3 deferred UK Pensions - any implications to me from the recent change in UK pensions

V

vfillafan

Registered User
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Hi,

I have been living and working in Ireland for the past 13 years and from 2002 to 2009 was employed at the same company which had a company pension plan (euro). Since then I have been employed on temporary contracts so the pension I had is deferred.

Prior to 2002 I worked full-time in the UK from the age of 16 for a period of 26 years apart from a period of 2 years in the early 80's when I was unemployed.

I currently have 3 deferred pension plans from this period of time and 2 of which are small due to me only working at each of the companies for 2 years. The other is a bigger pension which also contains transferred funds from a previous company pension.

As I am now 57 years old I was wondering how these pensions would be paid to me are there any implications to me from the recent change in UK pensions?

Any advice would be greatly appreciated.
 
You can draw them down in the UK or you can transfer them to a policy in Ireland. The plan that the benefits are transferred into have to be approved by the UK Revenue in advance. All insurance companies have such plans, they are known as QROPS approved. They may be a personal pension or a PRSA.

Lots of paperwork involved if you transfer them to Ireland.


Steven
www.bluewaterfp.ie
 
I transferred my UK pensions to Ireland and I only had to complete one form as my pension trustee did all the paperwork for me.

There are many issues to consider here such as currency risk between sterling and the euro and the pension levy that applies in Ireland to pre-retirement benefits but not in the UK to name but two.

The key here is to focus on your likely needs in the years ahead and the relative size of your pension funds to your other assets. You need to form a plan around your likely future income requirements and take specialist advice about all of your options.
 
Thanks for the info...

My wife is due to retire in 4 years time and as I am younger than her by 4 years I will continue to work (hopefully). She has worked full time in Ireland since she was 14 years old until 2003 when she went part time. Is she entitled to a full Irish Pension?
 
Very probably.
1. Quote her prsi number and write to PRSI records Ardaravan Buncrana to see how many years are clocked for her.
2. Quote her prsi number and write to Dept Social Protection College Rd Sligo for contributory pension update.
3. Suggest , do the same for yourself.
Web site State Pensions (contributory) Citizens Information , will give pointers.

You mention Uk pensions, (sorry if I am presumptive) but you will have Uk contributory pension as well?
 
Cheers Gerry....

I will write to Ardaravan Buncrana

How many years does she need for full pension. Am I correct in believing it is 10 years (520 contributions)?

Yes, I was fully employed in the UK from 1973 until 2002 apart from 2 bouts of unemployment in 1982 (23 months) and 2002 (2 months) so I have UK contributions for about 27 years. Since living in Ireland I have worked about 9.5 years.

Do I get contributions for my time on the labour? I was let go in March 2008 after 6.5 years with the company and since then have worked 3 temporary 11 month contracts with 6 month breaks in between..
 
1. After circa 10 years contributions she will get the pension. She has umpteen years so I expct she will get near 100%.
2. Newcastle is the Uk pension place , I am nearly sure that after 20 year you get full uk pension as of right , presently£110 per week.
3. Not sure about your 9.5 years in roi, think you need 10 but there are ways to up it past 10years and I would think your 3@11 months will pull you over the line.
That would then mean you have full UK pension as of right and Part ROI pension as of right.
When you have ALL the info you need to juggle what suits you.
I know there are some changes re claiming re date of birth but from the ages you appear to be you should be ok.

You will I am sure find all the State Pension/Prsi people very helpful.
 
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