The UK state pension income is able to be claimed by anyone who has a minimum of 10 years of National Insurance contributions and has reached the state pension age. This also applies to anyone who has retired abroad, but there are some changes that may affect this.
To claim the state pension abroad, you must be within 4 months of reaching the state pension age and also have between 10-35 years’ worth of National Insurance contributions before you can apply.
In order to claim the pension, you must contact the International Pension Centre (IPC) and complete an International Claim form.
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Drawdown is one of the key buzzwords used in the financial industry, whether that’s relating to pensions or equity release. Since Pension Freedoms, introduced in 2015, Pension Drawdown has become a popular choice for people when looking to take an income from their pension.
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If you are counting down the days, weeks, months and years until your retirement day, you may want to reconsider taking early retirement. Working into your 70’s can bring many benefits to you personally. Mental and potentially physical happiness, as well as extra income you can invest in your pension.
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For most people in their 40s, retirement seems a distant dream, but you may have started to think about your pensions and how much money they have built up.
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If you have had a number of different jobs during the course of your working life it is quite probable that you will have acquired a range of smaller personal pension funds. For several reasons, it may be a good idea to merge them into one fund (this is called Pension Consolidation) so that you can keep track of your pension funds and plan for your retirement with greater clarity. If all your pension money is in one fund you will be able to see immediately what your personal pension is worth and to manage your fund to suit your purposes, even while you continue to contribute to the total.
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