Go Back   British Expats / Living & Moving Abroad / Far East and Asia / Philippines

Reply
 
Thread Tools
Old Oct 2nd 2017, 3:38 pm   #46
Hostage Negotiator
Premium Member
 
InVinoVeritas's Avatar
 
Joined: Jun 2013
Posts: 5,149
InVinoVeritas has a reputation beyond reputeInVinoVeritas has a reputation beyond reputeInVinoVeritas has a reputation beyond reputeInVinoVeritas has a reputation beyond reputeInVinoVeritas has a reputation beyond reputeInVinoVeritas has a reputation beyond reputeInVinoVeritas has a reputation beyond reputeInVinoVeritas has a reputation beyond reputeInVinoVeritas has a reputation beyond reputeInVinoVeritas has a reputation beyond reputeInVinoVeritas has a reputation beyond repute
Default Re: Uk state pension age and calculated benefits

I think you had to "contract out" if you belonged to a company pension scheme. For most of my employment I avoided joining a company pension scheme, contributing to my own Private Pension Plan and hence "contracted in" to SERPS. A friend of mine is getting £250 per week for the same reason, although he retired about 5 years ago - I had thought I would get about the same when I retire next year, but it appears not.
InVinoVeritas is offline   Reply With Quote
Old Oct 2nd 2017, 3:42 pm   #47
Hostage Negotiator
Premium Member
 
InVinoVeritas's Avatar
 
Joined: Jun 2013
Posts: 5,149
InVinoVeritas has a reputation beyond reputeInVinoVeritas has a reputation beyond reputeInVinoVeritas has a reputation beyond reputeInVinoVeritas has a reputation beyond reputeInVinoVeritas has a reputation beyond reputeInVinoVeritas has a reputation beyond reputeInVinoVeritas has a reputation beyond reputeInVinoVeritas has a reputation beyond reputeInVinoVeritas has a reputation beyond reputeInVinoVeritas has a reputation beyond reputeInVinoVeritas has a reputation beyond repute
Default Re: Uk state pension age and calculated benefits

Quote:
Originally Posted by mrken30 View Post
I have a slightly different problem. I worked in local government for 6 months, September to end of April. HMRC is saying that I was contracted out for those 2 years. The council is saying because I worked less than 2 years they was to refund my contributions. So I get no pension from either scheme. Similar with the company I moved onto that had a DB scheme, again contracted out, but again not enough service, so want to refund contributions. This was over 15 years ago now. I wish they had told me this at the time.
I worked a couple of years for the civil service but I seem to remember getting my superannuation refunded.
InVinoVeritas is offline   Reply With Quote
Old Oct 3rd 2017, 3:57 am   #48
BE Forum Addict
 
Joined: Dec 2013
Location: Consolacion,Cebu
Posts: 1,871
quiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond repute
Default Re: Uk state pension age and calculated benefits

Quote:
Originally Posted by InVinoVeritas View Post
I worked a couple of years for the civil service but I seem to remember getting my superannuation refunded.
I started as a student engineer with one of the 'leccy boards. From 18yrs old we paid into superann. I left just after finishing my apprenticeship and got back all my superann as i had not been in the scheme for 5 years. Paid the deposit on our first house! then I worked for a company for 10years , paying into the company pension but when I left, it was converted into a "paid up" pension as i'de been there more than 5 years. Only worth £800 a year but not to be sneezed at as I had not paid into it for over 30 years!
__________________
If I voice an opinion - it's just that, an opinion!
quiltman is offline   Reply With Quote
Old Feb 21st 2018, 4:48 am   #49
BE Enthusiast
 
Joined: Nov 2012
Posts: 744
mikemike has a reputation beyond reputemikemike has a reputation beyond reputemikemike has a reputation beyond reputemikemike has a reputation beyond reputemikemike has a reputation beyond reputemikemike has a reputation beyond reputemikemike has a reputation beyond reputemikemike has a reputation beyond reputemikemike has a reputation beyond reputemikemike has a reputation beyond reputemikemike has a reputation beyond repute
Default Re: Uk state pension age and calculated benefits

I downloaded the form needed to get more info on top ups for expats. I filled it in signed it etc. Sent a copy of my passport and a covering letter, in the first week of December. I have not yet had a response or an acknowledgement. I did request an e-mail to confirm receipt of my request, nothing!!

Anyone gone through the postal system and can share their experience regarding timelines?

