National Insurance Shortfall - Returning to work in UK from Abroad
hmmbug
Posts: 5 Forumite
Hi all,
I'm returning to the UK after working abroad for 10 years and not paying any NI contributions during that time. I have a wife (non-UK citizen) and child (UK citizen) if that matters for my situation.
My shortfall is about £6,200 for the tax years 2008-09 to 2016-17, plus 2017-18 which HMRC don't have figures for yet. Prior to that I'd paid full contributions since 1998-99. The HMRC website states "Paying voluntary contributions may not be your best option when planning for your retirement". It's an affordable amount but I'd like to ensure I'm doing the right thing with my money.
What would you recommend I consider when deciding if I should pay or not?
Many thanks,
Mark
I'm returning to the UK after working abroad for 10 years and not paying any NI contributions during that time. I have a wife (non-UK citizen) and child (UK citizen) if that matters for my situation.
My shortfall is about £6,200 for the tax years 2008-09 to 2016-17, plus 2017-18 which HMRC don't have figures for yet. Prior to that I'd paid full contributions since 1998-99. The HMRC website states "Paying voluntary contributions may not be your best option when planning for your retirement". It's an affordable amount but I'd like to ensure I'm doing the right thing with my money.
What would you recommend I consider when deciding if I should pay or not?
Many thanks,
Mark
0
Comments
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Reading this thread would be an excellent starting point: https://forums.moneysavingexpert.com/showthread.php?t=58325680
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The first thing you need is a pension forecast. How old are you ?0
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Thank you for your reply.
I'm 42. My forecast from HMRC website is:
Estimate based on your National Insurance record up to 5 April 2017: £59.11 a week
Forecast if you contribute another 23 years before 5 April 2043: £164.35 a week0 -
Thank you for your reply.
I'm 42. My forecast from HMRC website is:
Estimate based on your National Insurance record up to 5 April 2017: £59.11 a week
Forecast if you contribute another 23 years before 5 April 2043: £164.35 a week
So how likely are you to be working for another 23 years ? If you are, then under current rules you'll have sufficient (35 years) to get the full amount without needing to go back and fill in any gaps.0 -
Working abroad normally opens the opportunity for paying class 2 cheap contributions, any reason you didn't go for it?0
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