Pension drawdown strategy
- Thread starter jim
- Start date
I do not know if they accept Revolut but the bank details for voluntary contributions are as follows
| Account Name | : | HMRC NI Receipts |
| BIC | : | BARCGB22 |
| IBAN | : | GB49BARC20204830944793 |
| Free Text Reference | : | AB123456XICSURNAMEFIRSTNAMEINITIAL (NI Number followed by IC followed by Surname and first initial of christian name) |
Jim
just as an update. Whilst my STG transfer that I manually initiated from revolut went through with no issue (and I have confirm of the prior tax years being marked as complete) it seems the ongoing DD for future pymts from revolut isn't possible. - Just got a letter today from HMRC advising "unfortunately your bank has advised that they have been unable to sanction your payments by DD"
50+O
just as an update. Whilst my STG transfer that I manually initiated from revolut went through with no issue (and I have confirm of the prior tax years being marked as complete) it seems the ongoing DD for future pymts from revolut isn't possible. - Just got a letter today from HMRC advising "unfortunately your bank has advised that they have been unable to sanction your payments by DD"
50+O
Did you use a GB IBAN or an LT IBAN?
Revlout are going through a Brexit related reorganisation. They have sent emails to customers detailing the changes they need to make.
0044 191 2037010.... The National Insurance helpline. They should be able to confirm payment but I think there is a delay of 2 - 3 months before it is credited to your NI record. With Covid lockdowns etc delays may be longer. I would also submit a request for an updated State Pension Forecast to the DWP in Wolverhampton, it is a Form BR19 and you get it on the gov.co.uk website. That Forecast will then confirm your updated state pension entitlements taking account of the voluntary contributions.
Did you set up your revenue gateway access? you can check directly there the forecast status - It will update showing eligible years and anticipated future pension amount. I did this shortly after sending the payment and then eventually received a letter confirming same - was comforting to know the money was applied.
As Sadim mentions there is an understandable delay in communications atm due to Covid etc
As Sadim mentions there is an understandable delay in communications atm due to Covid etc
I eventually rechecked on this and actually I had mistyped part of the acc nr/sort code... so resending correct info. So Revolut may still be viable option yet.
I have tried that Gateway access a number of times and failed each time. It wants a UK address and even when I entered my old address in Scotland, no joy. I reckon its cross-checking against a current address register.... I don't know?
I cant remember how I went about it but, I have just logged into it to check (as I do not have a uk address), I am registered under my Irish address and with my UK NI nr.
I must give it another go so using my Irish address!
Marco 1972
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I think you have to take a Cost Neutral Early Retirement arrangement for you work pension to avail of the AVC
TheLastBeep
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Would anyone who has been able to do confirm their eligibility to purchase years in this manner mind outlining the steps for me?
I started employment in the UK in 2005, moved to Ireland in 2006 but remained on an UK contract paying tax in the UK until late 2008 so there is a chance I am eligible. Must admit this does sound too good to be true but its certainly worth checking out.
I started employment in the UK in 2005, moved to Ireland in 2006 but remained on an UK contract paying tax in the UK until late 2008 so there is a chance I am eligible. Must admit this does sound too good to be true but its certainly worth checking out.
I see an issue there. One of the eligibility criteria for voluntary NI contributions is that you must have lived and worked for 3 consecutive years in the UK. If you started in the UK in 2005 and left in 2006 I do not see how you can satisfy this criteria
Or let me declare my interest in this, I charge a fee to help people through this process!
TheLastBeep
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Thanks @Sadim for the response. I am originally from the UK, so lived in the UK up until 2006 when I moved to Ireland. 2005 was when I started permanent employment but I'd previously have had a 1 year work placement in 2003 and various summer jobs before completing my degree in 2005 and starting work.
When I first moved to Ireland it was a secondment with a view that I would eventually return to the UK, so I stayed on a UK contract during that period and paid tax in the UK - although I didn't live in the UK I was paid into a UK account and payslips may have been sent to a UK address, I can't remember. The move to Ireland then became permanent in 2008 when I signed an Irish contract.
Might be clutching at straws but any hope the above might make me eligible?
When I first moved to Ireland it was a secondment with a view that I would eventually return to the UK, so I stayed on a UK contract during that period and paid tax in the UK - although I didn't live in the UK I was paid into a UK account and payslips may have been sent to a UK address, I can't remember. The move to Ireland then became permanent in 2008 when I signed an Irish contract.
Might be clutching at straws but any hope the above might make me eligible?
just write to uk gov and ask for a statement of NI Contributions against your national insurance nr. Assuming you know your NI number, then its not in the slightest bit difficult.
www.gov.uk
Check your National Insurance record
Find out if you've paid enough National Insurance to qualify for the full State Pension - check gaps, contributions and credits, get a National Insurance statement, call the helpline.