Been Offshore for a Few Years?

Didn’t know you were eligible for a FULL UK State Pension?

We Can Help!

If you fail to pay enough National Insurance before you retire, you could miss out on the full state pension.

But does making up your missed payments, make financial sense?

We at Farringdon Group Ltd can create your National Insurance & HMRC profile, compile a report and give you ALL the information you need for RM470 +6% GST.

What is National Insurance and what does it pay for?

National Insurance is not strictly a tax and while it may certainly feel that way, its aim is to benefit those who contribute to it.

The main areas funded by National Insurance contributions are the NHS, unemployment benefits, sickness and disability allowances and the state pension.

Aside from the NHS, most of these benefits are in some way linked to your National Insurance contributions. However, only your state pension allowance and entitlement to bereavement benefits are impacted when you top up; your entitlement to other benefits will not change.

How to make National Insurance count

In order to claim the full basic state pension, you will need to have paid sufficient National Insurance for 35 full years.

For the 2016/17 tax year, you will need to earn £8,060 worth of income to pay enough National Insurance for it to count as a qualifying year.

If you fail to accrue the full number of qualifying years, you will not receive the full basic state pension, but a proportion of this based on your National Insurance contributions.

For example, if you have made 20 years contributions you’ll be paid 20/35 of the basic pension.

Do you have to top up?

National Insurance itself is compulsory for most people and is usually deducted automatically from your salary, but not if you are living offshore.

Whilst living offshore you have the option to voluntarily contribute or to not contribute at all.

How we can help!

Farringdon Group will provide the following so that you know exactly where you are:

• Send you a full report which indicates exactly how many years you have contributed for
• Currently as an expat you are classed as a Class 2 tax payer and the cost of keeping you NI up to date is as little as £2.80 per week
• How many years you need to contribute to moving forward
• Full details on how you can make the payments
• You will receive your online account log on details

It is likely that a number of different factors will influence your decision as to whether to top up your National Insurance contributions, BUT we can do that for you for RM470 + 6% GST.

Please email me at dcameron@farringdongroup.com  to start the process or to ask any further questions.

Kind Regards

Duncan Cameron