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MdSmith
Joined: 15 Nov 2012
Posts: 67
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 Posted: Mon May 19, 2014 8:09 pm Post subject: NICs and summer schools (UK teachers) |
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Hello all
I was wondering if anyone knows what the situation is if you work abroad and pay class 2 NICs; but if you want to do a one month summer school back in the UK, is it possible to continue paying class 2 NICs? Has anybody come across this issue?
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damn_my_eyes
Joined: 13 Jul 2013
Posts: 225
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| Posted: Tue May 20, 2014 6:10 am Post subject: |
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http://www.hmrc.gov.uk/dealingwith/reporting-changes.htm#4
This could be the info you need! Although I'm no financial expert.
Not wanting to derail your post but paying NIC contributions is something I've put off and really should do.
It looks straightforward on the website. Were there any problems sorting it out?
Edited: That link is about income tax, so probably not relevant. Did say I was no financial expert.  |
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scot47
Joined: 10 Jan 2003
Posts: 15343
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| Posted: Tue May 20, 2014 9:57 am Post subject: |
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ASK HMRC. They will reply to an e-mail inquiry.
I am now reaping the rewards of having a full NIC Record. My pension is just over £110 a week. Enough for newspapers and coffee. |
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Hod
Joined: 28 Apr 2003
Posts: 1613
Location: Home
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| Posted: Tue May 20, 2014 8:51 pm Post subject: |
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| damn_my_eyes wrote: |
http://www.hmrc.gov.uk/dealingwith/reporting-changes.htm#4
This could be the info you need! Although I'm no financial expert.
Not wanting to derail your post but paying NIC contributions is something I've put off and really should do.
It looks straightforward on the website. Were there any problems sorting it out?
Edited: That link is about income tax, so probably not relevant. Did say I was no financial expert. |
I despair at some British teachers and their lack of financial planning or even googling skills.
https://www.gov.uk/state-pension-statement
Check the above and apply for a UK pension forecast. It doesn't matter if you've paid no tax for four decades or have a shameful and dodgy past. The people, who couldn't be more helpful, will give you a forecast of your UK pension at age 65/66/67 whatever it will be and advise how to make back payments if you want.
With the current system, only ten years of payments will allow you to qualify for a state pension, which will of course be less than someone paying 30+ years, but it's the best value pension on the planet.
And every single person who is educated and civilised enough to teach English can afford to pay voluntary UK NI contributions, which are miniscule. If you can’t even do that, your lifestyle must be so incredibly poor that you should struggle back to the UK now to throw yourself at the mercy of the benefits system. |
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Hod
Joined: 28 Apr 2003
Posts: 1613
Location: Home
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| Posted: Tue May 20, 2014 9:02 pm Post subject: |
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| And they're just as helpful if you don't live in the UK. They'll post the forecast to an overseas address of your choosing. |
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scot47
Joined: 10 Jan 2003
Posts: 15343
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| Posted: Wed May 21, 2014 3:50 pm Post subject: |
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The vicar with the funny hat is right. (Is that the new uniform in the Church of England ?)
I just checked my National Insurance State Retirement pension. £118 weekly. More than enough for coffee, newspapers and a visit to the bookmaker ! |
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Shroob
Joined: 02 Aug 2010
Posts: 1339
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| Posted: Wed May 21, 2014 3:52 pm Post subject: |
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| scot47 wrote: |
| The vicar with the funny hat is right. (Is that the new uniform in the Church of England ?) |
They changed it to appeal to the younger generation. |
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damn_my_eyes
Joined: 13 Jul 2013
Posts: 225
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| Posted: Wed May 21, 2014 4:43 pm Post subject: |
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If a side effect of paying is that you become a sarcastic smug miserable ol' curmudgeon I might give it a miss.
My parents saw a combined grand total of three years benefits before they passed away. Not the best return from forty years of paying "the man". |
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Hod
Joined: 28 Apr 2003
Posts: 1613
Location: Home
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| Posted: Wed May 21, 2014 9:52 pm Post subject: |
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That's unfortunate and sorry to hear, but you're using another avoiding tactic.
For the likes of us paying voluntary UK NI contributions, the break even point is surprisingly low. I've not done the sums so I'll do them now.
Voluntary contribution: £626 a year (2013 figure)
£626 x 30 years = £18780 (30 years is the current time to qualify for 100% pension)
£18780 / £113.10 (weekly pension payment) = 166 weeks
So if you only live 167 weeks (3.2 years) after retirement, which is a decade under the UK life expectancy, you start to break even.
The above figures will change with inflation, but they give an idea that the UK state pension is good value.
I've not done the maths for people paying less than 30 years, but qualification for a UK state pension kicks in with 10 years of contributions. You can back pay up to five years. I'd definitely pay in even if you've no chance of achieving thirty years. |
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Hod
Joined: 28 Apr 2003
Posts: 1613
Location: Home
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| Posted: Wed May 21, 2014 10:08 pm Post subject: |
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| Shroob wrote: |
| scot47 wrote: |
| The vicar with the funny hat is right. (Is that the new uniform in the Church of England ?) |
They changed it to appeal to the younger generation. |
As someone who worships every Sunday in the house of the holy lager and Sky TV, I don't mind, but are you sure you mean to say that? My friend, Father Stone, is an Irish Roman Catholic priest.
http://www.youtube.com/watch?v=wR81LAiLjN8 |
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Shroob
Joined: 02 Aug 2010
Posts: 1339
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| Posted: Thu May 22, 2014 6:08 am Post subject: |
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| Hod wrote: |
| Shroob wrote: |
| scot47 wrote: |
| The vicar with the funny hat is right. (Is that the new uniform in the Church of England ?) |
They changed it to appeal to the younger generation. |
As someone who worships every Sunday in the house of the holy lager and Sky TV, I don't mind, but are you sure you mean to say that? My friend, Father Stone, is an Irish Roman Catholic priest.
http://www.youtube.com/watch?v=wR81LAiLjN8 |
Is this you?
https://www.youtube.com/watch?v=NtYfHW5wu8Q |
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