Bembaman Posted July 28, 2001 Report Share Posted July 28, 2001 Any Brits here who have ever looked into all this? I have about 20 years or so paid in but have lived o/seas for 3 years now. I know I can make voluntary contributions, but is it even worth it? Would it be better to pay into a private scheme and simply see what my 20 years input gets me when I am 65. Anyone any experience in all this? Link to comment Share on other sites More sharing options...
Bembaman Posted August 3, 2001 Author Report Share Posted August 3, 2001 Can nobody help on this!!?! Link to comment Share on other sites More sharing options...
Guest Posted August 3, 2001 Report Share Posted August 3, 2001 Being overseas and not paying in to the system will affect the pension you collect when you retire but, from everything you hear from the goverment over the last ## years they are trying to stop pensions and make everyone have a private pension. Link to comment Share on other sites More sharing options...
Ed Zeppelin Posted August 4, 2001 Report Share Posted August 4, 2001 Hi, You may be able to get the information you need or if not I'm sure someone will be able to help at; http://www.fool.co.uk/ I'm no expert but I've heard an ISA account can sometimes be better than a pension fund, especially if your contributions are quite small. One thing, make sure it's a "tracker" fund. I think you can contribute up to £7000 tax free. Cheers, Ed Link to comment Share on other sites More sharing options...
monochrome man Posted August 4, 2001 Report Share Posted August 4, 2001 www.dss.gov.uk will take you to the homepage of the new pensions service agency. scroll to bottom - click on pensions. most of your questions may be answered there. off the top of my head you need about 44 years contributions for a full pension. You're allowed about 5 missing years. Don't quote me on either the 44 or the 5. check the site. fill in form B19 - the site describes it - and you get a printed forecast of your pension which shows your gaps. the forecast assumes you'll continue to pay til you retire (ie no more gaps). What you need to know is how much your pension is worth NOW (don't know if the site gives this info. not checked.but I'm sure you can get it. they're surprisingly user-friendly these days)and how much it'll be worth when you retire.You can then look at private schemes, compare the 2 , and make an informed decision. Link to comment Share on other sites More sharing options...
jacko Posted August 4, 2001 Report Share Posted August 4, 2001 I still pay my Class 3 stamp which will keep my pension rights. It is about 30 pound per month. They were also kind enough to retroactively allow me to pay for some previous years I had missed to keep my entitlement up to 100pct. Is it worth it? Well I was advised by a financial consultant (should those parasites be believed?) it was, as it is subsidised by the government. But if the State pension vanishes then I have wasted my money. Tough call. It also depends on your age. Better than sending it to a TG !!!! Link to comment Share on other sites More sharing options...
Bembaman Posted August 6, 2001 Author Report Share Posted August 6, 2001 Thanks for all those contributions guys. I will report back with my conclusion on the situation once i have studied it-it may help someone else. Link to comment Share on other sites More sharing options...
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