National Insurance Rebate

vaderag

Can anyone tell me anything about this: http://www.nirebateonline.com

Someone at work just sent it to me - seems a bit dodgy, but if i can get extra money into my pension i'm game!

jancee_2

It's just contracting out, same as you can do into many pension schemes.

You don't need to go through these people to do it.

vaderag

jancee wrote: »

It's just contracting out, same as you can do into many pension schemes.

You don't need to go through these people to do it.

How do you go about doing it with the NI scheme then?

jancee_2

Do you mean through this website? I expect they'll sell you a pension scheme.

Same as with another provider. You sign up to a pension scheme that contracts you out. Simple as that.

vaderag

I already have a pension through work though - how do i find out if that already contracts me out? I don't think it does, as i'm still paying full NI etc

jancee_2

vaderag wrote: »

I already have a pension through work though - how do i find out if that already contracts me out? I don't think it does, as i'm still paying full NI etc

If you're contracted out you're paying Class 1 D NI contributions at 9.4% of salary over the threshold. If not contracted out you're paying Class 1 A at 11% of salary over the threshold. So you might not notice the difference. Check with your occupational scheme whether you're in or out.

mamba70

There is nothing dodgy about doing an NI rebate (which means contracting out) or www.nirebateonline.com
I should know.....i run the site :j . We are regulated by the FSA and this license does not come lightly. you can also call us anytime and we'll talk you through the process.

All we're trying to do is get the word out cost effectively hence why we set up the website. it would be too expensive to sit everyone down individually and explain the complexities.

Feel free to ask me any questions about NI and contracting out on this forum. i'm a regulated adviser and can give you real facts.

hope this helps. PS: i'd advise anyone under age 40 or a foreigner to do it.

drew33

Hi there,

After seeing an advert for National Insurance Rebate I thought it might be worth looking into.

I've had a quick read of what its about but still not 100% sure the pros and cons.

If I 'opt out' then the government will help fund a private pension scheme, is that right?

Im 26 years old earning £28k and currently dont have any pension plans (dont ask!), so would this be good for me (also might be living abroad in later years)?

cheers

ps sorry for hijacking thread

Harry_Powell

I notice that you don't mention on your NI Rebate website that contracting out means that you lose entitlement to the state 2nd pension, or that most advisors are saying that you get a better investment return from being contracted into the state scheme than you would receive by contracting out?

For anyone interested in contracting out of the state second pension, there is a very long thread already available. You also don't need to use the services of this company (and pay a fee, no doubt). You simply start up a pension/stakeholder and tick a box on the application form to state that you would like to contract out.

These guys will probably sell you a substandard pension plan with a high commission. Do it yourself and save a fee. Martin has a whole section on how to sort out your pension on the main site. Be a moneysaver - don't pay someone a huge fee to 'tick a box' on an application form and give you a crappy pension product!!!!!!!

Interesting that for his first post, Drew decided to ressurrect a thread from Feb 2009. Seems to me that Mamba70 is desperately touting for business and using 'sock puppets' to do it. Avoid at all cost!!!!!

drew33

Hi Harry,

Just to let you know I have nothing to do with mamba70.

I saw an advert on the tube, googled it for more info but mainly got these companies offering their services.

I came on here and used the search function but couldnt find anything. This was the most relevant thread I found so posted here for help.

Thanks for the info, I will be doing some serious investigating before I 'opt out' as I am pretty clueless when it comes to this type of thing.

Cheers

nzseries1

mamba70, your website looks awfully familiar to http://www.1stcontactnirebates.com/
You've just ripped off their website and changed the phone number and logo, haven't you!