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State Pension

Many expatriates stop paying National Insurance as soon as they leave the UK. This decision can have serious consequences as National Insurance contributions are directly related to the amount of State Pension which is paid.

According to new draft regulations, from 2010, only 30 years of national insurance contributions will be necessary to guarantee a full UK state pension, rather than the current 44 for men and 39 for women. The state pension age for men and women will increase to 66 in 2024, 67 in 2034 and 68 in 2044. Each of these changes will be phased in over the two preceding years.

The state pension does provide a very cost-effective means of saving for later years, but cannot, on its own, provide an adequate retirement fund. It is clear that additional provision must be made in order to guarantee as comfortable a retirement as possible.

For more information download a copy of the ‘UK National Insurance’ guide from our Members Library.

Making adequate provision for your retirement is a critical part of the financial planning process. We are here to help. For help or advice please contact us.