Sarleon

Does anyone know anything about how the Spanish state pension system works?

I read somewhere that if you are from the UK you have to work here for 15 years before you are eligible to have a Spanish state pension at retirement age...

This is the limit of my knowledge, so does anyone know anything else!?!?!?!

lynnxa

that's about the limit of my knowledge on that subject, too

I'd be interested to know more, also

Fred James

If you have worked in the UK and qualified for a minimum pension then years worked in Spain will also generate a pension without having to contribute for 15 years in Spain.

I have a friend who gets a (very small) Spanish state pension and he only worked in Spain for 3 years.

Sarleon

I am only in my early 30's so i'm not sure if i am eligible for a UK state pension on the years I have worked or not

I will be living in Spain for the forseeable future, which could be another 30+ years of working...

poolboy

I would look into continuing class 2 NI contributions on a voluntary basis in UK. It´s a bargain at 2.3 GBP pw & keeps your entitlement to a full UK state pension.

Ok that´s the promise but....

There´s not likely to be any money left in 20 years time to pay this promise

and

The Govt will probably change the rules as you have effectively opted out the system already.

Call me a cynic, you can backdate up to 6 years but at 108 GBP pa it´s a good deal.

Fred James

It's not that simple - it depends on your employment status when in the UK.

Class 2 contributions are paid by the self employed at the rate you quote but not everyone is entitled to pay these.

If you were an employee paying Class 1 contributions you will only be eligible to pay voluntary Class 3 contributions which are about £8/wk - it's still a good deal even at those rates.

If you want to pay the lower Class 2 rate you need to check with HMRC to see if you are eligible.

Also the rules all change in April 2010 when you only need 30 years of contributions for a full UK pension.

poolboy

thanks for the clarification & I may also add that before doing anything you should get the Govt to prepare your individual forecast so you know how short you are & can make an informed choice.

I reckon the high contribution level at 8 GBP is still a good deal, at 2 its a steal.

Hope it helps & apologies for any confusion, I am certainly not qualified to give any advice so make your own mind up.

Cheers

Sarleon

Thanks for the help about UK pensions, but I also want to know what the deal is with Spanish pensions... Someone must know something!!!!

Fred James

You could try this link to the Spanish Social Security website

http://www.seg-social.es/Internet_6/...tm?ssUserText=

It is in English for the most part but when you get into the detail it may revert to Spanish.