Expert financial services group 1st Contact urges individuals to not miss the 5 April 2009 deadline to submit their National Insurance (NI) Rebate submissions as failure to meet the deadline could result in a significant back peddle to attaining cumulative financial security.
According to 1st Contact, very few individuals are aware of the fact that the UK government grants them a choice as to where some of their NI contributions should go as any person residing in the UK who pays NI has the option to rebate some of their contributions.
“It is recommended that individuals planning to leave the UK in the future transfer their NI contributions into their personal pensions”
1st Contact state that this presents a significant opportunity to foreigners residing in the UK whose NI contributions will remain in the state pension where they will not be able to touch their plans until the age of 68. Even worse, this benefit is frozen and doesn’t accumulate growth with inflation resulting in the real time value being lost.
It is recommended that individuals planning to leave the UK in the future transfer their NI contributions into their personal pensions, where far greater value will be achieved versus leaving their funds in the State pension. This will allow the invested money to grow and create increased flexibility to transfer the funds to different countries, and on the whole boost future wealth. Failure to meet the 5 April 2009 deadline will result in a whole year’s worth of contributions being lost and excluded from the private pension plan. 1st Contact affirms that the process is straight forward and will come at not cost to applicants.
Click here to claim your NI Rebate.