Go Back  British Expats > Living & Moving Abroad > Middle East
Reload this Page >

UK Pension and SAR to GBP Money Transfer

UK Pension and SAR to GBP Money Transfer

Old Sep 30th 2016, 11:53 pm
  #16  
 
Pulaski's Avatar
 
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,669
Pulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond repute
Default Re: UK Pension and SAR to GBP Money Transfer

Originally Posted by martinbkk
Reading the last post above I take it then that once you've paid 35 years NI contributions, in my case 33 plus 2 free, then no further contributions are necessary, though would be paid if you were in UK and still working presumably since NI covers more than just pension.

At 66 2/3, my current projected retirement age I could then expect to receiver a ful basic state pension. ....
Yes, when you have 35 years of paid or deemed contributions (current rules, ..... but could change again, and at one time it was 44 years IIRC), you get a "full" pension at retirement.
Pulaski is online now  
Old Nov 11th 2016, 6:48 am
  #17  
Forum Regular
 
The OneEyedMan's Avatar
 
Joined: Nov 2016
Location: Dubai
Posts: 50
The OneEyedMan has a reputation beyond reputeThe OneEyedMan has a reputation beyond reputeThe OneEyedMan has a reputation beyond reputeThe OneEyedMan has a reputation beyond reputeThe OneEyedMan has a reputation beyond reputeThe OneEyedMan has a reputation beyond reputeThe OneEyedMan has a reputation beyond reputeThe OneEyedMan has a reputation beyond reputeThe OneEyedMan has a reputation beyond reputeThe OneEyedMan has a reputation beyond reputeThe OneEyedMan has a reputation beyond repute
Default Re: UK Pension and SAR to GBP Money Transfer

Originally Posted by Meow
Posting as a finance professional. (An actual one, not a barely qualified sales shark.)

I am not especially worried about the UK State Pension although the age from which people can claim will continue increasing, simply due to demographics and the costs. It's still A Good Thing and if you are likely to retire in the UK, or EEA, or anywhere with a reciprocal arrangement it is likely to be worth aiming for the full UK State Pension as it will be indexed in payment and thus retain its value in real terms. You will only require 35 years of contributions for the maximum so most expats can take a break of a few years and still qualify but a minimum of 10 years of contributions is required.

The UK State Pension alone is not sufficient provision for retirement so you need to have other assets (a mix of cash, property and investments) to provide for your later years. As you are not a UK resident you cannot take out a new UK pension plan but there are other options. Just avoid 20-25 year saving plans!

Transferring currencies between two retail bank accounts is rarely cost effective and you should get better exchange rates by using a regulated currency exchange house.

(My contact info is in my signature below if you have any queries.)
Good advice. It's only a few quid a week, and while the state pension is not enough to live on by itself, it is worth having.
The OneEyedMan is offline  

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


Contact Us - Manage Preferences Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Your Privacy Choices -

Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.