pensions

Old Oct 30th 2010, 7:49 pm
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Just wondering about our pension when we eventually get PR...

I know that you can transfer your private or occupational pension to NZ....what happens to the state pension. Is this forfeited when you leave the UK?

Just trying to get our heads around things as they crop up!
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Old Oct 31st 2010, 3:49 am
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Default Re: pensions

I think you'll find that you can opt to keep the UK pension but the way things are going it might be wise when you finally get here and reach pensionable age that you opt for NZ at least you could get it early and the way it's going in the UK you might have to wait until you're 70
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Old Oct 31st 2010, 6:58 am
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You will be entitled to your state pension but you will not recieve any increases from that time on. i.e it will stay at that rate.
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Old Oct 31st 2010, 9:50 am
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Do you mean no increases from the time you left the UK?
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Old Oct 31st 2010, 10:09 am
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http://www.direct.gov.uk/en/Pensions...on/DG_10026714
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Old Oct 31st 2010, 10:12 am
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Default Re: pensions

Hi I asked this question some time ago as my husband has part of his state pension in the UK still (I opted out). As i understand it, wherever you decide to settle you will be entitled to the state pension in that country as NZ-UK have reciprocal agreements in place. So your NZ pension for example would be partly made up of your UK contributions and your NZ ones - you wouldn't receive your UK pension in addition to your NZ one but they would claim back from HMRC what you are entitled to here. If that makes sense

There have been many posts about it, it is worth a search. I'm obviously no expert but there is a lot available on here.

Good luck.
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Old Oct 31st 2010, 10:14 am
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thanks for all the advice.....I'm only 40 at the moment and wondered if there was anything I needed to do before leaving the UK....

Just got to finish my hons degree then NZ here we come!
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Old Oct 31st 2010, 10:59 am
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In that case as has been said the retirement age UK to enable the Government to sustain the free entitlements with the predicted population increase will be about 70 years of age Seek advice....
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Old Oct 31st 2010, 9:22 pm
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Default Re: pensions

The UK government is considering a proposal to replace the whole state pension system with a flat rate pension of about GBP140 for everyone, broadly similar to the NZ system.

http://www.dailymail.co.uk/news/arti...d-couples.html

What is not yet clear is whether entitlement will be based on citizenship regardless of country of residence, or restricted to just those who live in the UK.

If the latter is the case, then everyone living outside the UK (or possibly the EU) will loose their UK state pension..
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Old Oct 31st 2010, 10:10 pm
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Default Re: pensions

Originally Posted by 4pommes View Post
Just wondering about our pension when we eventually get PR...

I know that you can transfer your private or occupational pension to NZ....what happens to the state pension. Is this forfeited when you leave the UK?

Just trying to get our heads around things as they crop up!
Arvo 10 years of living in NZ purely as a resident..when 5 of those years have been arvo your 50th birthday you are eligible for a FULL NZ pension..irrespective of what tax (if any) you have paid. The eligibility is the residency and the 10 years thing above. This is what I have been told by a pensions expert..was he right?
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Old Nov 1st 2010, 12:03 am
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Default Re: pensions

Originally Posted by Genesis View Post
Arvo 10 years of living in NZ purely as a resident..when 5 of those years have been arvo your 50th birthday you are eligible for a FULL NZ pension..irrespective of what tax (if any) you have paid. The eligibility is the residency and the 10 years thing above. This is what I have been told by a pensions expert..was he right?
Yes, he's right in principle, but the UK and NZ have a reciprocal arrangement whereby time spent in the UK scheme counts as time spent in the NZ one.

So, I believe that you can claim NZ superanuation at age 65, (regardless of how long you have lived here) if you spent 10 years paying NI contributions in the UK.

Last edited by NakiMan; Nov 1st 2010 at 12:12 am.
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Old Nov 1st 2010, 12:05 am
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Default Re: pensions

Originally Posted by Stormer999 View Post
In that case as has been said the retirement age UK to enable the Government to sustain the free entitlements with the predicted population increase will be about 70 years of age Seek advice....
As with most govt stats I´d expect that one to be understated but there will no doubt be a battle between the "reduce the pension benefits" and "delay the pension benefits".

It will probably be unsustainable for a govt to delay beyond 70 in the forseeable future so I´d expect the balance of any reduction to come in reduced benefits after that point. At least until we are "used" to the 70 retirement age the n it can be pushed higher...

Anyhow the UK will quietly accept 70 whilst Europe is in flames over 62, or 55 etc depending on how far Southeast you go from the UK...
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