What to do with your existing UK Pension??..Please Help!!

[Guest Little Miss Sunshine]

Hi,

 

I contacted HR today to ask them what i need to do about my current pension (state) and i have been told that it would not be able to be transferred over to Auz.

I am totally baffled as what to do next?? Pensions are deffinatley not my forte! I have been reading on here about 'Super' and dont understand what this means?

 

A few questions:

1) Can anyone please give me some advice on who i need to talk to about this?

2) When i leave the UK does my pension become frozen or does it just sit with the govmnt waiting for me to claim it later in life?

3) How do pensions work in Auz? Is it same, similar or different to the UK?

4) Do employers have to contribute towards your pension in Auz?

 

Please help!!

 

Thanks

Kat x

[elfie]

Hi Kat

 

You need to phone dwp and ask for a pension forecast it takes about 2 weeks to arrive. If you have a lot of years in it is worth then continuing payments. If you are planning on returning to the UK then you can pay class 2 if you just want to continue for your old age pension then pay class 3. Class 2 enables you to claim jsa and income support on return to the UK but not your old age pension. Hope that helps

love n light

Mary

ps I have just done this and chosen to pay for my old age pension I was 2 years short of the 30 required .. bit of a bugger that eh

[Guest Little Miss Sunshine]

Thanks Mary, i am totally clueless about this! i will contact the DWP and see what they suggest is best for me to do. How confusing are pensions please!!! lol

 

Kat x

[elfie]

Hi Kat

 

A tad confusing good luck be prepared for a wait on the phone thou )

 

love n light

[Guest allagras]

Hi. Depends if u are spekaing about the UK penskion (i.e. from DWp) or if u mean a company pension you are paying into. Either way, a chat with an IFA would be the best plan. You shold find a bunch of them in Yellow Pages or via Google!. Also, if it is a company pension you are currently paying inbto, or have in the past, then there are a number of things you can do (but alas, not one of them involves getting ur money out!!!). You also have to consider the tax implications - as I recall HMRC have dibs on your pension tax liability for upto 5 years one u tell them you are leaving the UK - so watch out for that if u are close to retiring - again, IFA would be able to advise and they should not keep you hanging on the phone as long as HMRC, DWP or CBA!!!

 

Good Luck