View previous topic :: View next topic |
Author |
Message |
scot47
Joined: 10 Jan 2003 Posts: 15343
|
|
Back to top |
|
|
PC Parrot
Joined: 11 Dec 2009 Posts: 459 Location: Moral Police Station
|
Posted: Mon Mar 18, 2013 8:26 am Post subject: |
|
|
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. |
|
Back to top |
|
|
massiveg
Joined: 14 Mar 2013 Posts: 36
|
Posted: Tue Mar 19, 2013 2:41 pm Post subject: |
|
|
I dread to thing what will happen to TEFLers who are not in the Gulf. |
|
Back to top |
|
|
scot47
Joined: 10 Jan 2003 Posts: 15343
|
Posted: Wed Mar 20, 2013 7:14 pm Post subject: |
|
|
The Poorhouse awaits. Indoor relief from the Poor Law Union. |
|
Back to top |
|
|
Perilla
Joined: 09 Jul 2010 Posts: 792 Location: Hong Kong
|
Posted: Wed Mar 27, 2013 7:03 am Post subject: |
|
|
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. |
|
Back to top |
|
|
Hod
Joined: 28 Apr 2003 Posts: 1613 Location: Home
|
Posted: Thu Mar 28, 2013 8:18 am Post subject: |
|
|
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. |
|
Back to top |
|
|
PC Parrot
Joined: 11 Dec 2009 Posts: 459 Location: Moral Police Station
|
Posted: Thu Mar 28, 2013 10:30 am Post subject: |
|
|
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. |
|
Back to top |
|
|
scot47
Joined: 10 Jan 2003 Posts: 15343
|
Posted: Fri Mar 29, 2013 12:22 pm Post subject: |
|
|
Surprisng how many there are out there who have no idea of NICs and what they are ! |
|
Back to top |
|
|
scot47
Joined: 10 Jan 2003 Posts: 15343
|
Posted: Thu Aug 01, 2013 5:50 pm Post subject: |
|
|
But a lot of TEFLers in KSA pop off before 65. Booze is often a contributory factor. |
|
Back to top |
|
|
massiveg
Joined: 14 Mar 2013 Posts: 36
|
Posted: Sat Aug 03, 2013 1:22 am Post subject: |
|
|
Also, obesity, lack of exercise and misery. Still retiring to a council flat and poverty in Scotland is little better. |
|
Back to top |
|
|
scot47
Joined: 10 Jan 2003 Posts: 15343
|
Posted: Sat Aug 03, 2013 8:39 am Post subject: |
|
|
Some prefer to surround themselves with lady-boys and alkies in Chiang Mai. |
|
Back to top |
|
|
massiveg
Joined: 14 Mar 2013 Posts: 36
|
Posted: Sat Aug 03, 2013 9:54 am Post subject: Bulgaria and bust |
|
|
So you say. Never been but I could afford it unlike you. |
|
Back to top |
|
|
Shroob
Joined: 02 Aug 2010 Posts: 1339
|
Posted: Sat Aug 03, 2013 10:14 am Post subject: |
|
|
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. |
|
Back to top |
|
|
massiveg
Joined: 14 Mar 2013 Posts: 36
|
Posted: Sat Aug 03, 2013 10:27 am Post subject: |
|
|
Poverty it is then |
|
Back to top |
|
|
scot47
Joined: 10 Jan 2003 Posts: 15343
|
|
Back to top |
|
|
|