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Latest statement on UK pension uprating

Latest statement on UK pension uprating

Old Sep 4th 2019, 6:26 am
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Default Latest statement on UK pension uprating

The Living in Spain Gov.UK site was recently updated to explain the plan for pension uprating:

'Pensions after Brexit
The UK government will continue to pay a State Pension to those eligible in the EU after Brexit. Your UK State Pension will be uprated in April 2020, 2021 and 2022 if you live in the EU, EEA or Switzerland.

If there is a deal and you work and pay social security contributions in Spain, you will still be able to add your UK social security contributions towards your Spanish pension. This will happen even if you claim your pension after the end of the implementation period.

If there’s no deal, the Spanish government has proposed that they will take into account periods of work in the UK before Brexit when calculating your Spanish pension. We will update this guidance when there is a formal agreement on this.

Read our guidance on pensions if there’s no deal.'

So it will continue for a few years and then?
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Old Sep 4th 2019, 7:24 am
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Smile Re: Latest statement on UK pension uprating

Originally Posted by spainrico View Post
The Living in Spain Gov.UK site was recently updated to explain the plan for pension uprating:

'Pensions after Brexit
The UK government will continue to pay a State Pension to those eligible in the EU after Brexit. Your UK State Pension will be uprated in April 2020, 2021 and 2022 if you live in the EU, EEA or Switzerland.

If there is a deal and you work and pay social security contributions in Spain, you will still be able to add your UK social security contributions towards your Spanish pension. This will happen even if you claim your pension after the end of the implementation period.

If there’s no deal, the Spanish government has proposed that they will take into account periods of work in the UK before Brexit when calculating your Spanish pension. We will update this guidance when there is a formal agreement on this.

Read our guidance on pensions if there’s no deal.'

So it will continue for a few years and then?
hi. wife said thanks for the info.interesting
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Old Sep 8th 2019, 11:35 am
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Default Re: Latest statement on UK pension uprating

Originally Posted by spainrico View Post
The Living in Spain Gov.UK site was recently updated to explain the plan for pension uprating:

'Pensions after Brexit
The UK government will continue to pay a State Pension to those eligible in the EU after Brexit. Your UK State Pension will be uprated in April 2020, 2021 and 2022 if you live in the EU, EEA or Switzerland.

If there is a deal and you work and pay social security contributions in Spain, you will still be able to add your UK social security contributions towards your Spanish pension. This will happen even if you claim your pension after the end of the implementation period.

If there’s no deal, the Spanish government has proposed that they will take into account periods of work in the UK before Brexit when calculating your Spanish pension. We will update this guidance when there is a formal agreement on this.

Read our guidance on pensions if there’s no deal.'

So it will continue for a few years and then?
And then it will roll over to the same system if you had moved to Aus or certain Caribbean islands and lots of other places in the world (including the EU when and if we ever get B sorted.)
Your pension amount would be fixed at the sum you would have recieved if you had retired the year you moved countries.

If i were to retire to Barbados now (I'm 57) when I reach retiring age I will get £168.00 a week (he current pension rate) and not whatever sum it has gone up too in 2029
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Old Sep 8th 2019, 12:22 pm
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Default Re: Latest statement on UK pension uprating

You are assuming that the UK will not have a bilateral agreement on social services with Spain within that period of time. Bearing in mind the large number of Spanish residents in the UK, I would expect that to happen.
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Old Sep 8th 2019, 5:11 pm
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Default Re: Latest statement on UK pension uprating

Originally Posted by Fred James View Post
You are assuming that the UK will not have a bilateral agreement on social services with Spain within that period of time. Bearing in mind the large number of Spanish residents in the UK, I would expect that to happen.
I would tend to agree with you but for the fact that at the moment it needs sane people to make agreements and we are devoid of anyone in power who seems to be able to even think straight.
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Old Oct 6th 2019, 11:20 pm
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Default Re: Latest statement on UK pension uprating

barriej £168 / week......if in 10 years time the pound equals the euro will he recieve 168 euros o r if in ten years time the pound is worth two euros will he recieve (2 x 168) 336 euros ?
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Old Oct 7th 2019, 9:24 am
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Default Re: Latest statement on UK pension uprating

Originally Posted by atlasthemonk View Post
barriej £168 / week......if in 10 years time the pound equals the euro will he recieve 168 euros o r if in ten years time the pound is worth two euros will he recieve (2 x 168) 336 euros ?
Currency rates are unpredictable yes, however if one gets the annual pension rises then whatever the exchange rate equals you will be better off!
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Old Oct 8th 2019, 3:19 pm
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Default Re: Latest statement on UK pension uprating

just to add....in the last 25 years the inflation rate has averaged 2.8%...if this is compounded over the 25 years = 100% ie the purchaseing power has halved !
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