Thanks
mikemike is offline   Reply With Quote
Old Feb 21st 2018, 9:08 am   #50
Forum Regular
 
Joined: Feb 2014
Location: Marikina Philippines
Posts: 112
Bealinehx is an unknown quantity at this point
Default Re: Uk state pension age and calculated benefits

I suggest you telephone DWP at +44 191 21 87777.
Bealinehx is offline   Reply With Quote
Old Feb 21st 2018, 10:27 am   #51
Just Joined
 
Joined: Sep 2017
Posts: 13
expatuk2017 is an unknown quantity at this point
Default Re: Uk state pension age and calculated benefits

Quote:
Originally Posted by JAsh View Post
Hi,

Please correct me if I'm wrong, but are you saying that because you're receiving company retirement pension, the government reduced your state pension weekly benefit??
Yes £58.00 a week i lose because of my private pension, due to my being contracted
In the 70s while working for a Paper company in Kent which was bought by the management.i get 2 pensions from insurance companys, which overall makesa loss of £1230.00 a year
expatuk2017 is offline   Reply With Quote
Old Feb 22nd 2018, 12:49 am   #52
BE Forum Addict
 
Joined: Dec 2013
Location: Consolacion,Cebu
Posts: 1,871
quiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond repute
Default Re: Uk state pension age and calculated benefits

Quote:
Originally Posted by InVinoVeritas View Post
I think you had to "contract out" if you belonged to a company pension scheme. For most of my employment I avoided joining a company pension scheme, contributing to my own Private Pension Plan and hence "contracted in" to SERPS. A friend of mine is getting £250 per week for the same reason, although he retired about 5 years ago - I had thought I would get about the same when I retire next year, but it appears not.
Yes, that's what I had to choose. The company I was then working for set up a company scheme and we had to choose whether to join or stay in SERPS. Our actuaries did a calculation for each employee, based on their age, future contributions and using the then "official" figures for pension fund growth came up with an individual recommendation. Due to my age then , 47 I think, my illustration showed very little difference so I elected to stay in SERPS. So glad I did! Returns on annuities went down quite drastically and the upshot is that my SERPS pays out more than the basic pension , but I would have got quite a lot less if I'd joined the company scheme. OK if I was 27 then it probably would have been worth contracting out.
__________________
If I voice an opinion - it's just that, an opinion!
quiltman is offline   Reply With Quote
Old Feb 22nd 2018, 12:56 am   #53
BE Enthusiast
 
Joined: Feb 2014
Location: Capiz
Posts: 775
Stokkevn has a reputation beyond reputeStokkevn has a reputation beyond reputeStokkevn has a reputation beyond reputeStokkevn has a reputation beyond reputeStokkevn has a reputation beyond reputeStokkevn has a reputation beyond reputeStokkevn has a reputation beyond reputeStokkevn has a reputation beyond reputeStokkevn has a reputation beyond reputeStokkevn has a reputation beyond reputeStokkevn has a reputation beyond repute
Default Re: Uk state pension age and calculated benefits

Quote:
Originally Posted by quiltman View Post
Yes, that's what I had to choose. The company I was then working for set up a company scheme and we had to choose whether to join or stay in SERPS. Our actuaries did a calculation for each employee, based on their age, future contributions and using the then "official" figures for pension fund growth came up with an individual recommendation. Due to my age then , 47 I think, my illustration showed very little difference so I elected to stay in SERPS. So glad I did! Returns on annuities went down quite drastically and the upshot is that my SERPS pays out more than the basic pension , but I would have got quite a lot less if I'd joined the company scheme. OK if I was 27 then it probably would have been worth contracting out.
I am so glad I do not have any UK pension systems, it sounds so complicated.
Stokkevn is offline   Reply With Quote
Old Feb 22nd 2018, 2:23 am   #54
BE Forum Addict
 
Joined: Dec 2013
Location: Consolacion,Cebu
Posts: 1,871
quiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond repute
Default Re: Uk state pension age and calculated benefits

Quote:
Originally Posted by Stokkevn View Post
I am so glad I do not have any UK pension systems, it sounds so complicated.
Well, I suppose it seems so. However, the government had started SERPS to allow folks to build up an additional pension on top of the rubbishy State Pension.(Remember, when it started, many people did not have access to a company pension scheme as most small/medium size companies could not afford to set one up.) What happened was that they realised after a few years that the SERPS scheme was going to be paying out a phenomenal amount in the future ( due to index linking) and would likely be unaffordable for the government. So they came up with the idea that if a company set up a scheme, or already had one, then by giving tax breaks like reduced National Insurance contributions to both the company and the employee, more folk would join especially as at that time the annual growth predictions for pension funds were , IIRC , 3% 5% or 8%. Of course the private pension providers nearly all used the 8% in their quotes! Based on these figures, it made sense for younger employees to opt out of SERPS. Great in theory , but in practice, pension funds rarely grew at the projected rates and annuity payouts dropped drastically! Over the long term - 20/30 years then , yes, they may still have paid out more than SERPS. As an example, my largest private pension scheme was paying 9% two years before I retired. I got 7.5% when I bought an annuity and 3 years later, the same company was only paying, I think 4.8%! so for a pension fund of say, £100,000 , the returns were £9000 , £7500 or £4800 , depending on when you cashed it in!
__________________
If I voice an opinion - it's just that, an opinion!
quiltman is offline   Reply With Quote
Reply

Go Back   British Expats / Living & Moving Abroad / Far East and Asia / Philippines


Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off



All times are GMT. The time now is 7:27 am.


We are a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for us to earn fees by linking to Amazon.com and affiliated sites.
Powered by vBulletin: ©2000 - 2018, Jelsoft Enterprises Ltd.
© 1999-2010 BritishExpats.com