Roeder-nowhere 10:32 Sat Feb 25
Pension payments
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Been living abroad and have mosses ywara of NI contributions and wondering if it’s worth paying in to make up lost years?
Looking more and more like I won’t return to the UK certainly to make up the quota for a full pension and getting through to the future pensions advice line is impossible as there’s a deadline for payments coming up.
People have told me it’s not worth it, as any lost years I’ll just get pension top ups anyway. And who knows what will change and what the retirement age will be when my time comes. Most likely 71-73 and then what, enjoy 2 years of retirement and I snuff it.
What do ya reckon. I’m leaning towards just paying what I can.
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Replies - In Chronological Order ( Show Newest Messages First)
Far Cough
10:42 Sat Feb 25
Re: Pension payments
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I lived in America for 20 years and never topped up those years and I still got a decent pension
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Roeder-nowhere
10:43 Sat Feb 25
Re: Pension payments
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‘Missed years’ - banana fingers and a phone keyboard don’t mix!
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Roeder-nowhere
10:43 Sat Feb 25
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But not a full UK pension??
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Manuel
10:48 Sat Feb 25
Re: Pension payments
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Nobody can you really advise you on this as everyone's situation is totally different, ie how many years are you missing, can you comfortably afford the contributions, how much do you have in savings, how old are you, what's your health like, do you/will you have a private pension coming in etc, way too much of an open question for anyone to answer.
I believe you can go online and find out how much you have to contribute to qualify for a full pension, so do that then make a judgement on whether or not you think it's worth it based on on the above.
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Far Cough
10:49 Sat Feb 25
Re: Pension payments
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No, not a full pension but not a million miles off of it but made it up with the American pension
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ted fenton
12:05 Sat Feb 25
Re: Pension payments
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My wife is a WASPI woman ( Women Against State Pension Inequality ) and was told the amount she would get when she was 60 but then out of the blue the government increased the pensionable age to 66 so not only did thousands of women not get their pensions at age 60 what they had planned for they found themselves not having enough years for a full pension !!!! I paid £3500 for the short fall ! so talkabout a shambles ..the parliamentry onbudsman has found the DWP guilty of maladministration so we might get some compensation !!
Sorry for going of track but the whole state pension schemes are a fecking mess but I would advise calling the DWP and find out how much it would cost you for a full pension !
Good luck.
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Eerie Descent
12:44 Sat Feb 25
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Sounds like she was STUNG, Ted.
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ted fenton
1:08 Sat Feb 25
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Hahaha
Eerie ;-)
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Hello Mrs. Jones
1:15 Sat Feb 25
Re: Pension payments
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I too have lived abroad most of my life but recently paid the maximum 14 years back payments.
As long as I can stay above ground for 3 1/2 years I'll be ahead.
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Mike Oxsaw
1:24 Sat Feb 25
Re: Pension payments
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If you live abroad:
1. You don't qualify for pension credits (managed by a different department to pensions proper) at all. You also don't qualify for any of the additional hand-outs (cold weather payments, half-pound of butter, Xmas bonus & the like).
2. Your pension is frozen at the rate it was when you first claimed - you don't get any future rises in the basic pension rate. There is a campaign to have this anomaly eradicated but the government are currently in "fingers-in-ears-shouting-la-la-la" mode on this.
If you want all available pension benefits you need to be in a position (main residence) where you spend it all in the UK - even it that disproportionately adds to NHS costs.
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Percy Dalton
1:43 Sat Feb 25
Re: Pension payments
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Ted Fenton
Ditto. Yet another EU directive where once again the UK fell short ie France up in arms for looking to increase the age fro 62 to 64.
My wife was a campaigner and she said there were women that didn't realise that the pension age had been increased six years with no notification.
The fight continues.
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Nagel
1:44 Sat Feb 25
Re: Pension payments
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From what I've read there's a basic rule of thumb that if you live longer than 3 years after you reach pension age then any top ups you've made will be worth it.
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Northern Sold
1:45 Sat Feb 25
Re: Pension payments
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If you not got one I suggest you enroll for your personal tax account
https://www.gov.uk/personal-tax-account
Will show you shortfall years and current and predicted pension calculations.
Also was a very good 90 mins Martin Lewis pension special this week imagine will be on catch up... some really useful information.
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the exile
1:51 Sat Feb 25
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It's going to be even harder to get through to them since Martin Lewis's programme this week. In general I think it's worth making up the payments. But that all depends on how long you're planning to live after retiring and whether you think the whole system is going to collapse in the transition to the New World Order.
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ted fenton
2:01 Sat Feb 25
Re: Pension payments
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Percy Dalton 1:43 Sat Feb 25
The way they have handled this is really disgusting my wife received a letter from DWP saying how much she would get at 60 then heard nothing before finding out the qualifying age was now 66 and as I said in my other post found herself short of a full pension !
Let's our wives get some decent compensation but I won't hold my breath Percy.
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Manuel
2:25 Sat Feb 25
Re: Pension payments
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Mike Oxsaw 1:24 Sat Feb 25
''If you live abroad: Your pension is frozen at the rate it was when you first claimed - you don't get any future rises in the basic pension rate.''
If you live in The Philippines you do get the increases.
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Mike Oxsaw
2:37 Sat Feb 25
Re: Pension payments
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Manuel 2:25 Sat Feb 25
Point taken.
That will because they have a treaty (tax or otherwise) with the UK. Outside the EU (and those may now be ineffective) very few other countries have such an arrangement. Few of the smaller ex-colonies, I expect.
The Philippines was one of the countries I was considering to retire to, but never got the chance to work there and "suss out" the lay of the land.
Don't believe we have any Philippines based posters at the moment, but may have had, back in the .com/night-shift days.
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SecondOpinion
3:12 Sat Feb 25
Re: Pension payments
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Disgusting what this government have done to pensioners over the years. Thankfully I saved into a state and Local Government scheme and recieve two pensions, one of which of couse, is TAXED and that TAX would have helped pay for the energy increases.
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Westside
12:02 Sun Feb 26
Re: Pension payments
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Thankfully I saved into a state and Local Government scheme and recieve two pensions, one of which of couse, is TAXED.
Just like your contributions to the pension schemes, were net of tax relief.
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