I've got 15 years to build a pension

[SugarPlumpFairyCakes]

Shit divorce. Ex squandered everything from the sale of our mortgage free home.

I now live abroad in EU. Dual citizenship

. Can't afford to buy back NI years from being a sahm and didn't claim child benefit as ex's salary was too high.

I have about £100k in a pension - part of divorce settlement.

Right now, I can afford to put away €300 pcm in a private pension for now whilst I still have a job. That's all i can do.

I'm still stuffed, aren't I? Have to rent. Can't afford to buy ever.

I'm 54 this year. Am prepared to work until I drop dead if have to.

That €300 is on top of a company pension?
Why can’t you buy back NI? Have you at least put in a claim? Even if they later reject it, put in that request to buy back while you work out your options. They also don’t demand a one off payment, you can pay by installments.

Also, I don’t want to depress you, but it’s often not true people can/do work full time until retirement, you might only have 10 good saving years left.
Everytime my company reorg, it’s the greys getting it.

I'm sorry this doesn't mean anything to me.

No company pension.

I can't afford to buy back any years of NI.

Divorce has screwed me.

And yep, I realise older people get fired etc. I will work in shop or anything after I get fired for being old.

And I am already throughly depressed so don't worry about that!

That's what happens when you marry a financially abusive scammer.

Even though you didn't claim CB due to your ex's salary being too high you should be able to claim all the years when you had a child under 12.

I think the portal to do this is opening next year. Worth phoning and finding out the latest position. See this link- second question down the page is your position.

community.hmrc.gov.uk/customerforums/ni/7b4cfbd6-9fe7-ed11-913a-00155d978126

Older people don’t all get fired or laid off. I’ve worked with people into their 70s. There are plenty of people that choose to work after pension age too. Obviously many that have to.

Obviously not working due to aging health reasons is a different issue .

Im sorry you are in this situation @SugarPlumpFairyCakes - lots of knowledgeable people here but also maybe try the money saving expert forums although they can be quite blunt but very helpful too.

https://www.thisismoney.co.uk/money/pensions/article-14496045/amp/Parents-state-pension-child-benefit-new-hope.html

and here

@Withnoshoes and @NeedingCoffee thank you! So helpful

I'm thinking €300 pcm pension contribution is better than nothing.

Buy back class 3 is about €900 per year, class 2 less than €200.
I don’t know the rules for a SAHM which one you can do. But if you can save 300p/m, you can buy back those years.
It’s currently possible to buy back to 2006 if you send in the form before April 5th. Do it anyway.

I am absolutely no expert but would it be worth seeking some advice to see if it would be better saving into a high interest account rather than putting it into a pension. Perhaps savings is the better option over a pension where you are at. If someone comes along more experienced than me as says that’s an awful ideal, that’s ok.

If you have dual citizenship can you get some help from Pension Wise?

I don't have that money available now to buy back years in time for the deadline.

It doesn’t work like that. Get your claim in. In a few months time they contact you. If you are eligible you can pay lump sum, yearly or quarterly to catch up.
There is no requirement to cough up before April 5th. There is a requirement to get your claim in before hand.

Call them today. There is an overseas number.

@HellsBalls thank you so much for the clarity. I call them.

Also even if you don’t claim the child benefit and get money years as a Sahm can be counted so look into that too.
my pension is ok but my biggest worry in job climate is as I get older not being wanted in the workforce

Telephone: +44 (0) 191 218 7777
Opens at 9am CET

You need your NI number.

“Pay older gaps in your record (deadline 5 April 2025)
You have until 5 April 2025 to pay for gaps in your National Insurance record that were more than 6 years ago.
If you’re a man born after 5 April 1951 or a woman born after 5 April 1953, then you can pay voluntary contributions to fill gaps between 2006 and 2018.
If you were born before these dates, you can fill gaps between 2016 and 2018.
After 5 April 2025, everyone will only be able to pay for voluntary contributions for the past 6 years.”

Also you can usually continue to pay Class 2 NI when abroad if you are employed and were employed in the UK before you left.

So you can pay future years, at about @£200 per year, while you are abroad. You can at the very least pay back 6 years, then pay forward ongoing.

Did you not get your NI paid as a SAHM ? You don’t have to claim child benefit to get it until your child was 12, you just had to register for child benefit but not claim the actual payment. This meant your NI was counted as paid in this time.

I think you would be better investing the £300 per month rather than saving so you can build up a bit of a pot, depending on where you live hopefully it’s a bit cheaper for you, maybe your children might let you live with them later in your retirement.

Lots of helpful advice here so yes register your claim OP!

OP - take a deep breath and join the Rebel Finance School on FB. It's amazing - lots of knowledgeable people who can give you sound advice.

Look at their videos on YouTube. They'll talk you through investing in index funds and pensions in a way that makes the process understandable. Trust me, I was clueless before I found them.

You've got an excellent foundation with £100k + €300 pm - lots of time to let compound interest work its magic and provide you with a decent pension pot.

All the best, OP.

I didn't know about this.

My pension is screwed as I lived overseas for a long time, and I was a SAHM. I did claim CB, but not take the money as too high family income, so I got my NI credits. I think there is a years gap though between me returning and sorting it out.

Does the NI SAHM claim have to be done before 05 April?