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How long does it take for me to receive a return on my UK NIC Class 3 vol. payments and is it worth it?
Hi All, Does anybody know how long does it take to receive a return on UK NIC Class 3 voluntary payments, and is it worth it?
UK DWP letter
Estimate up to year 05/04/2023 I'd get £76.41 a week & this may change in the future; based on current laws no guarantee.
If I contribute until year 05/04/32 forecast is £133.29 a week & this may change in the future; based on current laws no guarantee.
I can enhance my forecast to £221.20 a week and this may in the future; based on current laws no guarantee.
This is all based on my UK National Insurance record up to 05/04/2032.
UK HMRC letter states
I've 11 qualifying years of NICs up to 05/04/2024.
To pay NICs volunary contributions for Class 3 form CF83 needs to be completed and returned.
They state I could pay voluntary NICs from years 2006 to 2023. Cost = £12,342.70pence.
Purchasing tax years 2006 - 2016 individually each year will approximately add a further £5.65 (I assume weekly) to my current State Pension amount. I'd have to pay £6,625.30pence. How long do I need to live to receive all my money back?
Purchasing tax years 2016 to 2023 each year will approximately add a further £6.32 to my current State Pension amount. I'd have to pay £6,541.60pence. How long do I need to live to receive all my money back?
If I purchase all 16 years my State Pension estimate would increase by £171.50. (I assume they mean per week).
How long do I need to live to receive all my money back?
I may also make qualifying years in the future through voluntary NI contributions; each extra qualify year generally incrased my weekly State Pension by 1/35 (about £6.32 (I assume per week). until I reach the full State Pension amount or my final tax year before State Pension age.
They also state if I add 9 future NI qualifying years they estimate that my State Pension would increase to £133.29 (assume per week).
This would mean from year 2006 to 2013 I'd have to first pay £6,625.30 NI voluntary class 3 contributions.
If I pay for 9 future NI qualifying years (before 25/04/2025 deadline date) how long would I need to live to receive a return on all my money (and for my next of kin to inherit)?
As a Spanish resident in Spain how much tax and social contributions does one pay on their UK State Pension in Valencia, Spain?
Is anybody else in this situation,and have they paid?
Is it worth it?
With the global turbulence I'm very concerned that if I paid any amount I might not receive a financial return on my hard earned State Pension.
