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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The recent coronavirus epidemic has many people wondering how it will impact their final salary (also known as Defined Benefit) pension. Provided your former/current employer manages to stay in business – your pension should be safe*, which is great news.
Public sector schemes, such as those for teachers, nurses or civil servants are also protected because most are funded by taxation. Because of this, they remain unaffected by movements in the stock market or companies going bust.
On the other hand, if you work in the private sector then your Final Salary pension is backed by a fund purposely allocated to pay your pension, along with your colleagues. That fund is controlled by a group of trustees who make decisions such as how best to invest it, along with how it should be managed.
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You might have arranged a loan, set up a mortgage, or even set up your own business without any help from a financial adviser. It’s tempting to take that approach to pensions – after all, retirement planning is a personal decision. However, for many people, using the services of a pension adviser can be not only helpful in a pension transfer, but also save money.
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Once you approach retirement age, a key decision to make is how to make use of your pension income drawdown. However, your current pension provider may not be offering you the best drawdown deal – and this could be costing you money. Here are three key questions to consider, to help you decide whether your current pension provider is best for you.
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Getting a new job is great news but comes with its share of challenges. It may involve a new role, a different commute, or even a total relocation. On top of this, there are also things to organise with your old workplace, like a handover meeting. But have you thought about what’s going to happen to your old workplace personal pension? Amongst all the excitement of changing jobs, it’s important not to lose track of your old workplace pension. Here are three areas you should check:
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