# Are you already in receipt of a UK State Pension?



## Marc (24 Oct 2015)

If so changes just introduced mean that it is possible for you to boost your existing pension in payment by up to £25 per week AND benefit from a 50% spouse or partner's pension.

The window of opportunity lasts for the next 18 months 

The costs are linked to your age now and equate to an equivalent annuity rate of around 6%pa

The benefits depend on personal circumstances including your  tax status, marital status, age of spouse or partner, your state of health, health of spouse or partner etc 

This subject was covered in the FT recently (http://www.ft.com/intl/cms/s/0/314a724c-732f-11e5-a129-3fcc4f641d98.html#axzz3pT2ETgaD)

From a UK perspective, where there are often alternatives available such as ISAs the thrust of the argument is very sound.

However, here in Ireland, with limited alternatives available, some retired people who have an entitlement to a small UK State Pension and have little or no liability to Irish tax could find that this deserves further consideration.

Jill Kerby is covering this subject on her talking money slot on RTE so make sure that you tune in to listen.


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## monagt (24 Oct 2015)

With the rise in Euro v Sterling can private pensions be moved from UK to Republic if the company has handed them over to a Private Pension Corporation?


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## Marc (24 Oct 2015)

I think the question you are asking relates to Qualifying Overseas Pension Schemes (QROPS)

Earlier this year, HM Revenue and Customs launched a crackdown on overseas schemes where people wanted to move their pension abroad.

The Republic of Ireland saw the number of schemes available reduce from 797 to just 56. Switzerland and Australia have both reduced to just one scheme being permitted. Spain has reduced from 16 to two schemes, and South Africa has dropped from 29 schemes to seven.

If you transfer your pension to a non-qualifying scheme you will face a 55% tax charge.

The change is as a direct result of “pensions freedom” in the UK. Under the new rules, which allow pension investors to take their whole pension pot as cash, pension schemes must prohibit members from accessing their savings before the age of 55, unless the member is retiring early due to ill health.

Many overseas schemes allow under-55s to take some of their funds early in some circumstances. They are unlikely to change their rules to accommodate the UK requirements because this would disadvantage their local members and therefore many schemes which previously allowed transfers in are now restricted.


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## cremeegg (26 Oct 2015)

Marc,

I have been slagging you off on another thread, I will get back to that when I get a chance, ,  but thank you very much for drawing attention to this.


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## suzie (26 Oct 2015)

Anybody able to shed more light on the subject, that ft link is subscription protected and I cant find the discussion by Jill Kerby online?

Thanks
S.


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## moneybox (27 Oct 2015)

suzie said:


> Anybody able to shed more light on the subject, that ft link is subscription protected and I cant find the discussion by Jill Kerby online?
> 
> Thanks
> S.


 
For more info have a read through this article. 

Deferral of the state pension is probably a cheaper option but HMRC won't advertise this as such but they are pushing the top up incentive, more money in the coffers for them.
http://www.telegraph.co.uk/finance/...you-buy-extra-25-a-week-in-state-pension.html


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## Marc (27 Oct 2015)

http://www.rte.ie/radio1/drivetime/

Show on Monday 26th Oct

It's 20 mins from the end

https://t.co/PlUThlzh5M

Deferral of the State Pension is a better investment return if you don't need the income.

The focus of Jill's piece was on under-provided pensioners who are already retired and in receipt of a small UK pension.


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