UK PENSIONS
Mar 28, 2008 · DENBOY · 7 replies · 2382 views
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Hi,
When we move to Spain we will be mid 50's, if we keep paying our stamps into the uk system will we be able to draw our full pensions when the time comes.
Thanks Dennis
Mar 28, 2008 · ROBI
Hi Dennis, Yes I think as the current rules stand you will be able to. Check the UK government web site:
www.hmrc.gov.uk
Also suggest you explore how you escape the UK tax system if you are coming here to be resident. Research the same site.
Mar 29, 2008 · kizzy
The new rules mean you only have to pay 30 years NI to get a full penion now.
The best thing to do is write to Newcastle for a forecast and they will advise how may more years you need to pay.
My husband is 49, we were pleased to find out he was only 5 years short which we will back pay.
Mar 29, 2008 · DENBOY
THANKS KIZZY, I'LL CHECK,
DENNIS
Mar 29, 2008 · ROBI
Yes I think I read somewhere about this bit I dont understand!!
How can the government (bearing in mind they say there wont be enough people working and paying in for them to pay out all the pensioners given longer life expectancy rates) afford to pay out when they have taken less money in?(ie only 30 yrs collections)
What am I missing ??
Mar 30, 2008 · mike48t
The full rules are set out on the DWP site at
http://www.dwp.gov.uk/lifeevent/penret/pr_pensions.asp . This is my interpretation based upon my own circumstances, so there maybe subject o bad guessing by me and also not relevant to you.
Currently for men( I'm not sure if it is the same for women) the NI pension is based on a lot of factors and you would be best applying for a forecast on a form BR19. which will give you your pension at retirement based upon your contributions to date. once you have that you can then decide which is best for you.
If you continue to pay contributions up to the Maximum which I believe is 44 years ( soon to be reduced to 30Yrs) over your estimated working life which is 49Years you willget your full entitlement. which means if you have paid all your working life from 16 , you will not need to pay after age sixty. (for example in my case I am being credited the years from 60 to 65??)
The government recognise that the cost of pensions is gonna be higher in the future, Viz we are living longer and paying less directly ( IE 30Yrs), however the age from which you can draw your pension is going up to 68 for both men and women (Ok girls now you got equality!! but its gonna cost ya). The information is mostly contained here with the logic and costing studies
http://www.dwp.gov.uk/pensionsreform/Mar 30, 2008 · ROBI
Mike,
Thanks - Good post - you can become our Pensions expert!
cheers,