robbyasti

I have searched the forum and I really can't find a clear answer to my question.
I am 55 from London, living and working in Italy for an Italian company since 2001. I have 35 Years contributions of the U.K pension (which includes 15 years voluntary contributions) and I have 16 years contributions of the Italians pension paid.
I have been told by INPS that It could be possible to obtain an Italian pension because I already have the 43 years required here in Italy. I contacted the UK pension office and I was told that the Uk would not pay any pension until I reach 67.
Does anyone know how it really works? I am really struggling to get any clear answers.
I am very grateful for any help.
Grazie!

mikelincs

Welcome to BE.
The comment about the UK pension is correct, the current retirement age in the UK for men is 67, so no state pension before then, I really suspect you need a pensions advisor in Italy, preferably one who also understands the UK situation.

philat98

Have you asked for a pension statement from the DWP? My pension is reduced because I contracted out of SERPS for 5 years. I suspect that the Italian system will tax both the pension pot as well as the income from the annuity when I eventually take the private pension.

robbyasti

Yes, I have my pension statement from the Dwp and it confirms that I have 35 years of Uk contributions.
I believe the UK pension is only taxed if above 10,000 euro.

robbyasti

Thanks!
Yes I do believe you are correct, I really need to find a pension adviser that also understands the UK system.
I am quite sure that it is a case of waiting until the age of 67 to obtain a part of both pensions but I need to dig deeper.

Serrano

Sorry, but this does not match my understanding. Each country applies its own rules (there are exceptions, for example in terms of qualifying periods Italy takes the sum of qualifying period across all EU countries to establish the minimum threshold).

So, for the UK pension you need 30 qualifying years - you have reached that, in fact the last 5 years of voluntary contributions will have been wasted, unless they change the rules (yet) again. So from the age of 67 years (or whatever depending on your DOB) you will get a full basic pension, plus whatever you acquired through Graduated Pensions, SERPS, SSP etc. - though that is all being scrapped for new pensioners, who will receive a flat rate of about £150 per week, I can't remember at what date that cuts in, though it's within the next 4 years or so.

For the Italian pension it depends on what scheme you've been paying in to. Assuming you are in the standard INPS you have already 'qualified' with (35UK+16IT =51) 51 years of contributions. And you can take the Italian part whenever you want.

Note finally that the UK pension is NOT tax free. IF you were tax-resident in the UK you would have a £10K personal allowance, on which, by definition, no tax would be levied. But from your posts it sounds like you are Italian tax-resident, as such there is no personal allowance, no matter where in the world your income was received from.

mikelincs

Qualifying period is now 35 years to get a full basic pension, and, although you will pay no tax in the UK it will be added to any income you get in Italy and be taxed as Italian earnings.

robbyasti

Thanks for that very useful information. I am still working in Italy but that could come to an end very soon due to job cuts after a company merger. I have 16 years of INPS pension contributions, is there any way of roughly knowing what my Italian pension would be if I was to take it within the next two years?

modicasa

What you need to do, as I amin the middle of trying and doing, is decide where you want to pass your retirement and transfer your pension contributions. I want to transfer/import my NI contirbutions from the UK to INPS and create a single pension pot - (also with Brexit nobody knows what will happen nad I suspect that pensioners will be a long way down the list to deal with). INPS told me that I could import my UK contributions which if you then have enough you can retire. INPS will do it all for you, but you need to make an appointment with your local INPS. Apparently...

robbyasti

I assumed that this option was only available if one was actually close to reaching 67 years and on the verge of receiving the UK pension.

philat98

If you get fed up living here will the INPS transfer it back to the UK? A bit risky if 5star took control and we went back to the lira.

ononno

I reached pension age (65) several years ago, and as thing stood then I was able to have the UK bit, a small amount,paid directly from UK, and the INPS portion paid here by INPS. However to calculate my INPS entitlement, they deducted the UK amount.
What I think is worth considering in your case is to go onlne to INPS, register and get the password that is then completed via snailmail, and in that way you can see for yourself when and how much you are entitled too from INPS. I would have thought that as things stand you could already become an INPS pensioner.
All the best.
bye bye dicette l'inglese

Serrano

Yes, you are right - for those born after 06/04/51(male) or 06/04/53(female) it is 35 years - this is the same group who will be on the new flat-rate pension (I said about £150 per week, in fact more like £155). Since OP says he/she is 55 they clearly fall in this group. Apologies for the implication that they would have wasted 5 years of contribs.

Serrano

An interesting post modicasa. The first sentence seems to imply some driving advantage - obligation almost - to transfer contributions.

Is there any chance you could spell out for us what you see as the advantages/disadvantages of transferring? Ideally separating the Brexit and non-Brexit considerations (I am NOT implying that it won't happen, let's not get sidetracked by that debate, it's just that the post-Brexit situation is so unclear)

modicasa

Good question. There is no obligation to transfer contributions, but rather than getting two minimum pensions, you would get a contributions related pension if you have only one pension pot. I assume that it wont get any simpler with Brexit, and as at the moment the two agencies talk to each other it seemed sensible to clarify my options. INPS has told me its possible and desirable. Of course there is no guarantee that things wont change everywhere, but as I currently plan to see out my days here in ITaly it just makes sense to throw in my lot with INPS: