UK Pension & Voluntary Payments Questions

[Bushiman]

Hello RJ!

I'm currently in the process of applying to start UK NI voluntary contributions (see the Backpaying UK Pension (Class 3) thread for that debacle).

I have a couple of questions, and would be grateful if anyone had the answers or any thoughts they'd like to share...

1.) To receive a full-UK pension, you need to have paid 35 years of instalments. I will (hopefully) complete those 35 years by the time I'm 59. Retirement for my age is now 68(!?), so can I just stop making the payments once I've completed the 35 years (as they are 'voluntary') and just wait the 10 years to start collecting my pension? It's not like my pension will increase if I keep making the payments, right?

2.) This one may sound daft, but bear with me. With the Brexit nightmare, what are the chances the UK is about to go financially down the pan, and the +£10,000 I'm about to send home to backpay the last 12 years of NI contributions is pointless? Will the UK be able to fulfil their pension requirements by the time I'm of retirement age (around 2050)? I'm hoping someone here will just say, "Don't be crazy, there's no way you're not getting a good return for all that money you're going to hand over. Your money and pension are safe." Hahaha!

Thanks!

[Sybil]

According to most experts and financial planners for the wealthy the threat of Corbyn becoming Prime Minister is much more of threat to the economy than Brexit. This is the man who is on record of praising the system in Venezuela after all.

[adamu]

1) You can stop the voluntary payments and it won't harm you. The risks is that they could change the minimum number of years required, but I don't think they will do that. Bear in mind that if you work in the UK, paying NI is not voluntary, so if you were ever to move back, you'd be paying NI even though you're fully covered

2) My crystal ball is a bit too cloudy today.

[Bushiman]

1) You can stop the voluntary payments and it won't harm you. The risks is that they could change the minimum number of years required, but I don't think they will do that. Bear in mind that if you work in the UK, paying NI is not voluntary, so if you were ever to move back, you'd be paying NI even though you're fully covered.

That is good news, thanks!

2) My crystal ball is a bit too cloudy today.

Ha! Yeah, I knew it was a long shot... But I was just curious if anyone else had any concerns or reassurances...
Thanks as always for the input adamu...

[IloveJapan]

I have not signed up to the system. Apart from the famous “frozen” problem, there is also the possibility that cash-strapped governments will in future prevent people from receiving a full state pension from more than one country. I’m other words, one country may take into account what you receive from another country’s state pension when determining your entitlement. This already happens between the UK and Australia.

Also means testing in future could make 2 state pensions payments cancel each other out.

Just curious to know:
Are you allowed to stop contributing once you start? I read somewhere that the rate goes up for late payments, which does not sound voluntary at all!

[Sybil]

I have not signed up to the system. Apart from the famous “frozen” problem, there is also the possibility that cash-strapped governments will in future prevent people .....

Deja vu. I'm sure I have read something similar....

[Cracaphat]

I'm in the process of trying to get into the rotation concerning the pension,but I have a couple beauties:
1/. I never worked in the U.K. since I emigrated in my teens.
2/. I don't have a NI number.

So today, I wrote to HM's peoples wondering how I can get into it. Can I voluntary back pay though I've never worked there?
Apparently a ten day wait to hear back,but if I can,I'll be happy as Larry.

[RetireJapan]

I'm in the process of trying to get into the rotation concerning the pension,but I have a couple beauties:
1/. I never worked in the U.K. since I emigrated in my teens.
2/. I don't have a NI number.

So today, I wrote to HM's peoples wondering how I can get into it. Can I voluntary back pay though I've never worked there?
Apparently a ten day wait to hear back,but if I can,I'll be happy as Larry.

Do you have an email address for them? I really don't want to call them again

[Cracaphat]

I'm in the process of trying to get into the rotation concerning the pension,but I have a couple beauties:
1/. I never worked in the U.K. since I emigrated in my teens.
2/. I don't have a NI number.

So today, I wrote to HM's peoples wondering how I can get into it. Can I voluntary back pay though I've never worked there?
Apparently a ten day wait to hear back,but if I can,I'll be happy as Larry.

Do you have an email address for them? I really don't want to call them again

I used the below address which is the International Pension Centre for people living or having lived overseas.

https://secure.dwp.gov.uk/ipc/personal-details

[Bushiman]

1/. I never worked in the U.K. since I emigrated in my teens.

That's likely to be a no then... With regards to trying to make voluntary National Insurance contributions (and back pay) you need to satisfy two main requirements: Have lived in the UK for a set number of years, and have a minimum of three years of National Insurance contributions to your name.