Our second tip for when you are planning to move overseas is to plan early with your UK state pension. Our points to note are as follows:
State Pension Forecast and Shortfalls
This will help you work out if you need to make voluntary national insurance contributions whilst overseas.
Social Security Treaties
This will help you work out if it is worthwhile making voluntary national insurance contributions in the UK whilst overseas or whether you should save additional monies into local state pensions or private pension schemes if you are not going to get cost-of-living increases.
Transferring Social Security Credits Overseas
For social security treaty countries, it used to be common for the UK and their social security partner countries to work out whether you were better off transferring your UK credits to your overseas social security credits (and vice versa) to get the highest state pension benefits or to keep them separate. Recent experience has shown that in most cases now, the Department for Work and Pensions (DWP) and their equivalents overseas are opting to keep their relevant state pension benefits separate.
The DWP can usually make state pension payments direct to you overseas bank account.
Find out about our Leaving the UK Service: Leaving UK
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