Pensions
Dec 2nd 2005, 4:57 am
#16
Forum Regular
Joined: Mar 2004
Location: Folkestone in Kent to Chicago
Posts: 147
Re: Pensions
Originally Posted by BigDavyG
The question i have now is, what happens to previous contributions which I had made.
Are these lost to me now (regardless of this new law)??
Are these lost to me now (regardless of this new law)??
Doesn't seem fair that all the money put away for all these years on a the undestanding of getting something back in the retirement years is suddenly only available if I move decide to move back to the UK away from the life I've built here.
Daylight robbery.
Dec 2nd 2005, 5:03 am
#17
BE Forum Addict
Joined: Oct 2004
Location: The Big Apple
Posts: 1,834
Re: Pensions
Originally Posted by HappyHammer
Sounds like it to me - I've paid into the State Pension for 18 years, and then kept it going by topping up NI Voluntury.
Doesn't seem fair that all the money put away for all these years on a the undestanding of getting something back in the retirement years is suddenly only available if I move decide to move back to the UK away from the life I've built here.
Daylight robbery.
Doesn't seem fair that all the money put away for all these years on a the undestanding of getting something back in the retirement years is suddenly only available if I move decide to move back to the UK away from the life I've built here.
Daylight robbery.
Its not lost now - under the current system you are entitled to a pension based on the number of full years you contrinuted - basically if you should have paid in for say 50 years and you paid 25 then you get half.
Of course by the time i get to claim a pension there will probably be very little left!!
Dec 2nd 2005, 5:08 am
#18
Account Closed
Joined: Mar 2004
Posts: 2
Re: Pensions
Originally Posted by Big D
Its not lost now - under the current system you are entitled to a pension based on the number of full years you contrinuted - basically if you should have paid in for say 50 years and you paid 25 then you get half.
Of course by the time i get to claim a pension there will probably be very little left!!
Of course by the time i get to claim a pension there will probably be very little left!!
But if you will not qualify then there is no point contributing, if you are saying that anybody with accrued rights will not lose them, that seems a beaucratic nightmare, but the the logical is often the last option of governments.
Dec 2nd 2005, 5:15 am
#19
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Joined: Nov 2004
Location: SC
Posts: 4,153
Re: Pensions
Originally Posted by Taffyles
I read somewhere on the Beeb site that residency would be defined as having lived in the UK for at least 10 of the previous 20 years.
I'm watching this issue too as hubby is 65 next August and should be getting full pension plus extra for the Serps or whatever he paid too BUT he will only have lived in UK for 5 of the last 20 years by then. Makes me mad to think that he might not get his pension after working in UK for 35 years paying full contributions.. and paying voluntary contibutions for 10 years. And presumably any immigrant who has lived in UK for 10 years (possibly never having worked or contributed a bean) gets a full flat rate pension...nice!
Wonder what would happen to ex-pats already getting pension (after 10 years out of the country do they lose entitlement??). So many thousands of Brits retire abroad or are planning too- hopefully enough people will object to this. Otherwise I can see it getting shoved through because the biggest uproar is about raising the retirement age.
I'm watching this issue too as hubby is 65 next August and should be getting full pension plus extra for the Serps or whatever he paid too BUT he will only have lived in UK for 5 of the last 20 years by then. Makes me mad to think that he might not get his pension after working in UK for 35 years paying full contributions.. and paying voluntary contibutions for 10 years. And presumably any immigrant who has lived in UK for 10 years (possibly never having worked or contributed a bean) gets a full flat rate pension...nice!
Wonder what would happen to ex-pats already getting pension (after 10 years out of the country do they lose entitlement??). So many thousands of Brits retire abroad or are planning too- hopefully enough people will object to this. Otherwise I can see it getting shoved through because the biggest uproar is about raising the retirement age.
Dec 2nd 2005, 6:23 am
#20
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Joined: Oct 2004
Location: The Big Apple
Posts: 1,834
Re: Pensions
Originally Posted by Boiler
There is nothing in there now, never has ben funded, todays contributons pay todays receipients.
But if you will not qualify then there is no point contributing, if you are saying that anybody with accrued rights will not lose them, that seems a beaucratic nightmare, but the the logical is often the last option of governments.
But if you will not qualify then there is no point contributing, if you are saying that anybody with accrued rights will not lose them, that seems a beaucratic nightmare, but the the logical is often the last option of governments.
I wasn't talking about the funding but the rights to a pension under the current rules, at the moment if you have paid in you are entitled (depending on the reciprocal agreements etc etc) You are right though it seems unlike that there will be a pension worth having when my time comes - and if that is the case little point keeping up the contrubutions.
