State pensions

[Undecided!]

We're planning to move to Oz in the autumn next year and one of the issues that's concerning us is how we can ensure that we get some form of state pension. Our situation is a little complicated because my OH (52 yrs) is an Aussie who has been living and working here for the last 20 years paying NI contributions. However he also contributed to the Aussie Superannuation scheme for 7 years before he left Oz. I (42 yrs) am more straightforward in that I've only ever worked here paying NI. What do we do? Do we transfer the UK NI contributions to Oz ? And in my OH's case, can he somehow merge them with his old Super pot - and how would he go about tracking them down?! Also, how easy is it to transfer the UK NI contributions - is this a DIY thing or do we need to get outside help? Also, if we end up leaving our NI pot in the UK, should we continue to make contributions until we reach retirement age to ensure we qualify for a state pension? In Oz we're planning to be self-employed and will therefore not be employed in full-time jobs so we want to be sure we don't end up not paying what we need to pay to qualify for a pension when we retire... Hope this all makes sense?! Thanks for any advice.

[Quoll]

Australia doesnt have a universal age pension - what we do have is means tested and an absolute pittance. There is an increasing pressure for people to contribute heavily to super so that they are self funding in retirement. I think you would be best asking for professional advice because it is a minefield even for those of us who live here and have fairly straightforward retirement planning options. Edited to say, there are several companies which will help you find lost super - one of them is here AUSfund :: Australia's Leading Unclaimed Super Fund I have no idea whether they are the best but they may give you an idea of how to go about it.

[mudhut29]

HI,
We are poms who emigrated to OZ in 1993. We are now 64 and OH 62. My wife reached UK Government pension age at 60 and commenced to draw UK pension from her NI contrributions. Prior to retirement we approached the UK pensions people for an estimate of pension based on our NI contributions. We were advised we could top-up our contributions. With each year contribution adding about 2.2% to the pension. The annual contributions were about GBP365 and added about GBP 120 to annual pension. This means there is a pay back period of about 3.5 years of pension to cover your top contributions. For good info contact :The Centre for non-residents, Room BP1301, Benton Park View, Newcastle upon Tyne. NE98 1ZZ. tel 01912259204. They may take several weeks to reply but the info is good. You cannot xfer your NI contributions to OZ; they can only be used to provide a pension when you reach retirement age. Also once you commence to draw the pension it is fixed. Another bone of contention with the British government!
For your pension left in OZ, contact the ATO ( Australian Tax Office). All super funds are obliged to advise ATO of dormant funds they hold.