NI Voluntary Class 2 contributions
Posted: October 9th, 2018, 4:48 pm
Hi all,
I contacted HMRC today to find out what the Class 2 NI rates were for 2016/17 and 2017/18 as I wanted to make sure my contributions were up to date. I should add that I've been living and working overseas for the last 20 years and although I had paid enough contributions to qualify for a full pension, part of those contributions were at the contracted rates, thereby reducing my pension, but I could top up my pension by continuing to pay Class 2, but only from 2016/17 on-wards. I had previously been given to understand that the Class 2 rates were to be abolished after the 2018/19 year to perhaps be replaced by Class 3 rates, which are about 3 times more expensive. I was very pleasantly surprised to learn that Class 2 rates will now continue on as before and will not be abolished, well not until some later date maybe. I had not read any thing about this in the press but apparently the decision was made in early September this year.
I was also pleasantly surprised to learn that such payments could now be made online. I haven't had to make such a payment for a number of years now, always having had to send cheques through the post which I didn't like.
I hope this is usual for some people.
Cheers,
Brendan
I contacted HMRC today to find out what the Class 2 NI rates were for 2016/17 and 2017/18 as I wanted to make sure my contributions were up to date. I should add that I've been living and working overseas for the last 20 years and although I had paid enough contributions to qualify for a full pension, part of those contributions were at the contracted rates, thereby reducing my pension, but I could top up my pension by continuing to pay Class 2, but only from 2016/17 on-wards. I had previously been given to understand that the Class 2 rates were to be abolished after the 2018/19 year to perhaps be replaced by Class 3 rates, which are about 3 times more expensive. I was very pleasantly surprised to learn that Class 2 rates will now continue on as before and will not be abolished, well not until some later date maybe. I had not read any thing about this in the press but apparently the decision was made in early September this year.
I was also pleasantly surprised to learn that such payments could now be made online. I haven't had to make such a payment for a number of years now, always having had to send cheques through the post which I didn't like.
I hope this is usual for some people.
Cheers,
Brendan
Moderator Message:
Moved from International & Expat Investors to Pensions - Practical Problems (leaving a link). - Chris
Moved from International & Expat Investors to Pensions - Practical Problems (leaving a link). - Chris