MartinH

ok, so please be gentle.

We left the UK some years ago. When we were in the UK we we always employed (for about 14 years before we left the UK). When the opportunity to contact out of serps arose (I think in the late 80's) we both contracted out. Our current funds statements from standard life show a total fund of around 35,000 each with a projected benefit (todays money) or around 2,000 for me and 1,500 for my wife. This is not our sole pensions entitlement!

My questions are:

1. Is that the full extent of our entitlement to UK pensions?
2. Should we think about doing anything withn them (e.g. transferring to another scheme)?
3. What would happen if we returned to the UK? Assuming we were not working when we returned could we (voluntarily) make contributions to increase our entitlement - would that be a good thing to do?
4. Can we pay to catch up any years of missed NI contributions (and would it make sense to do that)?

Sorry if there are some duh points here.

Appreciate any advice anyone can offer

lf1

Here is a link which may be helpful.

http://www.direct.gov.uk/en/Pensions...ensionforecast

You can make arrangements to catch up on missing NI contributions, depending upon your age.

SanDiegogirl

Your contracted out pension with the private insurance company should be in addition to your state 'old age pension', if you paid into the National Insurance Scheme for any reasonable number of years.

From the sounds of it you only paid in for 14 years so you are not going to get the full 'old age pension' like someone who has paid in for 30 years.

However, having said that, YES, you can pay voluntary contributions for missed NI contributions to provide a better pension for you. Not sure how many years back you can go back.

Contact the Pensions Board (last based in Newcastle I believe).

The monies in the Standard Life Pension fund you can transfer to another fund if you so wish.

nun

1) As it stands you will get 14/31 of the UK state pension. Have you paid into a foreign social security scheme or pension that will pay you a benefit?

2) You need to know the expenses and return you are getting on your SERP right now and the alternatives to make that choice.

3) I don't know, but I'd look into ISAs first.

4) You can make voluntary NI contributions 6 years in arrears. The Class of NI you pay will be determined by your residency and employment status. Google "Voluntary National Insurance" and look at the HMRC link. FYI if you can make payments while abroad you might qualify for Class II which are inexpensive, around 130 GBP last year. You might also have a few more years of NI than you think as many people got credits from age 16 to 18. Ask for a pension forecast.

MartinH

Many thanks for the replies.

Some answers and a few additional questions.

Since we left the UK we have been paying into the German social security system - we have been paying in for around 10 years now. I assume that means when we eventually retire (which I assume will be in the UK) we will receive a partial pension from the UK and a partial pension from Germany (I would like to keep the German part as it is much more generous that the UK pension).

If we retire before normal retirement age in the UK is it possible to continue paying NI contributions (class 2 or 3) in order to continue to build pension entitlement.

To be honest I have just left the standard life pension sitting where it is and not really bothered about it - what should we consider if we are thinking about transferring it?

Thanks again

SanDiegogirl

Yes, if you retire early you can pay voluntary NI contributions to continue to build your final pension entitlement.

Sorry, can't help with current alternative funds in the UK,nor with the German pension.

NSWP

I only worked in UK for 3 years, age 15-18 before migrating to Australia.

So I would get zilch pension from the UK Government ?

SanDiegogirl

Maybe not zilch but very,very small

Simon Legree

If you had three paid years you would get 3/30ths or 10% of the current state pension which is I believe a little less than 100 pounds a week. So it would be a little less than 10 pounds a week.

nun

Ye you'd get 3/30 of state pension and for some bizarre reason it wouldn't be index linked because you live in Australia. But you'll have your Aus old age pension and superannuation.