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  1. #1
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    Mandaloopy's Avatar
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    Is it worth paying back National Insurance contributions

    I need to make up for an 11 year gap of not paying some 8000GBP in order to collect my pension when I actually reach that age, that is assuming I live that long and the Tories haven't done away with it entirely

  2. #2
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    Mandy - I have the same problem, and would need to pay for a lot more than 11 years...

    In the end, I decided that I don't trust any future UK government not to pull a fast one and make some excuse not to pay me their pittance of a pension - too much of a risk IMHO.

    You're better off investing your 8k in.. er .... Bitcoins (well, less risky that the UK government u-turn risk!). Gold ingots? small apartment in Bangkok (the 8k is obviously just a deposit)
    Groping women when you're old is fine - everyone thinks you're senile

  3. #3
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    8k is only part of my savings- if it was all I had there would be no way in hell I would hand it all over back to the UK haughty Tory pooh-bahs. A nice smallish apartment in Thailand would be fine, it is where I want to live permanently, I'm just to young for a retirement visa at 32, if only condo visas existed.

  4. #4
    'ello 'ello 'ello Luigi's Avatar
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    Trusting the government in 33 years time is definitely a bit of a gamble.

    Or is it 35 years time now?

  5. #5
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    I doubt any government will renege on pensions.
    The real question is where are the best guaranteed return on investment surely.
    I am not qualified to advise.
    In my lifetime property was good in the long run.Of course it dpends when and more vitally where you buy, land taxes CGT etc.
    Unlike shares, bitcoins or other assets you can live it in it or rent out

    Good luck
    I used to have a job at a calendar factory.
    I got the sack because
    I took a couple of days off.

  6. #6
    Custom user Neverna's Avatar
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    Quote Originally Posted by Mandaloopy View Post
    I need to make up for an 11 year gap of not paying some 8000GBP in order to collect my pension when I actually reach that age, that is assuming I live that long and the Tories haven't done away with it entirely


    https://www.gov.uk/voluntary-nationa...-contributions


    You can usually pay voluntary contributions for the past 6 years. The deadline is 5 April each year.
    Example: You have until 5 April 2019 to make up for gaps for the tax year 2012 to 2013.

    You can sometimes pay for gaps from more than 6 years ago, depending on your age.
    Example: You’re a man born after 5 April 1951 or a woman born after 5 April 1953
    You have until 5 April 2023 to pay voluntary contributions to make up for gaps between April 2006 and April 2016.

    You can pay these contributions at different rates if you pay by 5 April 2019.


    https://www.gov.uk/voluntary-nationa...ions/deadlines
    Last edited by Neverna; 03-10-2018 at 03:44 PM.
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  7. #7
    'ello 'ello 'ello Luigi's Avatar
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    Quote Originally Posted by david44 View Post
    I doubt any government will renege on pensions.
    Doubtful, but there could of course be changes and new stipulations.

    Raising the age, a stipulation of having to reside in the country for 180 days of the year etc etc. Anything could happen really.

  8. #8
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    When they put retirement age up to 67, I did the maths, and it doesn't work out.

    I'm entitled to a part pension but I'm just working on the basis that I'll live off what I save and invest.

    The UK pension will be worth fuck all by then anyway.

    Probably cover the weekends drinking I suppose.

  9. #9
    Days Work Done! Norton's Avatar
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    Quote Originally Posted by harrybarracuda View Post
    I'll live off what I save and invest.
    Same here mate. Depending on gov pension as only source of income is high risk.
    My plan is to have run out of money when they burn me and make sure my fine lady is financially set til they burn her.

  10. #10
    Thailand Expat Pragmatic's Avatar
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    Quote Originally Posted by Mandaloopy View Post
    and the Tories haven't done away with it entirely
    The last Labour government raised the State Pension by 75 Pence.

  11. #11
    Days Work Done! Norton's Avatar
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    Quote Originally Posted by Pragmatic View Post
    The last Labour government raised the State Pension by 75 Pence.
    30 baht doesn't buy much these days in the LoS.

  12. #12
    'ello 'ello 'ello Luigi's Avatar
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    30 years is a decent time to get yerself in order with properties and investments.

  13. #13
    Thailand Expat jabir's Avatar
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    Quote Originally Posted by Mandaloopy View Post
    8k is only part of my savings- if it was all I had there would be no way in hell I would hand it all over back to the UK haughty Tory pooh-bahs. A nice smallish apartment in Thailand would be fine, it is where I want to live permanently, I'm just to young for a retirement visa at 32, if only condo visas existed.
    Blimey an 11 year gap at 32? That's good going. I'd say sort out your affairs asap and come to Thailand where you want to be and by retirement age in another 40 odd years whatever's left of HMgov will still owe you a weekly stipend. Don't spend it all at once.

  14. #14
    Thailand Expat jabir's Avatar
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    Quote Originally Posted by Mandaloopy View Post
    I need to make up for an 11 year gap of not paying some 8000GBP in order to collect my pension when I actually reach that age, that is assuming I live that long and the Tories haven't done away with it entirely
    You have enough for almost 2 bitcoin, and by flexible retirement age they will be worth far more than whatever pension increase your 8k will earn you in care of Brit leaders.

  15. #15
    Thailand Expat jabir's Avatar
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    Quote Originally Posted by Pragmatic View Post
    The last Labour government raised the State Pension by 75 Pence.
    But every week!

