Transferring State Pensions Contributions To Another Country
Discussion
I moved to Norway last year and have recently just completed my first year here. The plan is to stay here indefinitely and take permanent residence. I keep seeing a lot of internet targeted ads about transferring my state pension contributions abroad but I only ever see it as companies advertising to sort it all for my an cannot find any solid advice on what I need to do to get this done. I'm 31 and I've worked since 14 so I've always played in and learnt a decent wage especially the last 9 years living in London.
Has anyone else done this and what did you do or how did you sort it?
Has anyone else done this and what did you do or how did you sort it?
The problem is our state pension doesn't have a fund so there is no cash /fund to transfer out. It is simply a promise to pay once you reach that point.
So I believe you will have to wait until it comes to the point your due state pension which who knows what age it will be by then over transferring it to Norway state pension or to a personal pension pot.
So I believe you will have to wait until it comes to the point your due state pension which who knows what age it will be by then over transferring it to Norway state pension or to a personal pension pot.
You can keep contributing voluntarily to the UK pension system for the required number of years so that you get a UK pension when you reach UK pensionable age.
As you are now working in Norway, you will now, I presume, be contributing into the Norwegian system anyway.
Norway is not part of the EU so don't assume all of the EU rights that are around for inter EU movement.
As you are now working in Norway, you will now, I presume, be contributing into the Norwegian system anyway.
Norway is not part of the EU so don't assume all of the EU rights that are around for inter EU movement.
That is what I have also heard. If you are a UK ex-pat living abroad, once you start receiving the UK state pension, that is the level it will stay at as along as you stay living abroad - even though each year those living in the UK and receiving the state pension receive annual increases.
You need to be aware of all these things when making the decision to permanently move from the UK.
You need to be aware of all these things when making the decision to permanently move from the UK.
The "frozen pension" scandal only affects some commonwealth countries.
The main ones affected are Canada, Australia, New Zealand and South Africa.
UK state pension is based on NI contributions - but in the above places is frozen at the pound rate from when it is first claimed.
Bizarrely it can be claimed at the full current rate if you visit the UK (and write in advance).
It's disgusting.
Having lived in NZ for over ten years I will be entitled to the full state pension here, I have to hand over my entitlement to the frozen UK amount I built up.
The OP needs to check on the rules in Norway.
The main ones affected are Canada, Australia, New Zealand and South Africa.
UK state pension is based on NI contributions - but in the above places is frozen at the pound rate from when it is first claimed.
Bizarrely it can be claimed at the full current rate if you visit the UK (and write in advance).
It's disgusting.
Having lived in NZ for over ten years I will be entitled to the full state pension here, I have to hand over my entitlement to the frozen UK amount I built up.
The OP needs to check on the rules in Norway.
Gassing Station | Finance | Top of Page | What's New | My Stuff