Pension question(s)
 

Feel free to point me at specific threads with info, as I know this must have come up before.

I worked full time from April 1994 to April 2003 in the UK, and as such I would have paid into the state pension (National Insurance contributions?), and I'm wonder if it's possible to move whatever I have there over to Canada, as I'm not planning on returning to reside in the UK or anywhere else. If it's possible, what is the process like? some bell dimly ringing about QPRS or something and putting it into an RRSP.

any info / threads / links welcomed. harsh criticism will be rated accordingly :D

Re: Pension question(s)
 

state pension: No. Can't be transferred, non transferable, zippo, zilch, de nada.

Re: Pension question(s)
 

Oh, well that is somewhat annoying.

Re: Pension question(s)
 

You can however apply to HMRC to continue paying voluntary NI contributions (cat 2 I believe). They are not expensive and would ensure you keep putting in the minimum to qualify for the state pension when your time comes. All depends how you feel about giving up what you have already paid in and if you want to keep paying in to get it.

Re: Pension question(s)
 

It seems I can find out how much my state pension would be, I suspect not a lot, so maybe not worth it. Just seems slightly wrong that I have paid into it in the past, but cannot transfer it over.

Re: Pension question(s)
 

Have you requested a pension statement?

I've done this a couple of times. Then you can ring them to discuss (I've also done this):

https://www.gov.uk/check-state-pension


S

Re: Pension question(s)
 

You can apply for a pension forecast. Ive just done this as I'm one of the group of women who have had our pension delayed by 4 years and maybe i no longer a full pension. It sucks big time as there is no way that I can physically carry on doing my job. I'm already part time and that's hard enough.

Re: Pension question(s)
 

I've just found the forecast thing, and I'll quite probably give them a ring, once I've found my National Insurance number :D

Reading more, it seems that you might be able to get the pension paid out overseas, when it's time for it of course, so though I might not be able to bulk transfer it, I might be able to still get it.

It would seem odd that money I paid in to a state pension is just locked away from me.

Re: Pension question(s)
 

Remembering that you won't get the annual uprating that is available if you live in the right country.

America is one of the right countries. Canada isn't.
http://images.yuku.com/image/gif/22c...cd0f3c2b_t.gif

Re: Pension question(s)
 

I'm sorry if I'm being thick, but please can you explain this and explain the difference (in this context!) between the US and Canada.
Thank you.

S

Re: Pension question(s)
 

I'm afraid I can't other than to say you get your RP uprated if you live in the USA but not if you live in Canada.

There's no sense to it. There are, however, several threads on the injustice of it, hence my pot stirring emoticon. :nod:

Re: Pension question(s)
 

OK. Thanks. I knew that you didn't get the uprating but I what I didn't know, was that if you lived in the US, then you would do. So I was not expecting an uprating (post getting my pension) but for a minute I thought maybe I was mistaken and I would do but not if I lived in the US (but it's the other way around!).

Thanks. All good. Except no uprating!

S

Re: Pension question(s)
 

You can find more information on that directly from the gov.uk website. Have a look at their general information section:

https://www.gov.uk/transferring-your-pension/overview

Once you are familiar with the overview, you should have a look at the list of Financial Institutions that are approved to help facilitate your pension scheme transfer to Canada.

https://www.gov.uk/government/public...cations#canada


Hope that's helpful. Goodluck.

Re: Pension question(s)
 

I did read the bit about the uprating not applying to certain countries. odd why Canada is left out, you'd have thought, being part of the commonwealth it would be.

One positive thing, I have found my NI number :D

Re: Pension question(s)
 

Yes, if you qualify for it then you will get it wherever you live. One thing to watch out for is that the UK keeps changing the rules. At the moment you get 1/30th of the pension for each year you have sufficient NI contributions. I.e. you get a full pension if you have 30 years of NI contributions. There is a good chance that this will change to 40 years and that you will need a minimum of ten years to get anything. Given the work history you listed above making a year or two of voluntary NI contributions could be worth your while.

Re: Pension question(s)
 

It is being part of the commonwealth that is the problem. The UK has different arrangements with some commonwealth countries than it does with the rest of the world.

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I am sure that's happening already once this new pension starts. Plus you lose money if you had opted out of something? SERPS? because you were in s final pension scheme. Ie NHS workers. This is also sucky as it was just a matter of course to opt out, you were advised to do so.

I'll do some googling to find something more accurate.

Edit: https://www.gov.uk/government/upload...d-Feb_2016.pdf

Re: Pension question(s)
 

When I called up to discuss my pension statement, they told me that transitional people (of which I am one because of when I was born) are calculated under the new rules and also under the old rules and are given (wrong word) the higher figure in their pension estimate.

The adviser (I was put through to someone I assume more qualified than the call centre operator) told me (after a long, useful conversation) to call back after April 5 (when the new rules come into force) to discuss top ups or not as the case may be as they will have a clearer idea then. Apparently, I can/will be able to top up an extra 7 years but only need to top up an extra 4 to get the max pension (no I don't understand this properly but I'm just going with it and am going to call again next month).

S

PS: I was contracted out of SERPS too for a few years. My pension estimate is less than my husband's even though he is younger (and I am assuming this is because he wasn't contracted out).

Re: Pension question(s)
 

Thank you. 10 years minimum it is.

Re: Pension question(s)
 

In addition to checking on your qualifying years and knowing that the govt does like to 'change the goalposts'. You should probably check this thread and the government links within which discuss the 'tentative' new approach to voluntary contributions for those living abroad. Bottom line the future does not look bright - it almost certainly will cost more in a few years time. ;)

http://britishexpats.com/forum/movin...op-ups-867678/

Re: Pension question(s)
 

Although the issue of annual UK state pension uprating being frozen for Canada (and many other non-EU countries) is now being re-debated again - see here:

British frozen pension issue back on agenda - International Investment

Having said that, I wouldn't hold my breath on the outcome or timescale. I certainly wouldn't trust any government with pension arragements. I personally see the UK state pension as being a 'Brucey Bonus' rather than something critical and central to my retirement sources of income.

Re: Pension question(s)
 

There are some real sharks out there, preying on vulnerable expats who are unsure of their future and their pension arrangements. I would have absolutely NOTHING to do with some shyster touting his investment advisory services on a web forum. :eek:

Re: Pension question(s)
 

For further reading:
APPG Frozen British Pensions - The All-Party Parliamentary Group
Take action | Pension Justice - campaigning against frozen state pensions for British expats

Re: Pension question(s)
 

Usually the pension payments with/without the annual increase depends on whether the UK has a reciprocal Social Security agreement with a particular country. There is one between the Philippines and UK which means we get the increase as the UK allows Filipino workers in UK to keep their social Security (pension) rights back here.
https://www.gov.uk/government/public...-state-pension

I believe there used to be such an agreement with Australia but the Oz government rescinded it a few years ago so now if you move there your pension is fixed at the rate when you left UK , or presumably the rate it is when you become eligible. Canada and New Zealand are excluded even tho' there is a SSA in place.:(