  16. #16
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    I can only see the UK pension being a token amount with 10–5 years, mostly means tested and absorbed within general social security

    Simply put there will be too many baby boomer 1946-68 retirees and too few workers paying tax - unless you believe the shortfall can be made up by six fingered Mohamads.

    Personally I’d follow the maxim of investing the cash in US biotech or tech where the CEO is the founder and principal shareholder.

  17. #17
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    Quote Originally Posted by jabir View Post
    You have enough for almost 2 bitcoin, and by flexible retirement age they will be worth far more than whatever pension increase your 8k will earn you in care of Brit leaders.
    I would trust a government over bitcoin.
    A government neeeds voters old folks who cannot work vote so governments all over the world keep paying them the basic to survice without rioting, even a ow level Western pension should go further here.

    I dont have cyrstal ball but you have lots of time, if LOS provable income may actually be useful for your retirement visa .
    If you have enough to pay arrears and get foothold on a condo C Mai looks good as parking for submarines maybe extra in Bangkok-sub-Mare by the time your ready to pull it off.

    I am in fact preparing with a partner in international fluids at Patpong to "Launch" the "Short time TUG company " ferry nuff

    Most of my saving earnings,investments I spent on wine women and song, the rest I just frittered away

  18. #18
    Thailand Expat jabir's Avatar
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    Quote Originally Posted by david44 View Post
    I would trust a government over bitcoin.
    A government neeeds voters old folks who cannot work vote so governments all over the world keep paying them the basic to survice without rioting, even a ow level Western pension should go further here.

    I dont have cyrstal ball but you have lots of time, if LOS provable income may actually be useful for your retirement visa .
    If you have enough to pay arrears and get foothold on a condo C Mai looks good as parking for submarines maybe extra in Bangkok-sub-Mare by the time your ready to pull it off.

    I am in fact preparing with a partner in international fluids at Patpong to "Launch" the "Short time TUG company " ferry nuff

    Most of my saving earnings,investments I spent on wine women and song, the rest I just frittered away
    Mine was tongue in cheek, almost, though long term for more than a generation as in Loopy's case I have serious misgivings about the UK, esp when the EU goes tits up as it must without mega reform, and serious enough to be bailing out just short of non-dom.

  19. #19
    PAG
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    I would definitely go the pension route. With an ever increasing pensionable age population in the UK, no Government is ever going to tamper with it in a detrimental sense. They might play tunes with other social benefits that pensioners may receive, but not the pension itself. The raising of applicable pensionable ages was controversial enough. Given that you would qualify for a 'full' pension which is circa 160 pounds a week at the moment (again around 25,000 baht/month even at today's crap exchange), better than what you would achieve as rental income from a condo and without any of the hassle of upkeep etc.

    What is going to be interesting is that, as you're possibly aware, pensioners who live overseas, not in the EU or those with pension agreements with the UK, do not receive annual increases to their pension. Of course, and as is likely, those pensioners who live in the EU (and there are hundreds of thousands) are going to find themselves with 'Rest of the World' status post Brexit. Going to be very hard to discriminate against pensioned Expats such as us in Thailand and elsewhere when ostensibly we are no different.

  20. #20
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    Quote Originally Posted by PAG View Post
    Going to be very hard to discriminate against pensioned Expats such as us in Thailand and elsewhere when ostensibly we are no different.
    Its treaty driven folks in USA, Russia , Bulgaria, Philipinnes get it, Thailand New Zealand Australia Canada don't.

    As it would cost to uprate no regime will support that they are more likely to reduce Eu residents or in fact freeze for all non residents would be a vote winner

  21. #21
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    Mandy.The top up gets your contributions up to date but it also kind of implies you'll commit to paying the remaining future years to make your total paid to 35 years so maybe another 20+ Years future payments else you'll still only get a partial pension - just a thought

  22. #22
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    How does this work in UK? You can still get a pension for the years you were a non resident if you pay up?

    Not sure if such scheme exists in Canada. I'd gladly pay. Political parties don't screw around with pensions as they need the votes. Raising the age limit is another story... true.

    Personally, 8k won't buy you a property in Thailand and I don't see how you could put a downpayment since you can't get a loan. It's a good thing since the maintenance is shit anyway.

    I think I'd give them money.

  23. #23
    lob
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    Quote Originally Posted by NamPikToot View Post
    Mandy.The top up gets your contributions up to date but it also kind of implies you'll commit to paying the remaining future years to make your total paid to 35 years so maybe another 20+ Years future payments else you'll still only get a partial pension - just a thought
    a frozen pension if he intends to live in los. so for my money a non starter.

  24. #24
    lob
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    with hindsight , which i have in abundance, and if u intend to retire in los, put ur 8k on the SET , plus wot ud pay in uk contributions till retirement. by the time u retire ull be able to live off it. i didnt get into the SET till 70 and still make more than my pensions put together.

  25. #25
    'ello 'ello 'ello Luigi's Avatar
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    Was chatting with a friend from home (not the UK) last night and mentioned this, he said his mother now has to work until 68 and the youth now will have to until 70. 2 of his mother's friends are only going to get the low state pension due to not having enough credits.


    Look after yourself. Property. Investments. Savings. 30 years should be fine.

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