UK State Penion

The UK State Pension is part of the Government’s pension arrangements. Anyone can make a claim, provided they have a minimum number of qualifying years of contributions. Benefits vary depending on the age of the individual and their contribution record.

Can I receive my state pension if I live abroad?

Yes, you can. Wherever you live in the world, you will be able to receive your state pension. The annual increases will only incur though if you live in the European Economic Area (EEA), Gibraltar, Switzerland or any country which has a social security agreement with the UK.

Can I make contributions if I’m overseas?

You may be able to build up a UK state pension if you live in the European Economic Area (EEA), Gibraltar, Switzerland or any country which has a social security agreement with the UK. You would also be entitled to pay into your local state pension in the country where you reside, so paying into a UK state pension may not be your best option.

How do I know what I will receive from my state pension?

This depends on how many years of national insurance contributions you have made. To be entitled to anything at all you need to have contributed to 10 years’ worth of national insurance (NI) contributions. To receive a full state pension you will need 35 years’ worth. A full state pension is currently worth £8,546.20 per annum.

State Retirement Age

This will differ depending on the year you were born. From 2019, the State Pension age increased for both men and women to reach 66 by October 2020. The Government is planning further increases, which will raise the State Pension age from 66 to 67 between 2026 and 2028.

Annual Increases

State pensions increase each year based on the measurement of Consumer Prices Index (CPI) Inflation or 3%, whichever is the highest. This has gone up from 2.5%, a very good increase for pensioners.

Overseas

Pensioners living overseas will only benefit from increases if they live in the European Economic Area (EEA), Gibraltar, Switzerland or any country which has a social security agreement with the UK. Otherwise, there will be no increases whatsoever.

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