullyGully]

UK NIC - To get a full pension in years 44, then 30 and now 35

[nong38]

12D - Any reason why this has not been posted on the UK Pensions thread ?

(fortunately, my 35 years have been confirmed - last advice was do nothing until it has passed through parliament. maybe there will credits available?)

Hi,

Didn't realise there was such a thread. I don't spend much time on TV nowadays, had to wean myself off as I was spending far too much time just doing basically FA.

If the mods want to move this topic then fine.

In future use the UK pensions thread, look at the top of General Topics and share your knowledge with everyone else who is interested in the topic, 116 pages so far and you might learn something new as well, dont take that the wrong way, we can all benefit.

[yoshiwara]

If the bar is moved 5 years, then it is quite possible that it will be moved in stages as was the London Freedom Pass qualification age.

[sms747]

i know i have at least 37 years but they say only 34 and there appears to be no appeal,

[sms747]

OP if you don't mind me asking how much did you need to pay for your voluntary contributions for each year?

I need to contact them to start to make the voluntary contributions myself but would be nice to know beforehand how much I am likely to pay

Put yourself down as an International Business Consultant and pay the self-employed rates,

Don't be dumb and pay as an employed person if that is what you were in a previous life.

Think that's only about 125 quid a year but what proof do they need?

[jambco984]

Very interesting. Sorry to crash this but would like to read more :-D

[cardholder]

OP if you don't mind me asking how much did you need to pay for your voluntary contributions for each year?

I need to contact them to start to make the voluntary contributions myself but would be nice to know beforehand how much I am likely to pay

Put yourself down as an International Business Consultant and pay the self-employed rates,

Don't be dumb and pay as an employed person if that is what you were in a previous life.

Think that's only about 125 quid a year but what proof do they need?

I believe, only your statement to that effect i.e. declare yourself self-employed. As long as you are paying PAYE with anyone now they have no reason to doubt your statement.

If required (and I doubt it) you could very easily get business letter-headed paper. You can set up a limited company in less than half an hour online.

[cardholder]

Very interesting. Sorry to crash this but would like to read more :-D

It is very relevant to the topic. If you are now required to 'top up' (by virtue of a rule change) then you will want to minimise your outlay.

First, I am not an expert - I just have some experience of the DWP website and NIC's. A couple of links below may get removed so you may have to go the dwp.gov website and play around.

You may even be exempt from paying class 2 contributions:-

http://www.hmrc.gov.uk/forms/cf10.pdf

https://www.gov.uk/national-insurance-classes

https://www.gov.uk/voluntary-national-insurance-contributions

https://www.gov.uk/self-employed-national-insurance-rates

[gmac]

UK NIC - To get a full pension in years 44, then 30 and now 35

I wish they'd make their minds up. When it was 44 I was in a position where I was considering topping my 29 years up a bit. They reduced it to 29 and I thought, that'll do nicely and shelved the additional contributions thought. Now 35....thanks a bunch, can't really afford to top it up now what with the pound now worth rather less than it was a few years back. Time I actually reach the magic 66 (unless they move that again before I get there) they will probably only be paying pensions to immigrants from the EU!

[cardholder]

UK NIC - To get a full pension in years 44, then 30 and now 35

I wish they'd make their minds up. When it was 44 I was in a position where I was considering topping my 29 years up a bit. They reduced it to 29 and I thought, that'll do nicely and shelved the additional contributions thought. Now 35....thanks a bunch, can't really afford to top it up now what with the pound now worth rather less than it was a few years back. Time I actually reach the magic 66 (unless they move that again before I get there) they will probably only be paying pensions to immigrants from the EU!

I will accept an accusation of wearing rose-tinted glasses but I just have this sneaky feeling that they MAY allow credits for someone in your situation (where you are getting closer to the Pension becoming payable).

I base this solely on my conversation with someone in the International Pension Centre (about topping up) and he said don't do anything rash, wait for the final outcome of the bill.

As I said, maybe rose-tinted glasses but I would like to think they might be charitable to those over 60.

[sustento]

Unless you live till your about 90, you wont get anything anyway Seriously, didn't it use to be 42 years then reduced to 30. Considering most leave school at 16 and work 50 years asking for 35 years isn't that bad. Also isn't there a minimum pension coming in that is paid to everyone with 22 years??? The UK pension doomed. 5 million immigrants in 10 years entitled without paying any contributions,

If you haven't paid any contributions you don't get the state pension. More untrue fear-mongering.

