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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As the new tax year approaches, now is a perfect time to think about making your finances work for you, especially when it comes to planning your retirement. The concept of the financial year isn’t just limited to accountants or financial advisers. It affects us all, as savings such as ISAs and personal pensions have limits on how much you can invest per year. Other deadlines also depend on this calendar – which is why this is the busiest time of year, as many tax breaks cannot be carried forward to future years.
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Retirement planning is a complex process. As your retirement date draws nearer, it’s sensible to think about some key issues that will help get you off to the best possible start for the next stage in your life. Follow our simple tips below to give yourself peace of mind and, the best possible opportunity to make your pension plan work for you.
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After years of hard work and paying in, a comfortable retirement is probably the light at the end of the tunnel.
40% of over-55s, however, are worried that their money will run out. (1)
Moneywise.co.uk – April 2018
It’s worth taking some time to make some retirement decisions and figure out how much you are going to need – and if you’re on track to build up the pension fund needed to provide this.
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In yet another sign that retirement is becoming an increasingly fluid concept, figures from the Office for National Statistics show that the number of women working past the age of 70 has doubled in the last four years.
The abolition of the compulsory retirement age in 2011 has meant that many more workers, men and women, are choosing to work on past their normal retirement date. For some, it’s the desire to keep physically and mentally active into their later years, for others the freedom to work for longer provides a welcome boost to their retirement income. With increased life expectancy, many more people are set to live active lives well into their eighties.
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