State Pension

wkt54

If I hadn't have found out about egyptian banks giving 15% interest 3 years ago, my savings would still be in Nationwide getting 5 pounds a week interest.
Over the past 3 years I am averaging 100 pounds a week interest.
But I would like to thank everyone who has given me advice over the past 3 months.
I really appreciate it.
Hope I didn't disappoint anyone by deciding not to send the 3000 pounds voluntary contributions.
But I don't really need the extra 16 pounds a week in 4 years time.

xylophone

But I don't really need the extra 16 pounds a week in 4 years time.

Could you explain what you mean by this?

garmeg

xylophone said:

But I don't really need the extra 16 pounds a week in 4 years time.

Could you explain what you mean by this?

Presumably the state pension shortfall?

wkt54

Xylophone
I just mean.
I have 241 pounds a week pension now and 75 pounds a week interest from my egytpian bank account.
And quite a lot of savings.
That is way beyond what I need every week, 6 months in the UK and 6 months in Egypt.
My father died of a heart attack when he was 70 and his father 65.
So you think I should go for it and send them 3133 pounds?

xylophone

It is entirely a personal decision - but an uncle of mine is over 90 and his father died at 72.

jamesd

wkt54 said:

But I don't really need the extra 16 pounds a week in 4 years time.

For missing years the increase is next month, when your pension starts, not in 4 years, and it's backdated if the pension has started already..

wkt54

Jamesd 
I mean if I pay 3133 pounds contribution, and get 16 pounds a week extra, it will take 4 years.

xylophone

But remember that your pension is increased each year under the (at the moment) triple lock.

shinytop

If you spent the £3k, how much less would your Egyptian bank account pay?  £5 a week?  But you would get £16 a week more pension, guaranteed. Yes, you (or rather your beneficiaries) would lose out if you snuffed it within 4 years but still.

NottinghamKnight

shinytop said:

If you spent the £3k, how much less would your Egyptian bank account pay?  £5 a week?  But you would get £16 a week more pension, guaranteed. Yes, you (or rather your beneficiaries) would lose out if you snuffed it within 4 years but still.

It's actually much better than that as the OP is now working in Egyptian pounds, certainly in the way he's calculating his return. The egyptian pound has been devaluing at a rate of maybe 5% a year against hard currencies, so the value would be far higher.