Voluntary UK pension contribution

banders
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Re: Voluntary UK pension contribution

Post by banders »

Despite what it seems, whether you can pay class 2 or not is pretty clearly defined.

Despite the bit about ‘Immediately before going abroad, you were ordinarily an employed or self-employed earner in the UK’, I was unemployed for 5 weeks before I came here (and told them) but I could still pay Class 2. That was back in 2005, though. When the weekly pension was £79.60. Next: £221.20 (¥183k pm). Yeah, Triple Lock! Good luck!
beanhead
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Re: Voluntary UK pension contribution

Post by beanhead »

banders wrote: Sat Mar 30, 2024 8:04 am Despite what it seems, whether you can pay class 2 or not is pretty clearly defined.

Despite the bit about ‘Immediately before going abroad, you were ordinarily an employed or self-employed earner in the UK’
I think this definition of ordinarily employed is a bit vague, isn't it? That is why many people are not sure if they qualify for class 2 or class 3.
I had a summer job before leaving so was working close to full-time hours, but only for a relatively short time. That was enough for the HMRC, thankfully.
Aiming to retire at 60 and live for a while longer. 95% index funds (eMaxis Slim etc), 5% Japanese dividend stocks.
banders
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Re: Voluntary UK pension contribution

Post by banders »

Maybe, but I was offered Class 2 on a plate. I didn't have to fight for it. I guess the OP will know when the time comes.
Adamakin86
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Re: Voluntary UK pension contribution

Post by Adamakin86 »

The thing I’m really struggling with is making the payments. I got a letter telling how much I owe for each year that I have missed and I that I can make payments for those years from the site they list.

Turns out I can’t do that because I don’t live in England. Apparently expats have to add up the payments they want to make, and just make a bank transfer listing their special HMRC reference.

I really don’t like the sound of this. Am I the only person wondering why they don’t have an option to make payments for specific years online?
Wales4rugbyWC23
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Re: Voluntary UK pension contribution

Post by Wales4rugbyWC23 »

Adamakin86 wrote: Wed Apr 17, 2024 12:23 pm The thing I’m really struggling with is making the payments. I got a letter telling how much I owe for each year that I have missed and I that I can make payments for those years from the site they list.

Turns out I can’t do that because I don’t live in England. Apparently expats have to add up the payments they want to make, and just make a bank transfer listing their special HMRC reference.

I really don’t like the sound of this. Am I the only person wondering why they don’t have an option to make payments for specific years online?
You can always pay by cheque- I have been doing that for the last twenty years.
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Roger Van Zant
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Re: Voluntary UK pension contribution

Post by Roger Van Zant »

banders wrote: Sat Mar 30, 2024 8:04 am Despite what it seems, whether you can pay class 2 or not is pretty clearly defined.

Despite the bit about ‘Immediately before going abroad, you were ordinarily an employed or self-employed earner in the UK’, I was unemployed for 5 weeks before I came here (and told them) but I could still pay Class 2. That was back in 2005, though. When the weekly pension was £79.60. Next: £221.20 (¥183k pm). Yeah, Triple Lock! Good luck!
Of that 183k per month, how much do you reckon to be getting net after taxes?
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banders
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Re: Voluntary UK pension contribution

Post by banders »

Roger Van Zant wrote: Tue Apr 23, 2024 6:34 am Of that 183k per month, how much do you reckon to be getting net after taxes?
I have no idea when it comes to tax. Maybe someone else can give a ball park?
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RetireJapan
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Re: Voluntary UK pension contribution

Post by RetireJapan »

Looks like UK state pension is not taxed in the UK for non-residents.

So Japanese income taxes. I'm guessing it would qualify for the nenkin deduction.
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