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NIC Changes
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scot47



Joined: 10 Jan 2003
Posts: 11720
Location: Ultima Thule

PostPosted: Fri Mar 15, 2013 10:24 am    Post subject: NIC Changes Reply with quote

http://www.telegraph.co.uk/finance/personalfinance/pensions/9816473/State-pension-changes-Workers-misled-over-National-Insurance.html
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PC Parrot



Joined: 11 Dec 2009
Posts: 352
Location: Moral Police Station

PostPosted: Mon Mar 18, 2013 8:26 am    Post subject: Reply with quote

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: 36

PostPosted: Tue Mar 19, 2013 2:41 pm    Post subject: Reply with quote

I dread to thing what will happen to TEFLers who are not in the Gulf.
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scot47



Joined: 10 Jan 2003
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PostPosted: Wed Mar 20, 2013 7:14 pm    Post subject: Reply with quote

The Poorhouse awaits. Indoor relief from the Poor Law Union.
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Perilla



Joined: 09 Jul 2010
Posts: 776
Location: Hong Kong

PostPosted: Wed Mar 27, 2013 7:03 am    Post subject: Reply with quote

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: 883
Location: Home

PostPosted: Thu Mar 28, 2013 8:18 am    Post subject: Reply with quote

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 doesnít 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, itís still worth paying UK NI even if youíve 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 wonít find a better value pension anywhere.
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PC Parrot



Joined: 11 Dec 2009
Posts: 352
Location: Moral Police Station

PostPosted: Thu Mar 28, 2013 10:30 am    Post subject: Reply with quote

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 doesnít 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, itís still worth paying UK NI even if youíve 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 wonít 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
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PostPosted: Fri Mar 29, 2013 12:22 pm    Post subject: Reply with quote

Surprisng how many there are out there who have no idea of NICs and what they are !
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scot47



Joined: 10 Jan 2003
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Location: Ultima Thule

PostPosted: Thu Aug 01, 2013 5:50 pm    Post subject: Reply with quote

But a lot of TEFLers in KSA pop off before 65. Booze is often a contributory factor.
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massiveg



Joined: 14 Mar 2013
Posts: 36

PostPosted: Sat Aug 03, 2013 1:22 am    Post subject: Reply with quote

Also, obesity, lack of exercise and misery. Still retiring to a council flat and poverty in Scotland is little better.
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scot47



Joined: 10 Jan 2003
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PostPosted: Sat Aug 03, 2013 8:39 am    Post subject: Reply with quote

Some prefer to surround themselves with lady-boys and alkies in Chiang Mai.
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massiveg



Joined: 14 Mar 2013
Posts: 36

PostPosted: Sat Aug 03, 2013 9:54 am    Post subject: Bulgaria and bust Reply with quote

So you say. Never been but I could afford it unlike you.
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Shroob



Joined: 02 Aug 2010
Posts: 970

PostPosted: Sat Aug 03, 2013 10:14 am    Post subject: Reply with quote

After seeing what has happened to my parents' (who scrimped, saved and forewent many of life's luxuries) pension/retirement plans.... I've no urge to make sure I make my full contributions. It seems that those who were/are reckless with their money get rewarded while those who actually save get punished.

Who knows what the U.K. will be like when I reach retirement age (another 40 years or so), but I've little confidence in the government's pension scheme.
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massiveg



Joined: 14 Mar 2013
Posts: 36

PostPosted: Sat Aug 03, 2013 10:27 am    Post subject: Reply with quote

Poverty it is then
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scot47



Joined: 10 Jan 2003
Posts: 11720
Location: Ultima Thule

PostPosted: Sun Aug 18, 2013 9:46 am    Post subject: Reply with quote

https://www.gov.uk/voluntary-national-insurance-contributions/deadlines
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