[gmac]

UK NIC - To get a full pension in years 44, then 30 and now 35

I wish they'd make their minds up. When it was 44 I was in a position where I was considering topping my 29 years up a bit. They reduced it to 29 and I thought, that'll do nicely and shelved the additional contributions thought. Now 35....thanks a bunch, can't really afford to top it up now what with the pound now worth rather less than it was a few years back. Time I actually reach the magic 66 (unless they move that again before I get there) they will probably only be paying pensions to immigrants from the EU!

I will accept an accusation of wearing rose-tinted glasses but I just have this sneaky feeling that they MAY allow credits for someone in your situation (where you are getting closer to the Pension becoming payable).

I base this solely on my conversation with someone in the International Pension Centre (about topping up) and he said don't do anything rash, wait for the final outcome of the bill.

As I said, maybe rose-tinted glasses but I would like to think they might be charitable to those over 60.

I suspect they would gladly accept my additional contributions if I could afford them. Not so certain about them having anything left to pay me when I reach pension age. Still 8 years to go!

[PattayaPhom]

Unless you live till your about 90, you wont get anything anyway Seriously, didn't it use to be 42 years then reduced to 30. Considering most leave school at 16 and work 50 years asking for 35 years isn't that bad. Also isn't there a minimum pension coming in that is paid to everyone with 22 years??? The UK pension doomed. 5 million immigrants in 10 years entitled without paying any contributions,

If you haven't paid any contributions you don't get the state pension. More untrue fear-mongering.

Your nics are paid if you claim out of work benefits, therefor you do not need to have worked and paid any tax or nics to claim the state pension. Scare mongering no!. fact that most UK nationals now have to work at least one year longer to pay pensions for people from far flung places is a fact.

[sustento]

Unless you live till your about 90, you wont get anything anyway Seriously, didn't it use to be 42 years then reduced to 30. Considering most leave school at 16 and work 50 years asking for 35 years isn't that bad. Also isn't there a minimum pension coming in that is paid to everyone with 22 years??? The UK pension doomed. 5 million immigrants in 10 years entitled without paying any contributions,

If you haven't paid any contributions you don't get the state pension. More untrue fear-mongering.

Your nics are paid if you claim out of work benefits, therefor you do not need to have worked and paid any tax or nics to claim the state pension. Scare mongering no!. fact that most UK nationals now have to work at least one year longer to pay pensions for people from far flung places is a fact.

In order to get a full state pension you need to have 30 years worth of contributions. How many people do you know that have been on the dole for 30 years?

The reason that ALL people entitled to a state pension in the UK are having to work longer is because people are living longer not because they have to pay pensions to 'people from far flung places'.

[denby45]

The figure is about £4:11 per week (£144/35) for every year you have been paying contributions. If you back pay through voluntary contributions and you can get away with class 2 then your investment on a yearly basis is:

(£2.70 * 52) £140 which pays you (£4.11*52) £214 every year in retirement. (I don't think there is any sliding scale but I might be wrong)

What's not to like, try to find a better investment than that anywhere else.

Den

Edited September 4, 2013 by denby45

[LongTimeLurker]

In order to get a full state pension you need to have 30 years worth of contributions. How many people do you know that have been on the dole for 30 years?

The reason that ALL people entitled to a state pension in the UK are having to work longer is because people are living longer not because they have to pay pensions to 'people from far flung places'.

Lots

[cardholder]

UK NIC - To get a full pension in years 44, then 30 and now 35

I wish they'd make their minds up. When it was 44 I was in a position where I was considering topping my 29 years up a bit. They reduced it to 29 and I thought, that'll do nicely and shelved the additional contributions thought. Now 35....thanks a bunch, can't really afford to top it up now what with the pound now worth rather less than it was a few years back. Time I actually reach the magic 66 (unless they move that again before I get there) they will probably only be paying pensions to immigrants from the EU!

I will accept an accusation of wearing rose-tinted glasses but I just have this sneaky feeling that they MAY allow credits for someone in your situation (where you are getting closer to the Pension becoming payable).

I base this solely on my conversation with someone in the International Pension Centre (about topping up) and he said don't do anything rash, wait for the final outcome of the bill.

As I said, maybe rose-tinted glasses but I would like to think they might be charitable to those over 60.

I suspect they would gladly accept my additional contributions if I could afford them. Not so certain about them having anything left to pay me when I reach pension age. Still 8 years to go!

I think their credit rating is significantly higher than yours gmac !!

[sustento]

In order to get a full state pension you need to have 30 years worth of contributions. How many people do you know that have been on the dole for 30 years?

The reason that ALL people entitled to a state pension in the UK are having to work longer is because people are living longer not because they have to pay pensions to 'people from far flung places'.

Lots

How many is 'lots'? I suspect it may be a j number.