It is currently Fri 26 Apr 2019 02:12 GMT
Change font size

UK Legislation

Should I or should I not go for Voluntary contributions?

This forum is for all the aspects of UK law that may affect expats - tax, social security, health, pensions, citizenship etc.

Should I or should I not go for Voluntary contributions?

Postby javierAsen » Fri 15 Jul 2011 11:11 GMT

Hi all

I have a question for you out there, to know your opinion on paying UK voluntary contributions.

I am 28 years old, with an estimated retirement age of 68 , as of today. I worked in the UK for a couple of years after uni and afterwards, I have been living and working abroad. I do not see myself coming back anytime near, at least not the next 10 years - never say never...-

I started the process with the HRMC to actually be eligible to pay for the voluntary contributions, class 2 and I received confirmation to do so. Now I got the first bill (+-250 pounds for 2 years of me being away) and I have to either go ahead and pay it, or withdraw from this idea.

I guess I would like to hear your thoughts on whether it would make sense to you to start paying voluntary contributions for something I may be eligible for in 40 years time.....

Any thoughts?
Posted by:
javierAsen
New Member
 
Posts: 1
Joined: Fri 15 Jul 2011 09:56 GMT
Location: Switzerland

Postby ruggie » Wed 7 Sep 2011 13:48 GMT

I can't really comment on what is best for the current generation, but I can sound a warning based on past experience: If you sign up, check regularly that they are deducting the right amount and keeping you in the right plan. They suddenly changed our plan once (downgraded it) without any input from us. Took a while to put it back and pay the arrears.
Whether you live in France, or just find the country interesting http://www.franceforfreebooters.com/201 ... nts-up-50/
Posted by:
ruggie
Supporter
 
Posts: 3196
Joined: Sun 28 Nov 2004 09:09 GMT
Location: France

Re: Should I or should I not go for Voluntary contributions?

Postby fatmanfilms » Sat 17 Sep 2011 16:22 GMT

Definately pay, being 28 you should have 12 years contributions 'paid' years as school & universtiy get credited. You only need 30 years contributions to get a full UK pension. You won't have any reduction to any Swiss pension you receive.

javierAsen wrote:Hi all

I have a question for you out there, to know your opinion on paying UK voluntary contributions.

I am 28 years old, with an estimated retirement age of 68 , as of today. I worked in the UK for a couple of years after uni and afterwards, I have been living and working abroad. I do not see myself coming back anytime near, at least not the next 10 years - never say never...-

I started the process with the HRMC to actually be eligible to pay for the voluntary contributions, class 2 and I received confirmation to do so. Now I got the first bill (+-250 pounds for 2 years of me being away) and I have to either go ahead and pay it, or withdraw from this idea.

I guess I would like to hear your thoughts on whether it would make sense to you to start paying voluntary contributions for something I may be eligible for in 40 years time.....

Any thoughts?
Reminder: Premium Membership is required for access to private messages. Sign up now!
Posted by:
fatmanfilms
Free member
 
Posts: 40
Joined: Thu 14 Apr 2011 13:05 GMT


Return to UK Legislation



cron