State pension from UK when a moving back to Italy after working only 10y in UK

nigelbb

Eldi_Dos said:

nigelbb said:

Going forward you will need 35 years of contributions to receive a full UK state pension (currently £179.90/week). If you only have 10 years of contributions you will be entitled to a 10/35 pension ie £51.40. If you are leaving the UK you would be well advised to continue paying voluntary National Insurance contributions so that you do get a full 35/35 pension. If working abroad you will be entitled to pay Class 2 contributions of around £150 per year ie for a total of an extra £3,750 paid in over the next 25 years you will receive a pension of just over £9,350 a year. Given average life expectancy that's worth nearly £200,000.

This reads more like a prospectus for a Ponzi scheme than a government policy,does not appear to be well thought through,thanks for posting

If you move abroad but don't work then paying voluntary National Insurance contributions is still a great deal to maximise your pension as you can pay Class 3 voluntary contributions at about £800 for each extra year. That would mean you get a full pension worth almost £200,000 for an outlay of £20,000. 

p00hsticks

nigelbb said:

Eldi_Dos said:

nigelbb said:

Going forward you will need 35 years of contributions to receive a full UK state pension (currently £179.90/week). If you only have 10 years of contributions you will be entitled to a 10/35 pension ie £51.40. If you are leaving the UK you would be well advised to continue paying voluntary National Insurance contributions so that you do get a full 35/35 pension. If working abroad you will be entitled to pay Class 2 contributions of around £150 per year ie for a total of an extra £3,750 paid in over the next 25 years you will receive a pension of just over £9,350 a year. Given average life expectancy that's worth nearly £200,000.

This reads more like a prospectus for a Ponzi scheme than a government policy,does not appear to be well thought through,thanks for posting

If you move abroad but don't work then paying voluntary National Insurance contributions is still a great deal to maximise your pension as you can pay Class 3 voluntary contributions at about £800 for each extra year. That would mean you get a full pension worth almost £200,000 for an outlay of £20,000. 

I'm not quite sure how you get to 'almost £200,000' - I imagine you're assuming that the person will be living into their 90's...

Silvertabby

p00hsticks said:

nigelbb said:

Eldi_Dos said:

nigelbb said:

Going forward you will need 35 years of contributions to receive a full UK state pension (currently £179.90/week). If you only have 10 years of contributions you will be entitled to a 10/35 pension ie £51.40. If you are leaving the UK you would be well advised to continue paying voluntary National Insurance contributions so that you do get a full 35/35 pension. If working abroad you will be entitled to pay Class 2 contributions of around £150 per year ie for a total of an extra £3,750 paid in over the next 25 years you will receive a pension of just over £9,350 a year. Given average life expectancy that's worth nearly £200,000.

This reads more like a prospectus for a Ponzi scheme than a government policy,does not appear to be well thought through,thanks for posting

If you move abroad but don't work then paying voluntary National Insurance contributions is still a great deal to maximise your pension as you can pay Class 3 voluntary contributions at about £800 for each extra year. That would mean you get a full pension worth almost £200,000 for an outlay of £20,000. 

I'm not quite sure how you get to 'almost £200,000' - I imagine you're assuming that the person will be living into their 90's...

Quite possible.  Just had a look at the obits page in our local paper and, after excluding the 20 year old motor cycle accident victim, the average age of death was indeed 90+.

Eldi_Dos

The recipent might be fortunate enough to have the Limone Gene

nigelbb

p00hsticks said:

nigelbb said:

Eldi_Dos said:

nigelbb said:

Going forward you will need 35 years of contributions to receive a full UK state pension (currently £179.90/week). If you only have 10 years of contributions you will be entitled to a 10/35 pension ie £51.40. If you are leaving the UK you would be well advised to continue paying voluntary National Insurance contributions so that you do get a full 35/35 pension. If working abroad you will be entitled to pay Class 2 contributions of around £150 per year ie for a total of an extra £3,750 paid in over the next 25 years you will receive a pension of just over £9,350 a year. Given average life expectancy that's worth nearly £200,000.

This reads more like a prospectus for a Ponzi scheme than a government policy,does not appear to be well thought through,thanks for posting

If you move abroad but don't work then paying voluntary National Insurance contributions is still a great deal to maximise your pension as you can pay Class 3 voluntary contributions at about £800 for each extra year. That would mean you get a full pension worth almost £200,000 for an outlay of £20,000. 

I'm not quite sure how you get to 'almost £200,000' - I imagine you're assuming that the person will be living into their 90's...

Average life expectancy at current retirement age of 66 is 85 ie over 19 years but you have a 1:4 chance of living to 92 & a 1:10 chance of living another 30 years to reach 96 years of age.

£9,354 x 19 = £177,000

£9,354 x 26 = £243,224

£9,354 x 30 = £280,644