Pay NI if hoping to move abroad for some years?

TheKDs

Hi all. I would love your advice. My current pension forecast is £221.20 per week which is the maximum but that is based on my continuing to work 19 more years in the UK. Husband and I would love to work abroad for a couple of years with the children... I am currently finishing a course after which we may try. 

Some years are fairly cheap to buy back at the moment for me. Is it pretty much a year of this for a year less in the future? Are there other calculations to be aware of?

2011 to 2012	£824.20
2010 to 2011	£824.20
2009 to 2010	£31.70
2008 to 2009	£221.90
2007 to 2008	£824.20
2006 to 2007	£317

What would you do? Thanks for any advice.

sammyjammy

I don't think you can pay for years before 2016.  If you intend to travel for a couple of years what are your plans on return?

QrizB

sammyjammy said:

I don't think you can pay for years before 2016.

That's incorrect, at least for the next two days. You can buy back to 2006.

TheKDs said:

Hi all. I would love your advice. My current pension forecast is £221.20 per week which is the maximum but that is based on my continuing to work 19 more years in the UK.

If you have been working or receiving Child Benefit for the current tax year, you'll get another year of NI paid for 24/25. That leaves you needing a further 18 years from now until 2052, which is 27 years away.

Do you expect to work for most of those years? At least 18 of them?

I'd probably buy 09/10 anyway, but if you think you'll be working until 2043 it's unlikely that any of the others will be worthwhile.

DRS1

QrizB said:

sammyjammy said:

I don't think you can pay for years before 2016.

That's incorrect, at least for the next two days. You can buy back to 2006.

It is more a case of it often not being worthwhile paying for pre 2016 years.  There are people on here who know the ins and outs of it.

You would probably be advised to register for a call back to stop the clock - otherwise you will lose the ability to pay old years like 09/10 in a couple of days.

DRS1

Reclaiming possible overpayment of voluntary NI contributions — MoneySavingExpert Forum

See the post from @Marcon for the callback link

QrizB

DRS1 said:

QrizB said:

sammyjammy said:

I don't think you can pay for years before 2016.

That's incorrect, at least for the next two days. You can buy back to 2006.

It is more a case of it often not being worthwhile paying for pre 2016 years.  There are people on here who know the ins and outs of it.

OP (like everyone) will benefit from at least 30 pre-2016 years, and potentially 35. They're too young to have anything like that many, so spending £31.70 on 2009/10 will reduce the number of future years thety need.

DRS1

OK but could you not say the same about 06/7 and 08/9?  Both are a lot cheaper than any future years are likely to be (unless she becomes self employed).

QrizB

DRS1 said:

OK but could you not say the same about 06/7 and 08/9?  Both are a lot cheaper than any future years are likely to be (unless she becomes self employed).

Debateable. If the OP plans to work in the UK until they're 58/59, they'll accrue enough years without actively buying any. And if working now, they'll qualify for Class 2s when they're working overseas.

We've not yet been shared any of these details hence why I asked:

Do you expect to work for most of those years? At least 18 of them?

But £32 seems worth it as a backstop.

TheKDs

Yeah, I am doing 09/10 anyway. But wondering about 08/09 and 06/07... It's a toss up between putting it into the ISA or here before tomorrow, ha!

TheKDs

DRS1 said:

Reclaiming possible overpayment of voluntary NI contributions — MoneySavingExpert Forum

See the post from @Marcon for the callback link

Thank you for this. I've now done this which is not a bad idea.

TheKDs

QrizB said:

DRS1 said:

OK but could you not say the same about 06/7 and 08/9?  Both are a lot cheaper than any future years are likely to be (unless she becomes self employed).

Debateable. If the OP plans to work in the UK until they're 58/59, they'll accrue enough years without actively buying any. And if working now, they'll qualify for Class 2s when they're working overseas.

We've not yet been shared any of these details hence why I asked:

Do you expect to work for most of those years? At least 18 of them?

But £32 seems worth it as a backstop.

Thanks so much for the advice @QrizB . I am currently rather tired of working, lol! 40 but exhausted. I do expect to work abroad if we move but I also expect to retire in the UK. Yes, I will probably work for another 18 years and yes, I am currently working in the UK.

I'm sorry I didn't share the details. I didn't know. I am getting my head around this while being ill and mothering and working two jobs, and therefore fuzzy head - so happy to be asked for any other details!