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Transfer US Social Security Payments to UK

Transfer US Social Security Payments to UK

Old Mar 30th 2009, 3:22 pm
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Default Transfer US Social Security Payments to UK

I have been in the US for 9 years and am moving back to the UK this year. I have been told I can take the Social Security Payments made in the USA and transfer them back to the UK.

In the UK I have a Stakeholder pension and was told I could transfer the credit in the US to the UK as a lump sum. However now I can't find the person at the US Social Security office who gave me that advice.

Can anyone comment on how you transfer your US credits/payments/money into the UK's system?

Mike
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Old Mar 30th 2009, 3:47 pm
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Default Re: Transfer US Social Security Payments to UK

Originally Posted by mikepilcher View Post
I have been in the US for 9 years and am moving back to the UK this year. I have been told I can take the Social Security Payments made in the USA and transfer them back to the UK.

In the UK I have a Stakeholder pension and was told I could transfer the credit in the US to the UK as a lump sum. However now I can't find the person at the US Social Security office who gave me that advice.

Can anyone comment on how you transfer your US credits/payments/money into the UK's system?

Mike
I don't think you can transfer US Soc. Sec as a lump sum, it doesn't exist that way.

If you have more than the minimum for a pension in both countries, you will get one from each country. If you are short of the minimum in one country, the other will credit you for those contributions in calculating the pension amount, provided you tell them about the contributions. The UK Soc. Sec. or whatever it's called now, has booklets on this agreement. I'm talking about UK/US here, there are different agreements with different countries. You can receive your pension in the country where you reside. They claim they exchange so much currency that they get better exchange rates.
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Old Mar 30th 2009, 5:15 pm
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Default Re: Transfer US Social Security Payments to UK

Are you sure you are eligible for US payments? I thought you had to work 40 quarters at least, which adds up to 10 years.
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Old Mar 30th 2009, 5:25 pm
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Default Re: Transfer US Social Security Payments to UK

In the US you earn 4 quarters for every year worked. You need 40 quarters to claim a US pension so with 9 years worked the OP is short by 4 quarters of claiming a US pension.

I guess his option is to either stay 1 more year to make up to 40 quarters or have his US credits transferred to the UK. I'd check on how this is equated to the UK pension i.e. a year for a year though as I think I remember reading that they don't give exactly the same but I could be wrong.

In the UK they have reduced the number of qualifying years needed to 30 however, even if you have say 15 years you recieve 15/30 worth of the basic state pension.

Hope this helps
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Old Mar 31st 2009, 4:08 am
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Default Re: Transfer US Social Security Payments to UK

Originally Posted by bromleygirl View Post
In the US you earn 4 quarters for every year worked. You need 40 quarters to claim a US pension so with 9 years worked the OP is short by 4 quarters of claiming a US pension.

I guess his option is to either stay 1 more year to make up to 40 quarters or have his US credits transferred to the UK. I'd check on how this is equated to the UK pension i.e. a year for a year though as I think I remember reading that they don't give exactly the same but I could be wrong.

In the UK they have reduced the number of qualifying years needed to 30 however, even if you have say 15 years you recieve 15/30 worth of the basic state pension.

Hope this helps
That's what I read on a UK link, now where was it?
It showed and example, if you had 5 years paid in UK and 40 quarters in US, the UK counted that as 15 years paid and you got the UK pension based on those 15 years. Darn I only read it this morning. Off to search for it.
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Old Mar 31st 2009, 4:11 am
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Default Re: Transfer US Social Security Payments to UK

Found it
http://www.dwp.gov.uk/international/...on_non_eea.asp

Theres a UK/US agreement.
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Old Mar 31st 2009, 7:05 am
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Default Re: Transfer US Social Security Payments to UK

"If you had paid five years' UK insurance and 10 years' US insurance, we would work out how much UK State Pension you would have got if you had been paying UK insurance for 15 years. But because you have only actually been paying UK insurance for five years, we would pay you one-third (five-fifteenths) of that UK State Pension".

The way this statement comes across from the DWP reads as though they do not give you year for a year when you transfer US insurance years to UK.
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Old Mar 31st 2009, 1:05 pm
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Default Re: Transfer US Social Security Payments to UK

Originally Posted by bromleygirl View Post
"If you had paid five years' UK insurance and 10 years' US insurance, we would work out how much UK State Pension you would have got if you had been paying UK insurance for 15 years. But because you have only actually been paying UK insurance for five years, we would pay you one-third (five-fifteenths) of that UK State Pension".

The way this statement comes across from the DWP reads as though they do not give you year for a year when you transfer US insurance years to UK.
That's only if he doesn't have a minimum to qualify in either country, they then add the two to get to a minimum to qualify for a (reduced) UK pension.

I'm not sure how close you have to be to retirement, to get an estimate from Newcastle.
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Old Mar 31st 2009, 1:08 pm
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Default Re: Transfer US Social Security Payments to UK

Get your UK estimate here
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Old Mar 31st 2009, 1:11 pm
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Default Re: Transfer US Social Security Payments to UK

Originally Posted by paddingtongreen View Post
Get your UK estimate here
and here
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Old Mar 31st 2009, 3:09 pm
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Default Re: Transfer US Social Security Payments to UK

I guess we should mention that people can still be making NI contributions from abroad (normally at a very cheap rate) and so can still be building up their UK state pension whilst in the US. Approximately 2 pounds a week is what I pay I think.
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