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Overseas, non tax payer wanting to make pension plans
EdRob
Posts: 8 Forumite
This message is on behalf of my son.
For the last 4 years he has lived overseas working as an aid worker in trouble hotspots. He lives in accommodation that is provided for him. Each contract lasts for either a year or two then he moves to another posting, usually in another country. He visits us in the UK for a couple of weeks per year. He is about to start another 1 year posting. and then he might come back for a year to study before finding another posting. He does not pay UK tax or NI. He has had some years of NI contributions in the past. He has no idea whether he will move back permanently to the UK at any stage before he retires - he may do or may not. He's thinking that now's the time to start putting money by towards retirement but has no idea of the best thing to do. He is looking for a safe option. He is also uninterested in finance so just wants to set something up, pay in monthly and forget it!
Any thoughts on what he should do? Obviously he doesn't need to go for anything that gives him tax breaks at the moment as he pays no tax.I think he's looking to put aside £100 or so per month. I looked into seeing if there is something with Nest that would work for him but he does not qualify to register with them.
For the last 4 years he has lived overseas working as an aid worker in trouble hotspots. He lives in accommodation that is provided for him. Each contract lasts for either a year or two then he moves to another posting, usually in another country. He visits us in the UK for a couple of weeks per year. He is about to start another 1 year posting. and then he might come back for a year to study before finding another posting. He does not pay UK tax or NI. He has had some years of NI contributions in the past. He has no idea whether he will move back permanently to the UK at any stage before he retires - he may do or may not. He's thinking that now's the time to start putting money by towards retirement but has no idea of the best thing to do. He is looking for a safe option. He is also uninterested in finance so just wants to set something up, pay in monthly and forget it!
Any thoughts on what he should do? Obviously he doesn't need to go for anything that gives him tax breaks at the moment as he pays no tax.I think he's looking to put aside £100 or so per month. I looked into seeing if there is something with Nest that would work for him but he does not qualify to register with them.
0
Comments
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1. He should pay voluntary NI contributions.2. He should learn about risks and investments. Lots of great books on the subject. “Common Sense Investing” is always good to start with.3. He should set up an ordinary brokerage account and invest.0
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