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scot47
Joined: 10 Jan 2003
Posts: 10786
Location: Turris fortis mihi deus
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PC Parrot
Joined: 11 Dec 2009
Posts: 236
Location: Moral Police Station
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 Posted: Mon Mar 18, 2013 8:26 am Post subject: |
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That extra 5 years of contributions will probably deal the death blow to many a TEFLer's dream of getting a (full) state pension.
Even in the Gulf, precious few TEFLers under the age of 50 bother to keep their payments up.
Being a fastidious old fart, I, however, am not one of them. |
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massiveg
Joined: 14 Mar 2013
Posts: 16
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| Posted: Tue Mar 19, 2013 2:41 pm Post subject: |
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| I dread to thing what will happen to TEFLers who are not in the Gulf. |
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scot47
Joined: 10 Jan 2003
Posts: 10786
Location: Turris fortis mihi deus
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| Posted: Wed Mar 20, 2013 7:14 pm Post subject: |
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| The Poorhouse awaits. Indoor relief from the Poor Law Union. |
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Perilla
Joined: 09 Jul 2010
Posts: 730
Location: Hong Kong
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| Posted: Wed Mar 27, 2013 7:03 am Post subject: |
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| Arguably the only decent financial advice I ever received was to resume making my NI payments three years after arriving in Asia. So, at least I might get something in the way of a pension. It won't be much - but better than nothing. Assuming I make it to 66 (or is it 67?), that is. |
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Hod
Joined: 28 Apr 2003
Posts: 838
Location: :)
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| Posted: Thu Mar 28, 2013 8:18 am Post subject: |
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| PC Parrot wrote: |
That extra 5 years of contributions will probably deal the death blow to many a TEFLer's dream of getting a (full) state pension.
Even in the Gulf, precious few TEFLers under the age of 50 bother to keep their payments up.
Being a fastidious old fart, I, however, am not one of them. |
That's putting things somewhat pessimistically.
The current rules are thirty years of payments required to qualify for a full state pension, which is currently £107.45 a week. This doesn’t mean those with twenty-nine years, for example, will get nothing. They would get 29/30 of the full state pension.
The minimum number of years to qualify for any state pension payments is ten.
https://www.gov.uk/calculate-state-pension
If you go to the link above and enter 10 years of NI payments, you see a weekly pension of £46.56. Twenty years gives a figure of £82.38.
So, it’s still worth paying UK NI even if you’ve no chance of qualifying for the full thirty (or thirty-five) years. For about £626 a year of voluntary contributions, you will get the above payments for the rest of your life. You only have to live four to five years after retirement to start making a profit. You won’t find a better value pension anywhere. |
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PC Parrot
Joined: 11 Dec 2009
Posts: 236
Location: Moral Police Station
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| Posted: Thu Mar 28, 2013 10:30 am Post subject: |
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| Hod wrote: |
That's putting things somewhat pessimistically.
The current rules are thirty years of payments required to qualify for a full state pension, which is currently £107.45 a week. This doesn’t mean those with twenty-nine years, for example, will get nothing. They would get 29/30 of the full state pension.
The minimum number of years to qualify for any state pension payments is ten.
https://www.gov.uk/calculate-state-pension
If you go to the link above and enter 10 years of NI payments, you see a weekly pension of £46.56. Twenty years gives a figure of £82.38.
So, it’s still worth paying UK NI even if you’ve no chance of qualifying for the full thirty (or thirty-five) years. For about £626 a year of voluntary contributions, you will get the above payments for the rest of your life. You only have to live four to five years after retirement to start making a profit. You won’t find a better value pension anywhere. |
I don't know if your comments are directed towards me, but if they are, (1) you'll see I said '(full) state pension', and (2) you're preaching to the converted. I'm quite up on the regulations for pension contributions - having back paid 11 years of missing contributions before a window of opportunity closed 4 or 5 years ago.
The joke is that many of the TEFLers who dismiss the state pension as a fool's gamble are the very same people whose only hope of an income in retirement is the state pension.
In my book, it should be seen as nothing more than some extra pocket money. |
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scot47
Joined: 10 Jan 2003
Posts: 10786
Location: Turris fortis mihi deus
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| Posted: Fri Mar 29, 2013 12:22 pm Post subject: |
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| Surprisng how many there are out there who have no idea of NICs and what they are ! |
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