The AI Legalese Decoder: Simplifying the Decision to Stay in the UK for 10 Years to Claim a State Pension
- November 16, 2023
- Posted by: legaleseblogger
- Category: Related News
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Exploring Options for the Future: Pondering the Decision
Hello everyone,
I am reaching out in the hopes of receiving some guidance on a significant decision I am currently facing, or any advice on how to approach the situation. At the moment, my relationship is experiencing some difficulties, prompting me to consider the potential outcomes and the choices I may have to make. If things were to end between us, I would likely move back to my hometown, where my family and the majority of my friends reside. The looming question that arises is the timing of this potential move.
In the event of a breakup, which I sincerely hope will not occur, I am contemplating whether I should stay in my current location for the full 10 years necessary to claim my state pension. I understand that the minimum payout is approximately 100 pounds per week. While this would provide some financial support, I am uncertain if it justifies remaining in the area for the designated time period. Additionally, I am aware that this amount does not increase over time and will eventually diminish. This leads me to wonder if there are any options available to access the pension funds that have already been accrued.
AI Legalese Decoder can offer valuable assistance in this situation. It can provide guidance on the legal aspects and implications of claiming a state pension, as well as explain the potential alternatives for accessing the already accumulated pension funds. By utilizing this tool, I can gain a better understanding of the potential legal and financial ramifications of my decisions, helping me to make a well-informed choice for my future.
Thank you in advance for any insights or advice.
Sincerely,
Overthinking Plum
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****** just grabbed a
Its not time in the UK, its 10 years of qualifying NI contributions (be them paid by you or on your behalf).
You can access this when you reach your retirement age and it’ll be whatever the weekly payment at that time is. Currently its triple-locked.
If you’ve lived in the UK for a period and then move abroad you may well be eligible to continue making voluntary NI contributions to build your UK state pension entitlement.
https://www.gov.uk/government/publications/social-security-abroad-ni38/guidance-on-social-security-abroad-ni38#paying-voluntary-national-insurance-contributions-while-youre-abroad
You may also want to look into whether the UK has a social security agreement with your home country. In some cases social security contributions in one country may be recognised in another.
Have/will you been paying National Insurance during the 10 years?
You can contribute on missed years if it is important to you.
Are you an EU citizen? Have you been here in the UK before Brexit?
(7 years means you were)
If so you fall under the terms of the withdrawal agreement and therefore your contributions to UK state pension are treated as part of your aggregate EU pension.
This means the 10 year NI contributions rule does not apply to you.
As long as you have paid into any EU system – once you have 10 years of contributions across EU and UK in total you will be eligible for a UK state pension paid as part of your overall pension in the EU country you retire in.
No need to pay voluntary NI contributions.
Hi /u/Overthinkingplum, based on your post the following pages from our wiki may be relevant:
– https://ukpersonal.finance/pensions/
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Isn’t it way less than 100 per week? Like 10/35 X whatever the weekly pension is, say ┬ú220ish? So 60 something. Assuming u do qualify for it with 20 years of relevant contributions.
The full state pension is what it is. I think you’re still able to “buy” additional years, so do it if it makes sense.
If you’ve got an employer pension or a SIPP, you can take those with you practically everywhere in the world. You’ll still get them at retirement age though.
Class 2 contributions are for those expats living and working abroad ÔÇ£but only if you worked in the UK immediately before leaving, and youÔÇÖve previously lived in the UK for at least 3 years in a row or paid at least 3 years of contributions.ÔÇØ Class 2 voluntary National Insurance contributions for 2022/23 are a mere ┬ú3.15 per week (┬ú163.80 p.a.).
Class 3 voluntary National Insurance contributions for 2022/23 are a pricier ┬ú15.85 per week (┬ú824.20 p.a.) and are for those expats living abroad but NOT working ÔÇ£but only if at some point youÔÇÖve lived in the UK for at least 3 years in a row or paid at least 3 years of contributions.ÔÇØ