UK state pension

Old Nov 14th 2011, 8:10 pm
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Default UK state pension

Hi there...I've just posted something similar and forgot to add the following....what do you advise I do with my uk state pension? Would you transfer it to nz or freeze it in the uk until retirement age? Thanks
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Old Nov 14th 2011, 8:43 pm
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Default Re: UK state pension

Originally Posted by CRBGLH View Post
Hi there...I've just posted something similar and forgot to add the following....what do you advise I do with my uk state pension? Would you transfer it to nz or freeze it in the uk until retirement age? Thanks
If you can, transfer it. Kate and I have cashed in all our UK pensions..purely because of the tax breaks currently allowed and moreover I fear that there will not be a pot to piss in by the time either Kate or myself call upon our pension providers to stump up the wedge. We may well be out of pocket if we live to an old age but what is it they say about a bird in the hand? In addition to all the aforementioned we got a much larger payout than we were expecting..take the money and run eh?? Also if you die your partner only gets half what ever the value is if you don't cash it in.
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Old Nov 15th 2011, 5:14 am
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Default Re: UK state pension

I agree with Genesis - we had a number of different pensions and they have changed hands so many times since we have been here that we have found it really difficult to keep track of them since arriving in NZ 4+ years ago. Hence we have transferred them over to NZ. Plus we felt that the NHS pensions we had were at risk of disappearing in the not too distant future, probably to pay the every increasing debts.

Totally agree it is a difficult decision and not one that should be taken lightly
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Old Nov 15th 2011, 5:57 am
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Default Re: UK state pension

Originally Posted by CRBGLH View Post
Hi there...I've just posted something similar and forgot to add the following....what do you advise I do with my uk state pension? Would you transfer it to nz or freeze it in the uk until retirement age? Thanks
Hi there just a question are you allowed to transfer your state pension i have my private pension transfered by Brittania and i got to keep 49o/o and had to put the rest in theres
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Old Nov 17th 2011, 1:36 am
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Default Re: UK state pension

You can't transfer a UK State Pension because there is nothing to transfer.

All the money that has been "paid in" has already been spent paying out the benefits for the people that have already retired.

Those of us that have not retired yet are counting on the next generation to carry on doing the same thing.
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Old Nov 18th 2011, 1:20 am
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Default Re: UK state pension

Correct. NZ and the UK have a reciprocal agreement over state pensions.

You can't transfer a UK state pension to here.

What you can do is choose to take either your UK state pension or an NZ state pension at retirement age.

If you take an NZ state pension you must have been in NZ for 10 years . Five of those after the age of 50. Correct me anyone if that's wrong.

NZ will then apply to the UK for your share of your UK state pension to go towards , or for , the NZ state pension you draw here.

Be aware that if you draw a UK state pension it will be frozen at the level you are given at the point of your retirement.

You can get a forecast of what your UK pension might be at time of retirement. i.e. if you have paid enough in for a full UK pension .

You are allowed to transfer any private pensions you have. You must use a qrops scheme.
You may also be able to transfer over a final salary scheme, like NHS, also to a qrops scheme.
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Old Nov 18th 2011, 10:56 pm
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Default Re: UK state pension

Originally Posted by BEVS View Post
Correct. NZ and the UK have a reciprocal agreement over state pensions.

You can't transfer a UK state pension to here.

What you can do is choose to take either your UK state pension or an NZ state pension at retirement age.

If you take an NZ state pension you must have been in NZ for 10 years . Five of those after the age of 50. Correct me anyone if that's wrong.

NZ will then apply to the UK for your share of your UK state pension to go towards , or for , the NZ state pension you draw here.

Be aware that if you draw a UK state pension it will be frozen at the level you are given at the point of your retirement.

You can get a forecast of what your UK pension might be at time of retirement. i.e. if you have paid enough in for a full UK pension .

You are allowed to transfer any private pensions you have. You must use a qrops scheme.
You may also be able to transfer over a final salary scheme, like NHS, also to a qrops scheme.
You are correct re the 10 year thing on pensions. I am going to opt to take my Pension from NZ and not the UK..that way I will not be at the behest of the exchange rate and I reckon I will be better off with the NZ one..especially as you point ot the frozen thingy..did not know that and if one was to live for another 20 plus years arvo the pension age that would leave you on the back foot quite quickly I reckon.
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Old Nov 19th 2011, 8:59 am
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Default Re: UK state pension

Originally Posted by Genesis View Post
You are correct re the 10 year thing on pensions. I am going to opt to take my Pension from NZ and not the UK..that way I will not be at the behest of the exchange rate and I reckon I will be better off with the NZ one..especially as you point ot the frozen thingy..did not know that and if one was to live for another 20 plus years arvo the pension age that would leave you on the back foot quite quickly I reckon.
My forecast UK pension is £185.66 per week fully paid up and this would be frozen at that rate if leaving the UK though in this present financial European climate that may not be as drastic as it sounds.
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Old Nov 19th 2011, 9:17 am
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Default Re: UK state pension

Who do you apply to for a forecast?
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Old Nov 19th 2011, 9:19 am
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Default Re: UK state pension

Originally Posted by Tango1 View Post
Who do you apply to for a forecast?
http://www.direct.gov.uk/en/Pensions...st/DG_10014008
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Old Nov 19th 2011, 6:32 pm
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Default Re: UK state pension

Cheers Stormer
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Old Nov 19th 2011, 7:53 pm
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Default Re: UK state pension

Regarding eligability for NZ state pension, I belive there is a reciprocal agreement between the UK and NZ governments which says that time spent in one country's scheme counts as time in the other.

So I belive that you qualify for NZ state pension even if you have not been here 10 years, provided you spent at least 10 years in the UK scheme

Correct me if I'm wrong

Last edited by NakiMan; Nov 19th 2011 at 8:02 pm.
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