I am 24 - what happens regarding my pension if I move?
Mar 21st 2011, 10:10 am
#1
Just Joined
Thread Starter
Joined: Jan 2011
Location: United Kingdom
Posts: 13
I am 24 - what happens regarding my pension if I move?
To be honest, I'm not sure how pensions even work in the UK or USA.
Just a few questions really, if that's ok?:
Just a few questions really, if that's ok?:
- Will I have trouble with my state pension if I move to the USA?
- Will my state pension transfer over to continue with in the USA?
- Will I have to start a new one in the USA?
- What about if I start a work-based pension whilst in the UK before I move?
Mar 21st 2011, 1:25 pm
#2
Lost in BE Cyberspace
Joined: Oct 2003
Location: Avon Lake, OH
Posts: 5,270
Re: I am 24 - what happens regarding my pension if I move?
In a nutshell.
1. No, but it depends on what you mean by trouble.
2. Yes, if you mean will they pay it to you once you reach retirement age and you qualify for it. In your case, you probably won't be eligible for a UK pension.
3. You'll probably want to do a retirement savings plan, although it's not as simple as a pension. 401k, 403b, IRA, plus others depending on your situation. Chances are it will be 100% or close to 100% funded by you.
4. It will still be there, and gaining or losing value, until you reach retirement age and can claim it.
1. No, but it depends on what you mean by trouble.
2. Yes, if you mean will they pay it to you once you reach retirement age and you qualify for it. In your case, you probably won't be eligible for a UK pension.
3. You'll probably want to do a retirement savings plan, although it's not as simple as a pension. 401k, 403b, IRA, plus others depending on your situation. Chances are it will be 100% or close to 100% funded by you.
4. It will still be there, and gaining or losing value, until you reach retirement age and can claim it.
Mar 21st 2011, 5:09 pm
#3
Lost in BE Cyberspace
Joined: May 2010
Location: San Diego, California
Posts: 9,654
Re: I am 24 - what happens regarding my pension if I move?
If you move to the US at the age of 24 or soon after, and do not continue to pay your National Insurance contributions in the UK, you will have very little (or perhaps no) State Pension to worry about.
You can contact the Pensions Board in the UK to arrange for continuation of contributions while abroad.
You can contact the Pensions Board in the UK to arrange for continuation of contributions while abroad.
Mar 21st 2011, 10:42 pm
#4
BE Site Lead
Joined: Aug 2004
Location: MA, USA
Posts: 92,170
Re: I am 24 - what happens regarding my pension if I move?
can only bung in for a few years though for part of the contributions, and at this age it might not be worth it if he can't contribute enough to get anything worth while out of it. Worth looking over the figures at least.
