Guest Frank44122

So confused by pension stuff!

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    Guest Frank44122

    Ok, so I am very ignorant when it comes to pension things. My very basic knowledge is literally that if I was to continue to live and work in the uk, when I come to retire(whatever age it might be by then!) then I would withdraw a state pension, I don't pay I to any private pension so it would just have been the state pension for me. My wife however has been a teacher since 2008, during this time she has taken 2 years out for maternity but still paid into the teacher pension scheme during this time.

    I have some questions about all this, I'm sorry if I come across as really naive but I have just never really thought about any of this until the whole emigration thing started.

     

    When I arrive in oz I will be 30 and hopefully will find work as a mechanic. Now I have paid into the uk since I was 16, when I retire in oz, will I be able to get any sort of pension from the uk and if so how?

     

    When I retire in oz, will I be entitled to the oz state pension(is there even a state pension) if so how is it all calculated?

     

    Thois is perhaps a question for any teachers or maybe public sector workers, my wife got her annual pension form through from her pension scheme and after 6 years of contributions, at the moment she would only be entitled to about £2000 a year pension, obviously when we move to oz next year she won't be a uk teacher and be paying into anymore so we were wondering what people's thoughts or advice was on just taking back her contributions, would be about 10,000 I think as not sure that the £160 a month or whatever it is will really be worth holding onto and would perhaps get more use out of the 10,000-deposit he etc.

    if anyone can help with any of the questions I'd appreciate it!

     

    frank:wink:

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    Guest Guest12727

    An option to consider is transferring the UK pension to an Aus pension once here. That way you start here with a nice lump sum, which boosts your final amount at retirement. Don't forget that if you withdraw pension monies you will pay tax on it.

     

    There is a thread on here about recent changes to UK pension transfers http://www.pomsinadelaide.com/forum/money-finance/41741-massive-shake-up-uk-pensions.html

    This also links to another thread written by Andrew on UK pension transfers that is worth reading.

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    Hi Frank

     

    Regarding the Australian Age (State) Pension, you should be eligible to this if you remain in Australia however the age at which you might receive this is likely to be at least age 70 now. Have a read as to how the Australian Age Pension works here: http://www.pomsinadelaide.com/forum/pensions-mortgages-ask-vista/33924-australian-age-pension-information-thread.html

     

    You will also be entitled to any UK State Pension that you have qualified for up until now, currently to receive the full UK Basic State Pension you require 30 qualifying years (this is moving to 35 years) and so if you had say 15 qualifying years you would be entitled to 50%. It is also possible to continue to pay towards the UK State Pension if you wish, be aware that although you will get the inflationary increases apply to the pension each year before you are able to receive it once it is in payment it is not indexed for Australian residents.

     

    As Howde states it is possible for your Wife to transfer her NHS Pension to Australia and the link Howde provided should give you an overview on this topic.

     

    kind Regards

     

    Andy

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    Guest Frank44122
    Hi Frank

     

    Regarding the Australian Age (State) Pension, you should be eligible to this if you remain in Australia however the age at which you might receive this is likely to be at least age 70 now. Have a read as to how the Australian Age Pension works here: http://www.pomsinadelaide.com/forum/pensions-mortgages-ask-vista/33924-australian-age-pension-information-thread.html

     

    You will also be entitled to any UK State Pension that you have qualified for up until now, currently to receive the full UK Basic State Pension you require 30 qualifying years (this is moving to 35 years) and so if you had say 15 qualifying years you would be entitled to 50%. It is also possible to continue to pay towards the UK State Pension if you wish, be aware that although you will get the inflationary increases apply to the pension each year before you are able to receive it once it is in payment it is not indexed for Australian residents.

     

    As Howde states it is possible for your Wife to transfer her NHS Pension to Australia and the link Howde provided should give you an overview on this topic.

     

    kind Regards

     

    Andy

     

    Thanks for the replies. Can anyone let me know how we go about getting our uk state pension once we reach 70 or whatever the age it will be by then? At the moment we are are about 40 years away from that, so once we reach that age, will we have to fill in some sort of form for the uk pension? Is there anything we will need in 40 years to prove our pension contributions?

    Also, with regard to Howde's suggestion of transferring my wife's teacher pension, how do we go about doing this and how much is it all going to cost? Honestly, tax, pensions and anything with numbers just completely confuses me!

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    Thanks for the replies. Can anyone let me know how we go about getting our uk state pension once we reach 70 or whatever the age it will be by then? At the moment we are are about 40 years away from that, so once we reach that age, will we have to fill in some sort of form for the uk pension? Is there anything we will need in 40 years to prove our pension contributions?

    Also, with regard to Howde's suggestion of transferring my wife's teacher pension, how do we go about doing this and how much is it all going to cost? Honestly, tax, pensions and anything with numbers just completely confuses me!

     

    Hi Frank, no doubt the rules will change again in that 40 years, but just to put your mind at rest, my wife Linda got hers about 18 months ago, with a lump sump back pay to her eligible age/date, We got all the info and forms off the government web site filled them in sent them off with some other things they needed to sight, and the money started rolling in, seemed to easy for a government really.

    Regarding transferring your wifes pension, then my personal advice would be to transfer it over to your OZ super as soon as you know you are fully settled here in OZ, take advise, Andrew form Vista or John from money corp on these forums have good rep.

    hope this helps and good luck with everything.

    Keith

    Edited by Keith & Linda
    added info

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    Guest Guest14361

    Confused tell me about it, just started a allocated pension myself

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    Thanks for the replies. Can anyone let me know how we go about getting our uk state pension once we reach 70 or whatever the age it will be by then? At the moment we are are about 40 years away from that, so once we reach that age, will we have to fill in some sort of form for the uk pension? Is there anything we will need in 40 years to prove our pension contributions?

    Also, with regard to Howde's suggestion of transferring my wife's teacher pension, how do we go about doing this and how much is it all going to cost? Honestly, tax, pensions and anything with numbers just completely confuses me!

     

     

    UK State Pension

     

    I would suggest that you initially apply for a forecast, this will let you know how many qualifying years you have accrued and therefore what you are entitled to.

     

    Once in receipt of this you may wish to consider topping up missing years if there are any, you will be entitled to the pension based on how many years you have, if you do no0t have the full amount then your entitlement will be pro-rated.

     

    UK Private Pensions

     

    There may be merit in transferring a Teachers Pension to Oz however as it is a final salary scheme you will need to understand the benefits attached to this scheme before you are able to make a decision as it could just as well be better for you left in the UK.

     

    The best recommendation is to seek advice for your own personal situation and from there you will be in a position whereby you will be confident in making a decision.

     

    Happy to assist in this area if you wish, within our advice we also include a retirement plan and advice in relation to the UK State Pension.

     

    Kind regards

     

     

    Andy

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