Bonsai

Hi,

I was wondering....what happens to our UK state pension when we reach retirement age and are still living in Canada?

Does anyone know whether we can draw off it or not?....I am suspecting not, so if we can I will be pleasantly surprised..!

Thanks.

Auld Yin

The answer is yes, you can collect it. It will be fixed, at the amount you are entitled to, for the rest of your life.

Mikey B

Also depends on your age as to when you retire and if state pensions will exist!

I opted out of serps at 19, Im now 32 and know I will be getting none when I retire from the state and I doubt anyone under 45 will get anything too.

Calgal

We got an estimated projection of Pension from the UK a while back (we left the UK 19 years ago, and before anyone asks, I don't remember how or where we got the info, but I do remember sending for it - gov't website maybe?).

I will get sweet FA (Mikey B is right about that), and my DH who worked and contributed for more than 23 years beforehand is projected to get about 1.70 (GBP). Hardly worth the paperwork or bank fees that will likely be associated with transferring it!

I doubt we'll benefit much from the CPP either the way that's going; despite compulsory maximum contributions

Auld Yin

I admit I am somewhat (read completely) out of touch with the current UK State Pension requirements. Both my wife and I left the UK over 42 years ago at ages 22 and 23 respectively. We both receive a pension, hers based on the retirement age of 60 and mine at age 65. The annual total is not great but sufficient to pay our realty taxes and a few nice dinners. I know a number of people who have bought increased pensions from the UK by paying in lump sums either after the retirement age(s) or slightly prior to becoming pension eligible. The lump sums are not great and are paid back usually within a couple of years. The application process was painless. As someone already pointed out the regulations are subject to change and who knows for how long the pensions will continue, but in the meantime we have both recovered considerably more than we ever paid into the system.

chumley

If your partner worked for 23 years then a pension of £1.70 weekely is totally incorrect as this is not far from a full pension and certianly more than 75%

you need to query this as this is without doubt incorect

I worked for 25 years my Uk pension will be £98 ( in todays money its index linked of course) per week at retirement in about 17 years time

BristolUK

The rules have recently changed. 30 years will qualify for a full pension; currently £90.70. 23 years will get around £70

Prior to the rule change 23 years would get less, but still more than half the normal pension - at least £50

This isn't £90, £70 and £50 whenever one collects it, but whatever the full rate is at that time, along with corresponding figures for the partial entitlements.

New rule/old rule depends on age. See the website.

Simon Legree

Not correct. The rules will change in April 2010. They have not changed yet. There is a link on this website to The Canadian Alliance of British Pensioners. Check it out. You will be able to find out all you need to know. Buying pension years is still a good deal, especially with the exchange rates as they are. You cannot opt out of the State Pension. You will always be entitled to it. How much you will get depends on the number of years that you contributed.

startwin

You should get another forecast, because that amount is totally wrong. He should get almost a full pension, though not indexed from the time you left the UK, but well worth claiming. I only had 10 years, and that pays roughly 42 pounds/week. And if you were married to him in the UK, you will also get an amount for yourself, even if you didn't work there.

chumley

its indexed from the time you reach pension age not the time you left uk then its fixed with no annual increase

good luck all

BristolUK

Okay, fair point. In my defence, I did allude to the new rules not actually having come into effect yet with my comment about it depending on age; if the rule was already current then it would be applying to everyone currently at the qualifying age.

In my case I finished work in the UK in 2004, having paid for 31 years. I would have qualified for around three quarters of the full pension based on that. I qualify for my RP in 2022 and at that time, the new rule means I will qualify for a full pension.

So for me and all those others reaching qualifying age after 2010, which is after all the vast majority, the new rule applies so the change has effectively already come into being. But technically you are correct.

startwin

Thanks for clarifying - my mistake.

Bonsai

Thanks folks for all the advice!

Mallory

Unless you live in the US, and then you will get the annual increase, because there is a reciprocal agreement between the US and UK.