Attention! UK citizens working overseas

by Alexander Beard, on Jan 31, 2019 7:01:27 AM

The UK state pension rules recently changed and for those who reach state pension age after April 2016, you may not be aware that;

  • You need 35 years national Insurance contribution history to be eligible for the new full state pension.
  • You require a minimum of 10 years contributions to receive any benefits, but these don’t have to be 10 years in a row.
  • The 2019 full new single tier state pension will be £168.60 weekly.
  • You could receive a percentage of the full amount if you have under 35 years.
  • You can claim your benefits at retirement age even if you live outside the UK.
  • You can make voluntary contributions whilst working out of the UK Class 2 - but only if you worked in the UK immediately before leaving, and you’ve previously lived in the UK for 3 years in a row and paid 3 years of contributions.
  • Class 2 voluntary contribution costs only £2.95 weekly.

The links below will update you with the changes and requirements.

https://www.gov.uk/government/publications/social-security-abroad-ni38

https://www.gov.uk/voluntary-national-insurance-contributions/who-can-pay-voluntary-contributions

https://www.gov.uk/new-state-pension

https://www.gov.uk/state-pension-if-you-retire-abroad

If you have any questions, please contact lesley.stevens@abg.net

Topics:Alexander BeardPensionsRetirementUK