UK state pension reform
#226
Re: UK state pension reform
Yes we can receive both, no windfall for us, Dh has paid over 30 years.
Did you get the letter back with a chart on how much to pay etc? My letter was 4 pages front and back lots of info. and it had info on if paying by check or by Bank transfer etc etc, it showed all the routing numbers and IBAN numbers you need to transfer the money first to them using something like xe.com
Did you get the letter back with a chart on how much to pay etc? My letter was 4 pages front and back lots of info. and it had info on if paying by check or by Bank transfer etc etc, it showed all the routing numbers and IBAN numbers you need to transfer the money first to them using something like xe.com
#227
Re: UK state pension reform
No, haven't got anything back from them like that, not yet anyway. I sent an email asking if I was eligible after they had sent me my pension forecast, and they said yes, and I should send in this application. So it's just an application at this point, even though they had said yes in an email, I still had to apply on paper. The form did ask me how I wanted to pay, but not how much I would have to pay since that would be dependent on how they respond to my application.
This is the form to fill out to find out how much to pay and where too.
www.hmrc.gov.uk/forms/64-8.pdf
Last edited by Mummy in the foothills; Mar 19th 2013 at 12:14 am.
#228
Re: UK state pension reform
They sent the letter as a reply to the application that you down load fill in and send back to them. Have another read, front and back see if it says how much for each year, and the account numbers to send it to.
This is the form to fill out to find out how much to pay and where too.
www.hmrc.gov.uk/forms/64-8.pdf
This is the form to fill out to find out how much to pay and where too.
www.hmrc.gov.uk/forms/64-8.pdf
#229
Forum Regular
Joined: Mar 2013
Posts: 107
Re: UK state pension reform
hello all! I have about 10 years full time contributions in UK. Have not paid anything into voluntary NI payment after I left UK.(didnt know about doing that!) I have about 9 years work in US paid SS contributions.
Would you recommend I should start paying voluntary contributions to NI now?
Would you recommend I should start paying voluntary contributions to NI now?
#230
Forum Regular
Joined: Mar 2013
Posts: 107
Re: UK state pension reform
thanks for any help. I just stumbled across this thread and was completely unaware of the reciprocal combination benefits. I have been trying to understand the information from both governments but I must be really dense!
#231
Re: UK state pension reform
If you can pay Class 2 voluntary NI I'd go ahead and do it, and pay 6 years in arrears too. Class 2 are a fantastic deal and voluntary NI is not used in WEP calculations.
#232
BE Forum Addict
Joined: Oct 2010
Location: The sunshine state
Posts: 1,358
Re: UK state pension reform
Not sure if this is the right pension thread, there are so many of them now. But here goes.
Is it worth claiming the US pension at 62 or waiting until 66, knowing that at 66 I will also be eligible for a UK pension. In other words, will the UK pension make up any or all of the difference from what I can claim in the US at 62 ( $903 )& 66. ( $1381 ) Currently the difference would be $478 pcm.
My ( wishful? ) thinking is that, if I start claiming early at 62, by the time I reach 66 I will be eligible to receive $903 + UK state pension, with a reduction of ??? for WEP.
Is it worth claiming the US pension at 62 or waiting until 66, knowing that at 66 I will also be eligible for a UK pension. In other words, will the UK pension make up any or all of the difference from what I can claim in the US at 62 ( $903 )& 66. ( $1381 ) Currently the difference would be $478 pcm.
My ( wishful? ) thinking is that, if I start claiming early at 62, by the time I reach 66 I will be eligible to receive $903 + UK state pension, with a reduction of ??? for WEP.
#233
Re: UK state pension reform
Not sure if this is the right pension thread, there are so many of them now. But here goes.
Is it worth claiming the US pension at 62 or waiting until 66, knowing that at 66 I will also be eligible for a UK pension. In other words, will the UK pension make up any or all of the difference from what I can claim in the US at 62 ( $903 )& 66. ( $1381 ) Currently the difference would be $478 pcm.
My ( wishful? ) thinking is that, if I start claiming early at 62, by the time I reach 66 I will be eligible to receive $903 + UK state pension, with a reduction of ??? for WEP.
Is it worth claiming the US pension at 62 or waiting until 66, knowing that at 66 I will also be eligible for a UK pension. In other words, will the UK pension make up any or all of the difference from what I can claim in the US at 62 ( $903 )& 66. ( $1381 ) Currently the difference would be $478 pcm.
My ( wishful? ) thinking is that, if I start claiming early at 62, by the time I reach 66 I will be eligible to receive $903 + UK state pension, with a reduction of ??? for WEP.
I'm not really sure what you are asking in the bit that I have bolded, but I think re: WEP, there is an online modeller that shows you how much SS you will use when UK state pension kicks in. You just have to get your own calculator out to figure out whether it's worth taking SS at 62. You have written everything in dollars but of course you get UK state pension in ££, and depending on the ££/$$ exchange rate, your UK state pension could be more, or less than you have written as a $$ amount.
For people who have paid SS for a long time the WEP reduction is negligible, which argues against taking SS at 62 to avoid WEP. If you have about 30 years of SS, WEP doesn't affect you at all. If you have close to 30 years, WEP doesn't affect you very much.
Bear in mind that WEP is based on the $$ amount of your UK state pension at the time you start receiving UK state pension, and doesn't change thereafter. So if the $$ is especially strong when you are 66, it would make sense to take your UK state pension then. If the dollar is especially weak when you are 66 (say, $2 = £1, as it was in 2007-ish), and it looks like the $$ will strengthen in the following years, it may be worth postponing receiving your UK state pension.
* Here is the thread I was referring to, about the whole UK/US pension, WEP thing - it was on page 5.
Last edited by dunroving; May 11th 2013 at 11:44 am.
#234
BE Forum Addict
Joined: Oct 2010
Location: The sunshine state
Posts: 1,358
Re: UK state pension reform
Thanks Dunroving. I'll post any further questions/thoughts in that thread. Still haven't worked out if it's better to claim US at 62 when four years later I'll have both countries pensions to take into consideration.