National Insurance number

[Ella]

Hello guys :Hellooo:
Is anybody here have an idea about National Insurance contribution?

I was reading the page of directgov and all i can see is "you pay National Insurance contributions if you are an employee and self-employed and you are age 16 and over, providing your earnings are more than a certain level".

I would like to know if its possible for somebody to pay the tax voluntarily even if the person is not working?

[bornatbirth]

you can pay NI if you like, why would you want to?

http://www.direct.gov.uk/en/Pensionsandretirementplanning/PlanningForRetirement/AboutToRetire/DG_10021384

[estherboaz]

NI is like SSS in our country...

[Ella]

you can pay NI if you like, why would you want to?

http://www.direct.gov.uk/en/Pensionsandretirementplanning/PlanningForRetirement/AboutToRetire/DG_10021384

Hello bornatbirth :Hellooo:
Thanks for the website that you sent me.
It says in there that a person can fill in the gaps by paying voluntary NI contributions.
So for me, it means they have an existing contribution already that they need to continue.
What I wanna know if I can start paying my NI contribution voluntarily without me working.:rolleyes:

Hmnnn :Erm: me and my guy was just thinking that if ever he wanna retire in Philippines someday then both of us will recieve pension.... That was just an idea that I need to figure out. :):):)

[Ella]

NI is like SSS in our country...

Hahah maybe you got it right estherboaz :Cuckoo: But I'm not sure exactly
Until now I'm still paying my SSS contribution voluntarily.
I need to figure out if I can do the same here in my National Insurance contribution.:)

[joebloggs]

Hahah maybe you got it right estherboaz :Cuckoo: But I'm not sure exactly
Until now I'm still paying my SSS contribution voluntarily.
I need to figure out if I can do the same here in my National Insurance contribution.:)

why bornatbirth from your own link :D

Qualifying years needed for entitlement to the full basic State Pension
Number of qualifying years Men Women
If you reach State Pension age on or after 6 April 2010 30 30
If you reached State Pension before 6 April 2010 Normally 44 Normally 39

and Whether it will make sense for you to fill in the gaps by paying voluntary National Insurance contributions will depend on a number of factors.

[Bluebirdjones]

Why pay to the Government ???? (via voluntary contributions)
This isn't your only option.

There are many private pension or savings schemes that you can pay into in this country.
Any financial advisor can tell you about them, and go with a reputable company.
... and most will allow you to vary your contributions.

Some will pay a monthly "pension" at retirement age.... whereas others will pay out a lump sum,
which you can use to buy an annuity.

[joebloggs]

Why pay to the Government ???? (via voluntary contributions)
This isn't your only option.

There are many private pension or savings schemes that you can pay into in this country.
Any financial advisor can tell you about them, and go with a reputable company.
... and most will allow you to vary your contributions.

Some will pay a monthly "pension" at retirement age.... whereas others will pay out a lump sum,
which you can use to buy an annuity.

true but i would have thought you would have to a lot more privately than £12wk to get £97 what ever the weekly pension is, also it will not go down in value, and it will not go up much either :doh

:laugher:

[Bluebirdjones]

but a private pension ...
...will allow u the option of taking a lump sum out at retirement age
.... will be "transferable", hence allowing your various employers to pay into it (if they offer you this option)
....will allow you to increase/vary your contributions if u so desire.
... has tax advantages

If you're just relying on a State Pension for your retirement ...... heaven help you.

[joebloggs]

but a private pension ...
...will allow u the option of taking a lump sum out at retirement age
.... will be "transferable", hence allowing your various employers to pay into it (if they offer you this option)
....will allow you to increase/vary your contributions if u so desire.
... has tax advantages

If you're just relying on a State Pension for your retirement ...... heaven help you.

and if your relying on just a private pension, pray the stock market help you :rolleyes:

i had a private pension where work put in 50% of what ever i put in a month for a few years, that was like 15yrs ago, i think the amount in the pot is roughly what i put in 15yrs agoi.. :NoNo:

anyway my pension is my younger misses, shes be working for at least 6yrs after i retire :rolleyes:

for £50 a month for the next 30yrs what will a private pension fund ESTIMATE to be paying out monthly ?? £400 a month like the state pension .?

[Bluebirdjones]

I'm not advocating relying on a private pension policy .... but to ENHANCE the Government's one !

As the vast, vast majority of working people make NI contributions, then they'll get a Govt pension.
But that ain't gonna keep you in the "quality of life" you require.
You also have to make other provisions.

And if that comment about "my younger missus...." is supposed to be humour ......it doesn't get me rolling on the floor,splitting my sides with laughter.
Perhaps you should have taken it a step further. Imagine if you'd married some-one 20 or 30 yrs younger.
Then u could have sat at home with your feet up, drinking your beer, flicking thru the TV channels, while your wife goes out to work to support your retirement for an additional 15-20years !

What a plank

[Ella]

Thanks to all of you guys but I still don't understand about pension yet...Maybe need to research more about it
Just thinking if paying tax voluntarily can help alot for future use....:rolleyes:

[joebloggs]

And if that comment about "my younger missus...." is supposed to be humour ......it doesn't get me rolling on the floor,splitting my sides with laughter.
Perhaps you should have taken it a step further. Imagine if you'd married some-one 20 or 30 yrs younger.
Then u could have sat at home with your feet up, drinking your beer, flicking thru the TV channels, while your wife goes out to work to support your retirement for an additional 15-20years !

