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State Pension Contributions from Abroad
TeacherStephen
Posts: 1 Newbie
I am moving to Malaysia, having been travelling for the last few years and need to restart my state pension contributions. I have already paid 20 years of contributions and at my age (42) understand that I only need 30 years of contributions to be entitled to a full state pension when I retire.
Some suggest that I can merely pay into the pension pot via a CF83 form from HMRC, a rate of £2.70 ish a week, but that appears to only be relevant to self-employed people whereas technically I shall be working for a company.
As I only need 10 more years of contributions to qualify, I'd be very grateful for any advice on the easiest and cheapest way to do so. I don't require other benefits such as housing benefit etc, but really want to ensure that my state pension is safe. Many thanks, Stephen
Some suggest that I can merely pay into the pension pot via a CF83 form from HMRC, a rate of £2.70 ish a week, but that appears to only be relevant to self-employed people whereas technically I shall be working for a company.
As I only need 10 more years of contributions to qualify, I'd be very grateful for any advice on the easiest and cheapest way to do so. I don't require other benefits such as housing benefit etc, but really want to ensure that my state pension is safe. Many thanks, Stephen
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Comments
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I am retiring on health grounds and going to get my work pension. However I too am in my 40s have about 22 yrs of contributions and am wondering how much it is to buy the extra years? Mind you they keep raising the goal post when I started work as a woman I would have retired at 60 I think based on my age now it is 67! Makes one wonder if its worth planning for 20 yrs later ... Who knows what's going to happen?!0
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You can normally buy years at any time so may be better off waiting until nearer retirement when things might be clearer. Current proposals are to increase years to 35, not fully confirmed yet but near certain.0
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TeacherStephen wrote: »Some suggest that I can merely pay into the pension pot via a CF83 form from HMRC, a rate of £2.70 ish a week, but that appears to only be relevant to self-employed people whereas technically I shall be working for a company.
Class 2 voluntary contribs ("self-employed rate") is correct for workers abroad. One might be employed overseas, but that employment makes no difference to the second state pension one would accumulate in UK, so class 2 was deemed the correct level.
Buying a UK state pension diversifies your retirement-income-provision pot.
Interestingly, Malaysians now save a higher percentage of their employment incomes for retirement than Ukonians do, allegedly due to differences between Bahasa Malaysia and English. See http://www.bbc.co.uk/news/business-21518574
Warmest regards,
FAThus the old Gentleman ended his Harangue. The People heard it, and approved the Doctrine, and immediately practised the Contrary, just as if it had been a common Sermon; for the Vendue opened ...THE WAY TO WEALTH, Benjamin Franklin, 1758 AD0
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