Returning to basic tax rate via pension contributions, using specific numbers

xylophone

Have you obtained a state pension forecast?

https://www.gov.uk/check-state-pension

https://www.gov.uk/new-state-pension/living-and-working-overseas

Zuzi

xylophone said:

Have you obtained a state pension forecast?

https://www.gov.uk/check-state-pension

https://www.gov.uk/new-state-pension/living-and-working-overseas

Thank you @xylophone - I have previously checked this, when I look now I see the forecast, however that assumes I will continue to work for another 25 years, which is quite unlikely to happen (in UK).

I have 8 full years so far, there's 2014 where it seems I could pay up to complete that year and with the running year hopefully I will have reached 10 years in about 6 months, and as far as I understand that should guarantee me at least some UK state pension eventually, regardless of what happens or where I live next?

I am considering returning to Europe within the next few years, somewhere where the pension correlates with the income/taxes paid during the working life, and isn't a set figure like here in UK... although I do appreciate the fact that my high-ish income allows me to make additional private pension contributions which will hopefully turn out to be a great decision in 20 years or so.

I have now taken the plunge and asked payroll to increase my contributions to 75% from November. I am curious what amount will remain to be paid out, we do get quite unpredictable bonuses every now and then so I think this should be a viable plan for between now and end of the tax year.

xylophone

Have you seen

https://www.gov.uk/government/publications/social-security-abroad-ni38

https://forums.moneysavingexpert.com/discussion/comment/80366536#Comment_80366536