UK pension

Posted in: Forums > Living in Chengdu • 9 posts • NewestRSS

  • scottchu
    September 28, 2010
    4 posts

    Hi, All

    Guess there are UK expats here and would like to ask an question about the uk pension. I worked in UK for many years and now transfer back to ChengDu. But my pension is still in UK and I dont know how to transfer back to China. Somebody told me that it only allow to transfer to Hongkong as there isnt a chinese pension is qualified. Anybody had this problem before and how did you solve this?

    Many thanks

    Scott

  • Dragon Expeditions
    October 1, 2010
    171 posts

    If you're talking about a private pension/opted out s2p I have no idea. Your current insurance company might possibly be able to offer advice although it'll presumably be in their interest to reply along the lines of 'keep paying us'.

    If you're talking about the basic state pension in the UK which — depending on how you were employed in the UK — you'll probably have paid national insurance contributions towards, then quite a few British expats, particularly those who left closer to retiring age make voluntary national insurance payments from abroad so that they've paid for long enough to still be eligible for the UK state pension when they reach retirement age (even though they continue to live overseas). If you worked in the UK for long enough this might also be worth it for you. There are more details at:

    http://www.hmrc.gov.uk/cnr/osc.htm

    http://www.direct.gov.uk/en/Pensionsandretirementplanning/StatePension/StatePensionforecast/DG_10014008

    There are also rules about national insurance contributions paid in the UK contributing to benefits including national pension entitlement in other countries (and vice versa), but I doubt that China has any reciprocal arrangement with the UK for this.

    -Matt

  • scottchu
    October 2, 2010
    4 posts

    Thanks for the detailed reply Matt. My pension is an private pension and think they only allow to transfer to something called QROPS. I noticed that there are a few in Hongkong which I may be able to use. And thank you for your advice.

    Scott

  • SecretSquirrel
    October 14, 2010
    7 posts

    Hi Scott, I was recommended by a friend to David - 13558724701 at Bluestar Investments in Chengdu. He talked through my options and it all became clearer. Regards, Peter

  • clayuk
    February 7, 2011
    120 posts

    I'm currently in England try to sort out my pension. Currently you only have to pay 30 years of NI contributions to get your state pension. Which can be payed to you via your bank. You currently have to pay £12 a week via DD. You need to fill out the following form NI38

    http://www.hmrc.gov.uk/cnr/osc.htm

  • SecretSquirrel
    February 8, 2011
    7 posts

    Dear Clay,

    The UK State Pension is a very BASIC pension which will provide a minimum income in retirement, from the State Retirement Age which is likely to move to age 67! .....or older.

    I think you need some advice if you intend to build some REAL money for the future, and you are living abroad again.

    For £12 a week, what pension are you expecting? Because the money isn't actually invested for you....... it's a smoke screen......

  • clayuk
    February 9, 2011
    120 posts

    Hi Peter

    I was just adding some advice in case people want to still contribute to the state pension. I have some private pensions.

  • SecretSquirrel
    February 11, 2011
    7 posts

    Hi ClayUK, If you live abroad again, you can move your UK pensions (under QROPS) to an offshore account with numberous benefits, as I was advised above.

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