Aussiebird Posted December 31, 2017 Share Posted December 31, 2017 Hi everyone, Me and my husband are hopefully going to move back to oz in 4 years time as he wants to wait until he has got 30 years national insurance contributions so he gets a full UK pension to transfer to Australia. Im frustrated at this as its quite a long time to wait and who knows what things will be like in 4 years time anyway! Anyone else got this idea in mind or thinks its not a good idea? Thank you all! Xx Quote Link to comment Share on other sites More sharing options...
Gbye grey sky Posted December 31, 2017 Share Posted December 31, 2017 Not sure what you mean when you say about transferring the UK pension to Australia. You cannot ‘transfer’ the State Pension. It seems a very odd reason to wait 4 years as you can ‘buy’ the additional years. Also the UK State Pension is frozen anyway for pensioners living in Australia so the additional 4 years would be worth very little extra in the scheme of things and would certainly not be sufficient to live on. Quote Link to comment Share on other sites More sharing options...
Celt Down Under Posted December 31, 2017 Share Posted December 31, 2017 If he only has the 30 years of work requirement, and not the 35 years for those born post April 1953, he will get 26/30ths of the full pension on retirement now. Work out how much that is, and see if the gain is worth him selling another 4 years of his life for. Quote Link to comment Share on other sites More sharing options...
NickyNook Posted December 31, 2017 Share Posted December 31, 2017 Seems a bit drastic because you can make voluntary contributions to top up your qualifying years to make them 30 - you certainly don't need to work those years in the UK in order to do so. There's no reason (that I'm aware of) why your husband can't return to Australia immediately and he can pay the 4 years worth of voluntary NI contributions from Australia. The effect on his pension will be exactly the same as if he worked those 4 years in the UK. He does realise that the amount of pension he gets will never rise? Quote Link to comment Share on other sites More sharing options...
Aussiebird Posted December 31, 2017 Author Share Posted December 31, 2017 Apparently a UK state pension can be transferred to Australia for when he retires in the future, so ive been told by many people. He doesnt have a private pension, he pays into his work pension on top of what his employer pays. Oh its all too confusing!! Wouldnt know where to start with him paying voluntary contributions to the UK from Australia, we know the UK pension cannot be touched until he retires in the future. He is also reluctant to leave his parents so im thinking the above is just to delay going. Many thanks! Xx Quote Link to comment Share on other sites More sharing options...
Aussiebird Posted December 31, 2017 Author Share Posted December 31, 2017 NickyNook, thank you for your message. Do you know how the voluntary payments are made to the UK whilst in Australia ? Thanks kindly. Quote Link to comment Share on other sites More sharing options...
NickyNook Posted December 31, 2017 Share Posted December 31, 2017 10 minutes ago, Aussiebird said: NickyNook, thank you for your message. Do you know how the voluntary payments are made to the UK whilst in Australia ? Thanks kindly. All the info on paying voluntary NI contributions is here: https://www.gov.uk/voluntary-national-insurance-contributions Quote Link to comment Share on other sites More sharing options...
Gbye grey sky Posted December 31, 2017 Share Posted December 31, 2017 1 hour ago, Aussiebird said: Apparently a UK state pension can be transferred to Australia for when he retires in the future, so ive been told by many people. He doesnt have a private pension, he pays into his work pension on top of what his employer pays. Oh its all too confusing!! Wouldnt know where to start with him paying voluntary contributions to the UK from Australia, we know the UK pension cannot be touched until he retires in the future. He is also reluctant to leave his parents so im thinking the above is just to delay going. Many thanks! Xx In all honesty the 4 years of NI pension is easily overcome and will make neglible difference to your joint retirement income anyway. If he is reluctant to leave his parents you will have to ask yourself why that will change in the future; if anything that reluctance will grow as they age. Quote Link to comment Share on other sites More sharing options...
Aussiebird Posted December 31, 2017 Author Share Posted December 31, 2017 2 hours ago, NickyNook said: All the info on paying voluntary NI contributions is here: https://www.gov.uk/voluntary-national-insurance-contributions Thank you, i will take a look. Much appreciated. Quote Link to comment Share on other sites More sharing options...
Aussiebird Posted December 31, 2017 Author Share Posted December 31, 2017 1 hour ago, Gbye grey sky said: In all honesty the 4 years of NI pension is easily overcome and will make neglible difference to your joint retirement income anyway. If he is reluctant to leave his parents you will have to ask yourself why that will change in the future; if anything that reluctance will grow as they age. Thank you for your reply. I think what you have said has hit the nail on the head. Quote Link to comment Share on other sites More sharing options...
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