UK STATE PENSIONS

 
Old Aug 13th 2014, 1:37 am
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Default UK STATE PENSIONS

UK STATE PENSIONS - NATIONAL INSURANCE SCHEME

State pensions are based on National Insurance Contributions that are paid normally by the employer when you are working. To qualify for a full pension you must have been contributing for a period of 30 years. If not then you may be entitled to a part pension. In some case you may not qualify for a part pension but may be able to make additional contributions to qualify. (see below)

UK State Pensions can not be cashed in or Transferred as a lump sum however when paid to you - your regular paid benefit can still be accessed by you from offshore via your banking system.

Information on state pensions can be found at:

https://www.gov.uk/browse/working/state-pension

Other Pensions also commonly referred to as State Pensions:

Some other types of pension funds also know as state pensions can possibly be Transferred as a lump sum - these are known as State Second Pension (S2Ps) as well as State Earnings Related Pensions (SERPs). A check with the fund will need to be done to see if they can be transferred and when.

VOLUNTARY CONTRIBUTIONS TO GET EITHER A PART OR FULL PENSION

The national insurance scheme works on the number of years that contributions are made. If you do not do the full 30 odd years then you may be entitled to a part pension. Sometimes it is worth paying a little extra or continuing to pay into it so that you qualify for a part pension.

So in some cases if you pay for a year you may get a part pension ongoing which represents a great return on investment. Everyone's situation is different and I encourage you to simply check with the UK and see whether or not it is worth doing or if you can.

Links :

State Pensions: https://www.gov.uk/state-pension/eligibility

Voluntary Payments: https://www.gov.uk/voluntary-national-i ... tributions

HMRC: HM Revenue & Customs: Voluntary National Insurance contributions - the basics

cheers john
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Old Aug 14th 2014, 10:52 am
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Default Re: UK STATE PENSIONS

Originally Posted by john in oz
[B]
Other Pensions also commonly referred to as State Pensions:

Some other types of pension funds also know as state pensions can possibly be Transferred as a lump sum - these are known as State Second Pension (S2Ps) as well as State Earnings Related Pensions (SERPs). A check with the fund will need to be done to see if they can be transferred and when.
John, do you have a link to transferring SERPs or S2P? This is something I would be interested in reading more about.
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Old Aug 14th 2014, 11:33 am
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Default Re: UK STATE PENSIONS

Sorry I do not have separate info on them as it is a small demand - They are transferable within the same guidelines as any other pension fund that is transferable from the UK.

However, the funds do have the right to not transfer if the total value of the funds currently held in the entire pension fund do not allow this to occur. This is unlike most pension funds who have to release the funds if all conditions are met!!

We would simply touch base with the fund first to ensure there are no issues with your fund and that a transfer can be undertaken.

I hope that helps

Cheers John
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