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Scottish Mernymph

Pension quandry

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Waaaaaaaaaaaaaaaaaaaaaaaaay on back(89) when I was a young whippersnapper I was contracted out of SERPS into Co-op by some smarmy snakeoil type. I'm in the process of tracking the policy down, it's now with Royal London.

The question/s is/are

Can I access this, I know it wont be much, once found?

I'm a sole trader & need to make a decision on whether to pay up NI on what I earned last year to protect my state pension here or try to transfer it when I settle over in the States.

Nobody seems to have the advice I need, finiancial advisors turn me away as I'm a smallfry & not worth their time.

Anyone here know what I should do or where I can turn to for assistance please? Cheers

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I contracted out of SERPS (before you) because my employer (Co-op) started a private pension which I contributed to for decades. The Co-Op still holds my pension.  We didn't get a choice because my employer contracted out. I also worked the last few years at another employer with a private pension which I will collect. I still have a state pension as well to collect.

 

There's a Wikipedia article about SERPS that might help.

 

I don't think I fully understand your question about transfer and collecting.

 

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If you are thinking about QROPS it is a no go.


“If you know the enemy and know yourself, you need not fear the result of a hundred battles. If you know yourself but not the enemy, for every victory gained you will also suffer a defeat. If you know neither the enemy nor yourself, you will succumb in every battle.”

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Sheeesh I have no clue about any of this stuff, I have no idea about pensions full stop, nevermind how changing countries might affect things....any basic help/understanding anyone can give me would be appreciated.

I can tell you all about other stuff, I can teach Tai Chi Chuan & Qigong, I'm good with swords, I can also coach roller skating....unfortunately none of that's very useful when it comes to pensions lol

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29 minutes ago, Scottish Mernymph said:

Sheeesh I have no clue about any of this stuff, I have no idea about pensions full stop, nevermind how changing countries might affect things....any basic help/understanding anyone can give me would be appreciated.

I can tell you all about other stuff, I can teach Tai Chi Chuan & Qigong, I'm good with swords, I can also coach roller skating....unfortunately none of that's very useful when it comes to pensions lol

When you get to the right age, you collect your pensions even if they are in the UK. The max state pension, which you have paid in to (NI), is achieved with 30 years paid in and they raised that to 35 yrs now I think for younger folks. You get a smaller amount if you have less than 30 years in. You have that regardless of SERPS which was an extra supplement. 

 

What you collect in State Pension would reduce what Social Security in the US would pay you. They consider that double dipping from a government retirement system. So let's say you were due a Social Security check from working in the US of $2000 per month.  And your UK State pension was about £650 per month. Your Social Security check will be less by £650 (converted to $$). If you are close to being fully paid into State pension, you can make voluntary contrbutions until you get to the max years required. If you're a young person, you might do better with a long career ahead of you under Social Security and forget the six years under NI. 

 

UK State pension concept is everybody gets the exact same amount (Those fully paid in). There's a handful of exceptions, but that's the general plan.

Social Security concept is higher earners paid in more so get more in retirement than the part-time barista at Starbucks.

 

Private pensions do not affect Social Security retirement funds. They are taxable in the US as income. You do not have to pay UK taxes on the same private pension. You pay the country where you live.

 

And that's about all I have figured out so far, which isn't a lot. Will let you know in a few years when I am eligible to get my pensions. 

 

UK government reference to read https://www.gov.uk/new-state-pension/what-youll-get

 

 

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