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Should I fill in my NI gap?

Hi,

I'm 43. for the last 5.5 years I've been out of the UK, and not paying NI contributions.
I have 14 full years of contributions prior to leaving, and some payments into SERPS. In addition, I have some modest personal pension arrangements.

I will be returning to the UK next year in June and I have a decision to make. I'd like to know what you guys would do: Should I fill the gap in my NI payments now or rely on my remaining years of work in the UK to make up my 30 years quota when I return?

I feel I need to decide now as I know I can only make up the previous 6 years.

I probably should add that I intend to continue to pay into a personal pension scheme when I return.

Any thoughts or advice would be greatly appreciated.

Regards,

Richard.

Comments

  • p00hsticks
    p00hsticks Posts: 13,954 Forumite
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    HazyKid wrote: »
    Should I fill the gap in my NI payments now or rely on my remaining years of work in the UK to make up my 30 years quota when I return?

    I'm not knowledgeable enough to answer your question, but note that if the current proposed pension changes are made in 2016 as expected, you will need 35 years NI to receive a full pension rather than 30.
  • JezR
    JezR Posts: 1,698 Forumite
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    Where have you been living whilst out of the UK and have you been working?
  • p00hsticks wrote: »
    I'm not knowledgeable enough to answer your question, but note that if the current proposed pension changes are made in 2016 as expected, you will need 35 years NI to receive a full pension rather than 30.

    That's great Info p00hsticks, just the kind of thing I needed to know.
    Thank you.
  • Hi JezR,
    I've been in Israel. I've been working full time for most of the time, however, since July this year I've been self employed.
    Richard.
  • JezR
    JezR Posts: 1,698 Forumite
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    You may already be aware that there is a reciprocal social security agreement between the UK and Israel that includes pension qualification. So the time paying into the Israeli system would count as qualification years in the UK and vice versa, although each would ultimately pay out in proportionate terms according to the actual contributions made into each system. Check up with the National Insurance Institute of Israel for own position.

    It may still be worth paying the voluntary contributions though depending on your precise circumstances.
  • atush
    atush Posts: 18,731 Forumite
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    I guess it all depends on when you expect to retire (and so stop earning/paying NICS). If you expect to retire before age 64, then you should think about paying some NICS on your return. If you expect to work until State retirement age, then save your cash as you won't need them.
  • Apologies all for the late response.

    Thank you so much for your replies - that really helped.

    JezR - Yes am am aware of the reciprocal agreement, but after thinking this through, I think I'll feel better ensuring that I have a full compliment of years in the UK system.

    Atuch - Thanks for your reply, and yes, I do hope to retire before 64... Well, I hope so anyway!

    xylophone - Thank you for the fact sheet. Very useful.

    Regards,

    Richard.
This discussion has been closed.
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