Author Topic: Voluntary NI contributions - new legislation?  (Read 3089 times)

0 Members and 1 Guest are viewing this topic.

Offline lindacarl

  • Pontypool - which is in WALES not England
  • Sr. Member
  • ****
  • Posts: 2235
  • Location: United Kingdom
Voluntary NI contributions - new legislation?
« on: September 03, 2006, 13:28:05 PM »
Hi All
I briefly caught something on TV - didn't see it all - that said to look closely at whether you pay voluntary NI contributions from this year on as new legislation means it might be money down the drain.

Something to do with a white paper in May. Does anyone know any further?

ALSO When we come over can I continue to pay at lower self employed rate OR do I have to pay more?

Carl has no entitlement at moment to pension, can't seem to get info. on whether he should maybe claim a small pension on my contributions (is that possible if we live abroad?) or whether he should continue to pay on a voluntary basis.

Any info. appreciated.

Linda



Offline lindacarl

  • Pontypool - which is in WALES not England
  • Sr. Member
  • ****
  • Posts: 2235
  • Location: United Kingdom
Voluntary NI contributions - new legislation?
« Reply #1 on: September 03, 2006, 13:43:03 PM »
http://news.bbc.co.uk/2/hi/business/5301710.stm

Just found this - it'll probably make interesting reading for lots of you already over there & those who are thinking of going. Let's hope it comes in!

Still need to know about Carl - if anyone knows?

Offline pegs

  • Jr. Member
  • **
  • Posts: 59
  • Location:
Voluntary NI contributions - new legislation?
« Reply #2 on: December 12, 2006, 14:18:14 PM »
if you are still registered self employed you are liable to pay SE conts. You need to look a getting a pension forecast done by newcastle to see if it is worth paying voluntary conts or not, remember they only qualify you for Retirement pension (RP) you cannot claim any other benefits from them, see what you have already paid to the government ( your pension forecast will tell you), how many years you have left until you retşre and it may be worth enquiring paying into a low risk endowment scheme or private pension scheme if you are SE.You cannot pay voluntary and SE conts at the same time to enhance your RP
Retirement pension is payable abroad, but sometimes it is frozen depending on the country you are in, in other words you don,t automatically get the annual increase in April. Conditions are changing with turkey rapidly over benefit agreements and it could all change a few times before you claim your RP depending on how you long you have to go.
Get a pension forecast done first before you go any further.
Pegs

Offline jcrian

  • Jr. Member
  • **
  • Posts: 26
  • Location: United Kingdom
Voluntary NI contributions - new legislation?
« Reply #3 on: December 24, 2006, 07:30:37 AM »
Well worth getting a pension forecast.My wife who has just turned 60 had a forecast of 32p a week pension (not enough to buy a Mars bar!!) By paying 3 years contributions (just over £900)Her pension has now gone up to £22 a week.As long as she lives for at least a year this will be a very good investment for £900.

Offline frezya

  • Jr. Member
  • **
  • Posts: 33
  • Location:
Voluntary NI contributions - new legislation?
« Reply #4 on: December 28, 2006, 14:08:30 PM »
depending on your circumstances you can pay upto 6years back, like pegs i worked for the dept and it,s definitely worth looking into. it may seem like alot of money at the time, but look at it, invest £900 as above, get £22 per, thats £1144 in the first year and the pension goes up every April. Over 5 years that,s more than £5000.
That,s alot of Mars bars!!!

Offline c1

  • Northampton, UK
  • Sr. Member
  • ****
  • Posts: 1892
  • Location: United Kingdom
Voluntary NI contributions - new legislation?
« Reply #5 on: January 02, 2007, 09:26:52 AM »
until its means tested,and with drawn from those with savings etc.

Offline frezya

  • Jr. Member
  • **
  • Posts: 33
  • Location:
Voluntary NI contributions - new legislation?
« Reply #6 on: January 11, 2007, 16:25:47 PM »
you know what the answer to that is. Spend it, my old mum used to say 'There,s NO pockets in shrouds'.People die from worrying about what MIGHT happen tomorrow instead of living for today. Do you really need all that money sat in a bank for a rainy day???? if you live here maybe when you live of the interest, but in the uk? OK £8000 is not that much to have in the bank which is the limit when it starts to affect your benefit, but what else will you do with it if you don,t spend it???




Share me

Digg  Facebook  SlashDot  Delicious  Technorati  Twitter  Google  Yahoo
Smf