Your most important decision regardless of whether you stay in Spain or the UK
 

One for the younger ones - always contribute to your pension.
I know people complain about higher social security costs in Spain and other EU countries, but that is why their state pension is so much higher than the UK (when you've made the necessary contributions).
In the UK you should always contribute to a private pension (s). Easy if your employer runs one. But a lot harder if you are part of the casual labour/gig economy that seems so fashionable nowadays.
And if you are operating under the radar in either place, then you still need to be putting into a pension pot.
Please don't rely on the state to look after you when older. They are already increasing the pension age, and look likely to rub their hands of us in the future. They will always find money for wars, or to pass onto corrupt mates in pandemics, but they are not in politics to look after old people's interests.
Start putting regular chunks of money into your pension - now.

Re: Your most important decision regardless of whether you stay in Spain or the
 

My son wants to start paying into a Spanish pension pot. He contacted the bank who suggested he invested in the stock market stating they didn't have any pension plans!

Where should he go to get a PENSION plan?

Re: Your most important decision regardless of whether you stay in Spain or the
 

I have a pension plan with cajasur, its a seperate account, i used to pay €22 / week into it, now i have a partner, we pay €22 / week / each into it, or €176 a month.

doesn´t seem like alot, but we´ve / I´ve had it a few years already.

Re: Your most important decision regardless of whether you stay in Spain or the
 

I have no idea really but my first thought was an insurance company via a good gestor. I think that you know the one that I am thinking of but if not feel free to PM me.

Rosemary

Re: Your most important decision regardless of whether you stay in Spain or the
 

Try La Caixa, they have a range of plans and remember contributions are tax deuctible .

Re: Your most important decision regardless of whether you stay in Spain or the
 

Snikpoh,

Blevin Franks are all over Spain, might be worth a try

Re: Your most important decision regardless of whether you stay in Spain or the
 

The basic uk pension is £ 185 a week. Even assuming you have a small flat in Spain bought mortgage free then that amount would not really support one person. If you were supremely frugal and never went out for coffee or food, managed the winter with no heating and summer with no AC , showered a couple of times a week, had just a phone- you could do it but it would be pretty bleak.That said, I imagine the climate is better in Spain. Of course anyone making the move now won't be in that position as you will need at least £60,000 in a Spanish account for a NLV plus private healthcare.

Re: Your most important decision regardless of whether you stay in Spain or the
 

I fully agree with this post. I started a private pension when I was in my early twenties and when I reached 63 I was able to retire early (and move to Benidorm) Now with my private pension and UK government pension added together gives me a worry free lifestyle.

Steve

Re: Your most important decision regardless of whether you stay in Spain or the
 

My dad encouraged me to start a private pension in 1984, I did freeze payments for 10 years due to cost of living, divorce, child maintenance payments etc, I have never been part of a company pension scheme and cashed in my private pension 5 years ago, i don’t get my state pension for another 7 years, I don’t have a fortune but a nice tidy sum which I have hardly touched and mortgage free also.

I’ve tried to encourage my youngest daughter to start a scheme at 22 years old as she earns really good money but it’s easy come easy go, worry about the future later, unless they are all waiting for an inheritance from me 😂

I would encourage anyone to start a scheme if they can afford to.

Re: Your most important decision regardless of whether you stay in Spain or the
 

Absolute cobblers, a couple will need an INCOME of ~€34k, if they can demonstrate that then they don't need a penny actually in the bank.

Re: Your most important decision regardless of whether you stay in Spain or the
 

But because of the 2 year rule effectively you need double.

Re: Your most important decision regardless of whether you stay in Spain or the
 

Hola.

NO, the basic state `pension that i get with 30 years of contributions (you only needed 30 years not the current 35 when I retired) is £141.85. However, later retirees do get more

Davexf

Re: Your most important decision regardless of whether you stay in Spain or the
 

They may not get more if they have spent a lot of years "contracted out" and thus paying a slightly lower rate of NI contributions, as most public sector employees are. If that is the case, even with 35 years of NI contributions they are only guaranteed the same basic pension as yourself. I chose to pay some years of additional voluntary contributions to increase my state pension, but it still won't be the full 185 per week.

The reduction in NI for those contracted out was 5% (1..5% lower employee contribution and 3.5% lower employer contribution) but the resulting reduction in the state pension is much higher than 5%.

Re: Your most important decision regardless of whether you stay in Spain or the
 

All very true Lynn many were contracted out without realising it especially military. Military pension comes as part of your service so you don't pay into it at all however it does mean that the years of service are contracted out. I have 44 years NI contributions but they are mainly all contracted out so my State pension is much lower than someone on the single tier pension gets. Of course the occupational pension more than makes up the difference. Many are still unaware of what contracted out means to their state pension plus the government when they brought in the single tier pension in 2016 pretty much lead everyone to believe all would get the new rate.

Re: Your most important decision regardless of whether you stay in Spain or the
 

It does, but in most cases both the employees and their employers paid contributions above and beyond NI for those occupational pensions, they didn't get them for nothing and the employee contributions were substantially more than the 1.5% reduction in NI for being contracted out.