Credits To State Pension In England

[Guest James]

Hi does anyone know if you can voluntarily credit your state pension in England, whilset here, not sure how may qualifying years you need but it must be atlaest 20 I am sure and i think I only have 16. I do not wnat to loose the pension rights there

 

Thanks

[Andrew from Vista Financial]

Hi does anyone know if you can voluntarily credit your state pension in England, whilset here, not sure how may qualifying years you need but it must be atlaest 20 I am sure and i think I only have 16. I do not wnat to loose the pension rights there

 

Thanks

 

 

Hi James

 

 

You won't actually lose what you have accrued thus far and yes it is possible to top up.

 

These previous threads should help you http://www.pomsinadelaide.com/forum/money-finance/12333-backdating-ni-contributions-uk-state-pension.html

 

http://www.pomsinadelaide.com/forum/money-finance/12333-backdating-ni-contributions-uk-state-pension.html

 

 

Regards

 

Andy

[Guest James]

You are brilliant Andy, thanks for this

[Guest James]

Next time I may ask advise about how much private pension you need to save here to have a decent lifestyle, someone told me $400,000 pot to retire on a decents standard of living, cannot believe I can manage that in 20 years!

[Guest James]

Spoke to Newcastle last night you can voluntarily contribute up to 6 years whilst out here. It is only at basic level though. 30 years to get full English one but apparently you get a percentage if you have done less ie after ten years you would get 33% if you do no more years in Engalnd before you retire. I hope that helps some other folk

[Guest James]

How much do you need here to have in super to retire in ok conditions, does anyone know?

[Andrew from Vista Financial]

How much do you need here to have in super to retire in ok conditions, does anyone know?

 

 

Hi James

 

That really does depend on a number of factors, things like:

• Anticipated retirement age;
  
• Amount required in retirement (one persons opinion of comfortable may completely differ to someone elses);
  
• Whether state benefits should be taken into account i.e Oz and UK;
  
• If looking to include Oz Age Pension how much in assets held outside of Super (as is means tested);
  

The difference to the final retirement balance due to the above points could easily range between $250,000 - $1,000,000!!!

 

Check out this Government website https://www.moneysmart.gov.au/tools-and-resources/calculators-and-tools/retirement-planner there are some retirement planning calculators that can be quite useful as a guide.

 

 

Regards

 

Andy