UK State Pension
#1
UK State Pension
Looking for some help regarding the UK state pension.
I moved over to Australia 3 years ago and i have been told that if we continue to pay into our UK state pension and catch up with the payments that we missed over the last three years, we can then still claim the pension in the future.
Please could anyone recommend a web site or contact details where we can start the process of catching up with the payments. I am sure that there are forms to fill out but we cant seem to find any on the web
Thanks for reading and helping out
Rob
I moved over to Australia 3 years ago and i have been told that if we continue to pay into our UK state pension and catch up with the payments that we missed over the last three years, we can then still claim the pension in the future.
Please could anyone recommend a web site or contact details where we can start the process of catching up with the payments. I am sure that there are forms to fill out but we cant seem to find any on the web
Thanks for reading and helping out
Rob
#2
Home and Happy
Joined: Dec 2002
Location: Keep true friends and puppets close, trust no-one else...
Posts: 93,787
Re: UK State Pension
Looking for some help regarding the UK state pension.
I moved over to Australia 3 years ago and i have been told that if we continue to pay into our UK state pension and catch up with the payments that we missed over the last three years, we can then still claim the pension in the future.
Please could anyone recommend a web site or contact details where we can start the process of catching up with the payments. I am sure that there are forms to fill out but we cant seem to find any on the web
Thanks for reading and helping out
Rob
I moved over to Australia 3 years ago and i have been told that if we continue to pay into our UK state pension and catch up with the payments that we missed over the last three years, we can then still claim the pension in the future.
Please could anyone recommend a web site or contact details where we can start the process of catching up with the payments. I am sure that there are forms to fill out but we cant seem to find any on the web
Thanks for reading and helping out
Rob
#3
Re: UK State Pension
I've got around 6months... maybe 8 or 9 months worth of payments to get to the UK's minimum state pension level.
Should I do that and if so why ?
Hopefully someone knows
I've also got a private pension (annunity) over there with the "Willis" group.... I aim to use that solely in the UK for any future holidays I may take, as it's quite small..... is that a good idea ? I reckon it's enough to pay for one 7 week holiday per year, including fare... circa 4/5,000 quid. Or is there a reason I should cash that in also ?
Should I do that and if so why ?
Hopefully someone knows
I've also got a private pension (annunity) over there with the "Willis" group.... I aim to use that solely in the UK for any future holidays I may take, as it's quite small..... is that a good idea ? I reckon it's enough to pay for one 7 week holiday per year, including fare... circa 4/5,000 quid. Or is there a reason I should cash that in also ?
Last edited by ozzieeagle; Apr 27th 2009 at 3:28 am.
#4
Re: UK State Pension
Thats good to know but who do i contact in the UK to inform them of my new contact details?
Is there a web site where i can get the information?
Rob
Is there a web site where i can get the information?
Rob
#5
Home and Happy
Joined: Dec 2002
Location: Keep true friends and puppets close, trust no-one else...
Posts: 93,787
Re: UK State Pension
I don't know, I'll leave that to the more financially savvy members.........come in ABC.......
#6
Joined: Feb 2007
Posts: 489
#9
Forum Regular
Joined: Mar 2007
Posts: 39
Re: UK State Pension
I have just started looking at this and the impression I get is that although you may not be entitled to a huge UK state pension it may be worthwhile continuing to make contributions - you don't have to do it continually. The moneys not huge but you can get a good rate of return and are effectively buying an annuity quite cheaply. However, if you are a few years away from retirement - like I am - the query I have is whether it is worthwhile in case a) I die early or 2) they change the rules See http://exfin.com/foreign-state-pensions for an example - they seem to concentrate on Aussie's returning who have been in the UK for a few years, but the issues are exactly the same.
I think its probably worthwhile considering very carefully if you are in your 50's plus .. otherwise I am in two minds at the moment (which means I probably won't do anything!)