What a plank

what does get you rolling on the floor,splitting your sides with laughter then :rolleyes:

yes maybe i should have found someone who had just turned 21 :xxgrinning--00xx3:

just think of all those years i could be drinking my tinnies in front of the tv watching corrie and east enders :rolleyes:

fact is i dont drink at all and if you had read any of my posts since jan 2009 you'll see i've supported my misses more than any one could support their wife and i'm very proud of her :action-smiley-081:

[Bluebirdjones]

Well, definately not your "humour"... and yes, I'm aware of your posts, your "history", which makes the comment you made even more onerous, and pathetic.

Like many on here, I've also supported my wife to the best of my ability, putting my interests second to hers, and also proud of her achievements.... so please do not make yourself out to be some sort of martyr. We've all made sacrifices in our own particular way.

This thread was about pensions, and voluntary NI contributions.
I merely stated that there were other options available, and that these should be explored.

.. you, in your wisdom, decided that the Government pension was the be-all and end-all.
WRONG !
From www.sharingpensions.co.uk/statepen.htm
"Since the introduction of the state basic pension the value of this benefit has reduced in real terms and will continue to do so in the future as annual increases are not keeping up with the growth in earnings or even the retail price index (RPI). To supplement the basic pension the government introduced the state earnings related pension scheme (SERPS) as an additional pension, this being replaced by the state second pension (S2P).

With SERPS it was in most individuals interest to opt for contracting out and direct the money to private pensions."

Your "advice" was both mis-informed and incorrect.

Live with it ... and lets move on.

[darren-b]

Well, definately not your "humour"... and yes, I'm aware of your posts, your "history", which makes the comment you made even more onerous, and pathetic.

Like many on here, I've also supported my wife to the best of my ability, putting my interests second to hers, and also proud of her achievements.... so please do not make yourself out to be some sort of martyr. We've all made sacrifices in our own particular way.

This thread was about pensions, and voluntary NI contributions.
I merely stated that there were other options available, and that these should be explored.

.. you, in your wisdom, decided that the Government pension was the be-all and end-all.
WRONG !
From www.sharingpensions.co.uk/statepen.htm
"Since the introduction of the state basic pension the value of this benefit has reduced in real terms and will continue to do so in the future as annual increases are not keeping up with the growth in earnings or even the retail price index (RPI). To supplement the basic pension the government introduced the state earnings related pension scheme (SERPS) as an additional pension, this being replaced by the state second pension (S2P).

With SERPS it was in most individuals interest to opt for contracting out and direct the money to private pensions."

Your "advice" was both mis-informed and incorrect.

Live with it ... and lets move on.

State pensions went up by about 5% year, which is a lot more than most wages went up by....

In my opinion Joe's comments are spot on. For someone who isn't going to manage 30 years of full NIC due to not working, making up the missing years at a rate of ~£600 per year appears to be worthwhile both in terms of return and security of investment. Though obviously other sources of retirement income are required.

With recent events private pensions are not really be-all and end-all either. (Given the choice I would have opted out of my company pension scheme and invested in property.)

[joebloggs]

:bigcry: oh dear i've upset you with my manc sense of humor, maybe its not to everyones taste :D, funny my misses thinks its funny she will be supporting me when i've retired, and shes doesn't have a problem with it, but you do :Erm:, in reality for some people this isn't a joking matter, if money is short and they dont have good pension then the wife continuing to work might be the only option for them, not everyone is lucky enough to afford a private pension.

martyr :icon_lol:, you dont know :censored: about me or my wife or what we've been thru, my rants on here have been about how unfair the system is and the endless costs, form filling, time wasting and restrictions and conditions placed on certain people.

good for you, you've done the best of your abilities for your wife and your proud of her, have you seen your wife in tears wanting to give up doing the job she spent more than 10yrs at uni in the phils studying to do, the late nights studying until she falls asleep then having to go and work, endless exams, the time and cost of it all, no i'm no martyr, the posts ive made are about her struggles are to warn and to encourage other filipinas they can make it, the system is against you, but you can, my wife has met many filipinos who just gave up :NoNo:

:laugher: where have i said that the state pension is the be all and end all ??? :Erm:

bornatbirth said why pay it, for your £50 a month, tell me what you would get from a private pension fund after 30yrs ?? i'll take a guess probably £60 a month the way pension funds have been hit. so £60 a month private or nearly £400 state pension !

of course its good to have a private pension as well, but some people can't afford it

what advice of mine is mis-informed ?? i haven't given any - unless your talking about paying for NIC contribs , unlike you ..

err did you post this :Erm:


Why pay to the Government ???? (via voluntary contributions)
This isn't your only option.

.....

I'm not advocating relying on a private pension policy .... but to ENHANCE the Government's one !




make your mind up, why pay the gov and next your saying you should enhance the gov one ..

true there are other options, but show me one with a better guaranteed return for the little your putting in?

just google private pension funds and see the state many are in

but as always consult a expert on any matters :xxgrinning--00xx3:

[jimeve]

State pensions went up by about 5% year, which is a lot more than most wages went up by....

In my opinion Joe's comments are spot on. For someone who isn't going to manage 30 years of full NIC due to not working, making up the missing years at a rate of ~£600 per year appears to be worthwhile both in terms of return and security of investment. Though obviously other sources of retirement income are required.

With recent events private pensions are not really be-all and end-all either. (Given the choice I would have opted out of my company pension scheme and invested in property.)

Spot on Darren-b, invest your money in bricks and mortar, okay they have come down in price last few years, but give it time, long term investment.
got two houses one here and one in Phils, goner buy another one in England :xxgrinning--00xx3:

oh and i don't have pvt pension, they for loosers