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UK pension transfer.


Aussiebird

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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?:err:

Thank you all! Xx

 

 

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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.

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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? 

 

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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

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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.

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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.

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