I think its probably worthwhile considering very carefully if you are in your 50's plus .. otherwise I am in two minds at the moment (which means I probably won't do anything!)
#10
Re: UK State Pension
Hi the address is Retirement Pension Forecasting Team Room TB001 Tyneview Park Whitley Road Newcastle upon Tyne NE98 1BA phone 0845 3000 168 you ask I wish to boost my state pension by buying up back years
#11
Account Closed
Joined: Jun 2005
Posts: 9,316
Re: UK State Pension
I've got around 6months... maybe 8 or 9 months worth of payments to get to the UK's minimum state pension level.
Should I do that and if so why ?
Hopefully someone knows
I've also got a private pension (annunity) over there with the "Willis" group.... I aim to use that solely in the UK for any future holidays I may take, as it's quite small..... is that a good idea ? I reckon it's enough to pay for one 7 week holiday per year, including fare... circa 4/5,000 quid. Or is there a reason I should cash that in also ?
Should I do that and if so why ?
Hopefully someone knows
I've also got a private pension (annunity) over there with the "Willis" group.... I aim to use that solely in the UK for any future holidays I may take, as it's quite small..... is that a good idea ? I reckon it's enough to pay for one 7 week holiday per year, including fare... circa 4/5,000 quid. Or is there a reason I should cash that in also ?
With your private pension you're normally only allowed to take 25% as cash** once you reach the age that you can collect it. The rest has to go into an annuity of some sort.
* for most people
** this is a government limit. You may be limited by the fund rules as well.
Last edited by MartinLuther; Apr 30th 2009 at 9:28 pm.
#12
Account Closed
Joined: Jun 2005
Posts: 9,316
Re: UK State Pension
Looking for some help regarding the UK state pension.
I moved over to Australia 3 years ago and i have been told that if we continue to pay into our UK state pension and catch up with the payments that we missed over the last three years, we can then still claim the pension in the future.
Please could anyone recommend a web site or contact details where we can start the process of catching up with the payments. I am sure that there are forms to fill out but we cant seem to find any on the web
Thanks for reading and helping out
Rob
I moved over to Australia 3 years ago and i have been told that if we continue to pay into our UK state pension and catch up with the payments that we missed over the last three years, we can then still claim the pension in the future.
Please could anyone recommend a web site or contact details where we can start the process of catching up with the payments. I am sure that there are forms to fill out but we cant seem to find any on the web
Thanks for reading and helping out
Rob
It's worth checking whether you need to make any more contributions (see steven8899 above for a forecast). If you've made 30 years already then you don't need to make any more.
Secondly, get yourself into the position where you pay class 2 contributions rather than class 3 contributions. I think the return on class 2 contributions is marginal (compared with putting into a private pension or super) so the more expensive class 3 contributions are not worth it IMHO.
#13
Account Closed
Joined: Jul 2006
Posts: 14,188
Re: UK State Pension
I've got around 6months... maybe 8 or 9 months worth of payments to get to the UK's minimum state pension level.
Should I do that and if so why ?
Hopefully someone knows
I've also got a private pension (annunity) over there with the "Willis" group.... I aim to use that solely in the UK for any future holidays I may take, as it's quite small..... is that a good idea ? I reckon it's enough to pay for one 7 week holiday per year, including fare... circa 4/5,000 quid. Or is there a reason I should cash that in also ?
Should I do that and if so why ?
Hopefully someone knows
I've also got a private pension (annunity) over there with the "Willis" group.... I aim to use that solely in the UK for any future holidays I may take, as it's quite small..... is that a good idea ? I reckon it's enough to pay for one 7 week holiday per year, including fare... circa 4/5,000 quid. Or is there a reason I should cash that in also ?
#14
Just Joined
Joined: Feb 2009
Posts: 21
Re: UK State Pension
http://www.thepensionservice.gov.uk/...s.asp#thirteen
There have been quite a few changes just recently and the UK no longer have an agreement with Australia.... stopped in 2001 I think. The site above gives some good information.