Backpaying UK Class 2 NIc's
Re: Backpaying UK Class 2 NIc's
I made a one-off transfer from a UK bank account in December and received the update of fund allocation over the weekend. So approx 15 weeks maybe? God spede!
-
- Regular
- Posts: 68
- Joined: Mon Feb 06, 2023 11:29 am
Re: Backpaying UK Class 2 NIc's
Thanks! Great info to have to hand. So come June/July I'll chase this up if not by then reflected on my Government Gateway page.
Re: Backpaying UK Class 2 NIc's
I periodically think about looking into making NI back payments, but from people's experiences relayed to the Forum, I really wonder if I can be bovvered with all the hassle. Shame to leave money on the table though.
Re: Backpaying UK Class 2 NIc's
Yep. 2 government pensions vs 1.
It was a no-brainer for me (and I was a skeptic at first too)
Aiming to retire at 60 and live for a while longer. 95% index funds (eMaxis Slim etc), 5% Japanese dividend stocks.
- RetireJapan
- Site Admin
- Posts: 4732
- Joined: Wed Aug 02, 2017 6:57 am
- Location: Sendai
- Contact:
Re: Backpaying UK Class 2 NIc's
Best investment I know of. Almost definitely worth the time/hassle.
English teacher and writer. RetireJapan founder. Avid reader.
eMaxis Slim Shady
eMaxis Slim Shady
-
- Veteran
- Posts: 515
- Joined: Mon Sep 16, 2019 1:30 am
- Location: Fukuoka
Re: Backpaying UK Class 2 NIc's
Can I take credit for pointing you in the right direction about 6 or 7 years ago?RetireJapan wrote: ↑Fri Jun 14, 2024 7:56 amBest investment I know of. Almost definitely worth the time/hassle.
Although the state pension is almost approaching 1000 pounds a month, it doesn't really go that far in the UK, but due to the cost of living differentials in Japan, it really is a bonus being it paid in Japan. And as for class 2 NICS you are a winner to none. Needless to say I am class 3.
I often talk to Aussies, Kiwis and Canadians about their state pension schemes, and they can't believe what a great deal we have got in Japan with the British state pension.
Re: Backpaying UK Class 2 NIc's
It depends if paying them would top you up to the 30ish years required to get the full pension, and if you are likely to pay compulsory NI in the future.
Re: Backpaying UK Class 2 NIc's
It's the best investment any expat Brit can make unless they've already qualified for a full state pension.
- RetireJapan
- Site Admin
- Posts: 4732
- Joined: Wed Aug 02, 2017 6:57 am
- Location: Sendai
- Contact:
Re: Backpaying UK Class 2 NIc's
Absolutely! I was pretty stubborn about it at first tooWales4rugbyWC23 wrote: ↑Fri Jun 14, 2024 12:15 pm Can I take credit for pointing you in the right direction about 6 or 7 years ago?
English teacher and writer. RetireJapan founder. Avid reader.
eMaxis Slim Shady
eMaxis Slim Shady