Uk Pension 11 Years Or More?
Jun 26th 2006, 5:47 am
#1
brown eyes!
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Uk Pension 11 Years Or More?
Hi there, think that I have heard somewhere that you have to be paying into your UK pension for 11 years before you will get anything back from them at all? I have been paying/started work at 16 and im now 26 and in august will be leaving for brisbane. so not quite 11 years then!
Can anyone confirm that I may have to keep paying into it for a few more months and if so how and where do I sort it out? Has anyone been in the same situation? Thanks everyone! Pete
Can anyone confirm that I may have to keep paying into it for a few more months and if so how and where do I sort it out? Has anyone been in the same situation? Thanks everyone! Pete
Jun 26th 2006, 7:17 am
#2
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Re: Uk Pension 11 Years Or More?
Originally Posted by pete jackson
Hi there, think that I have heard somewhere that you have to be paying into your UK pension for 11 years before you will get anything back from them at all? I have been paying/started work at 16 and im now 26 and in august will be leaving for brisbane. so not quite 11 years then!
Can anyone confirm that I may have to keep paying into it for a few more months and if so how and where do I sort it out? Has anyone been in the same situation? Thanks everyone! Pete
Can anyone confirm that I may have to keep paying into it for a few more months and if so how and where do I sort it out? Has anyone been in the same situation? Thanks everyone! Pete
Then wait 39 years and you might get something equivalent to $50 a week - if you're lucky.
Jun 26th 2006, 7:58 am
#3
brown eyes!
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Re: Uk Pension 11 Years Or More?
Originally Posted by MartinLuther
As you said, you need 11 years of contributions before you get anything back. However you can do voluntary contributions after you have left the UK so you can pay until you get the required number of years.
Then wait 39 years and you might get something equivalent to $50 a week - if you're lucky.
Then wait 39 years and you might get something equivalent to $50 a week - if you're lucky.
Jun 26th 2006, 8:06 am
#4
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Re: Uk Pension 11 Years Or More?
Originally Posted by pete jackson
Thanks for that, I know I wont get much, but its better than nothing and I dont want to waste the years Ive already been paying into it. Pete
Cheers
Jun 26th 2006, 8:15 am
#5
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Re: Uk Pension 11 Years Or More?
Originally Posted by MartinLuther
I agree - otherwise they'll give it to someone else.
Cheers
Cheers
help
paula
Jun 26th 2006, 9:02 am
#6
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Re: Uk Pension 11 Years Or More?
Originally Posted by somedogsdo
So if i have paid into supperannuation for the last 8 years i will get nothing back if i stop payments now??
help
paula
help
paula
What pete was talking about is the basic state pension which comes out of a communal pot paid for by your (and other's) national insurance (NI) contributions. Unfortunately you don't get any access to this pot until you have paid in 11 year's worth of NI (and you only get the full amount after 44 years of contributions). As this money is in a govt pot, you can't access it or transfer it to Aus. Apparently it's a great system
but I'm not convinced. (I think everyone else thinks that it is a freebie.)
Last edited by MartinLuther; Jun 26th 2006 at 9:05 am.
Jun 26th 2006, 10:17 am
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Re: Uk Pension 11 Years Or More?
Originally Posted by MartinLuther
If your talking about a private or company pension (super) then you get the money back when you retire or you can transfer it to an Aus super (but wait for one to become QROPS approved - it's a new thing that was introduced in April).
What pete was talking about is the basic state pension which comes out of a communal pot paid for by your (and other's) national insurance (NI) contributions. Unfortunately you don't get any access to this pot until you have paid in 11 year's worth of NI (and you only get the full amount after 44 years of contributions). As this money is in a govt pot, you can't access it or transfer it to Aus. Apparently it's a great system but I'm not convinced. (I think everyone else thinks that it is a freebie.)
What pete was talking about is the basic state pension which comes out of a communal pot paid for by your (and other's) national insurance (NI) contributions. Unfortunately you don't get any access to this pot until you have paid in 11 year's worth of NI (and you only get the full amount after 44 years of contributions). As this money is in a govt pot, you can't access it or transfer it to Aus. Apparently it's a great system
but I'm not convinced. (I think everyone else thinks that it is a freebie.)
Cheers for the info
Paula
