What do you think it will be like for you.......Retirement

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I left the UK straight after Uni.

Whats the actual situation for pension if you never actually worked there (did work before and during uni but paid work experience) ?

i have no interest to move back whatsoever but could actually move my pension overseas potentially i heard?
 
bol-uk said:
Gonna do voluntary or charity work when I retire.
Don't want to sit round waiting to die and want to give back to the country that has looked after me and my family so well.
Obviously also eating drinking and going away with my wife. (not eating my wife)

My neighbours retired about 5 years ago, they do naff all but get up about 10 o'clock and sit in their dressing gowns smoking watching crap on tv - literally waiting to die. What a waste of what could be the best years of your life together.
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Good post.
Given that we are generally living a lot longer these days, retirement could be a long time. I think, it is important to keep yourself busy and approach retirement in a positive way. Charity/voluntary work is a great idea. Maybe taking up a hobby or learning a language to keep the old brain ticking over. I hope at some stage to have Grandkids but there is no guarantee of if/when. Definitely want to get over to GP some time (from Oz).
 
Zatara said:
I left the UK straight after Uni.

Whats the actual situation for pension if you never actually worked there (did work before and during uni but paid work experience) ?

i have no interest to move back whatsoever but could actually move my pension overseas potentially i heard?
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Mate, do you understand how the state pension works?

If you've paid virtually nothing into the system you will get virtually nothing upon retirement, unless you make up the shortfall in your contributions voluntarily.
 
Zatara said:
I left the UK straight after Uni.

Whats the actual situation for pension if you never actually worked there (did work before and during uni but paid work experience) ?

i have no interest to move back whatsoever but could actually move my pension overseas potentially i heard?
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Would you like us to pay that in £ Sterling, $US , or gold bars........
 

Tree13 said:
Mate, do you understand how the state pension works?

If you've paid virtually nothing into the system you will get virtually nothing upon retirement, unless you make up the shortfall in your contributions voluntarily.
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Yes ive been paying voluntarily....

No idea how it works at all though. Just wondering how....and then to move it out of UK.
 
Zatara said:
Yes ive been paying voluntarily....

No idea how it works at all though. Just wondering how....and then to move it out of UK.
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Aha, in that case I beg your pardon. If you genuinely have no intention of returning to the UK, I'd be tempted to stop paying any more in at least until you've discovered if / how you can move it abroad! I guess you'd need to speak to an accountant?
 
Zatara said:
Yes ive been paying voluntarily....

No idea how it works at all though. Just wondering how....and then to move it out of UK.
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Depends on where you are living.

In the EU, for example, you apply for your pension in the country where you are resident at that time (or where you last worked if you never worked in the country where you are now resident). The relevant pension authority then is paid the amount that you are entitled to by any foreign country where you have reached a qualifying contribution and they distribute it to you. You are entitled to a separate state pension (or proportion thereof) from each European country where you have qualified. Obviously it depends when you retire and the ages might be different in the countries, so you would need to talk to them in advance.

If you talk to the NI/HMRC people who deal with Overseas they are extremely helpful but I assume you have done that if you are paying voluntary contributions.
 
atrottel said:
Depends on where you are living.

In the EU, for example, you apply for your pension in the country where you are resident at that time (or where you last worked if you never worked in the country where you are now resident). The relevant pension authority then is paid the amount that you are entitled to by any foreign country where you have reached a qualifying contribution and they distribute it to you. You are entitled to a separate state pension (or proportion thereof) from each European country where you have qualified. Obviously it depends when you retire and the ages might be different in the countries, so you would need to talk to them in advance.

If you talk to the NI/HMRC people who deal with Overseas they are extremely helpful but I assume you have done that if you are paying voluntary contributions.
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Im in Manila at the moment but will be in Singapore again soon i think. I just read that some countries can pass for the UK pension to be sent to an applicants bank account...philippines is one.

I guess id need to wait till i hit retirement age to do so, for my swiss pension i pulled it out and used it as it was just a few grand.

Are there actually any good things about the state pension at all or i may as well invest in something else.
 

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