NI Contributions and Pensions

Tony5896

Ive been paying NI contributions for the last 33 years, As I understand I need to make 2 more full years contributions for a full government pension.

If I emigrate after the 2 years with no intention of returning and not paying anymore NI, having paid a full 35 years contributions, will I still be eligible for the pension payment at 67?

My understanding says yes but would like a second opinion please.

Cobbler_tone

You need to check here:

https://www.gov.uk/check-national-insurance-record

Dazed_and_C0nfused

Tony5896 said:

Ive been paying NI contributions for the last 33 years, As I understand I need to make 2 more full years contributions for a full government pension.

If I emigrate after the 2 years with no intention of returning and not paying anymore NI, having paid a full 35 years contributions, will I still be eligible for the pension payment at 67?

My understanding says yes but would like a second opinion please.

35 years is only relevant to those building up an NI record from 2016.

Before you do anything else you need to go onto your Personal Tax Account and actually check the State Pension you have already accrued.

It is important you read the whole forecast, not just the headline figure.

vacheron

Tony5896 said:

Ive been paying NI contributions for the last 33 years, As I understand I need to make 2 more full years contributions for a full government pension.

If I emigrate after the 2 years with no intention of returning and not paying anymore NI, having paid a full 35 years contributions, will I still be eligible for the pension payment at 67?

My understanding says yes but would like a second opinion please.

You are correct.

https://www.gov.uk/state-pension-if-you-retire-abroad

However whether or not the value will continue to rise with inflation depends on where you intend to emigrate to.

Cobbler_tone

....and hopefully you will see this.

Cobbler_tone

Whilst I was logged in I totted up over £100k of NI contributions across the 39 full years between the ages of 16-55. Between me and my employers it has been a long term saving scheme. They should stop taking mine now....

Tony5896

Perfect, I do indeed see 221.20 as the most I can get based on another 2 years contributions before 2042

p00hsticks

Cobbler_tone said:

Whilst I was logged in I totted up over £100k of NI contributions across the 39 full years between the ages of 16-55. Between me and my employers it has been a long term saving scheme. They should stop taking mine now....

That £100k will have been long spent on things like State Pensions for your elder relatives, benefits such as Job Seekers Allowance of the unemployed and the National Health Service. It's not an individual savings pot towards a pension, it's a tax. 

Cobbler_tone

p00hsticks said:

Cobbler_tone said:

Whilst I was logged in I totted up over £100k of NI contributions across the 39 full years between the ages of 16-55. Between me and my employers it has been a long term saving scheme. They should stop taking mine now....

That £100k will have been long spent on things like State Pensions for your elder relatives, benefits such as Job Seekers Allowance of the unemployed and the National Health Service. It's not an individual savings pot towards a pension, it's a tax. 

I know that, hence the similes. As for taxes, I have paid plenty of those! 
I also know that a DB pension isn't a 'pot'.   

In summary, I have paid my way (and continue to do so) and then some for myself, those less fortunate, along with those 'less committed' to providing for themselves and others.
My priority now is absolutely piling into my pension to minimise putting too much more in! 

Death and taxes.