UK State Pension (NI)

[lynnepow]

Hi All,

Does any one know whether i can transfer my UK state pension (national insurance) to NZ? I have been paying National Insurance for the last 5 years. Can i get some money back when i move to oversea permanently? OR is there any policy i can benefit?

I am not so sure.

Any suggestions pls?

BTW, i am a non-UK citizen.

[teamplayer2003]

You need to have opted out of your secondary state pension to a private scheme. I used scottish widows in the uk, then transfered the funds back to NZ via Fidelity Life.
Note these funds are protected which means they are locked in until the age of 55. There is a template on the 1st contact web site i used to complete the transaction.

Hope this helps

Tim

[Duncan74]

I'm not sure that the above corresponds to what I uinderstood. Setting aside teh SSP/SERPS bit for a moment as that's a minor component, then as I understand it then you can get the Uk pension paid anywhere, but in NZ then the exact amount you receive is taken off the NZ pension. There's a long thread on this elsewhere where the rights or wrongs are debated.

The SSP/SERPS wouldn't be deducted from the NZ state pension if it's in the private fund, but may be if in the state bit. However, 5 years of contributions to either are going to be pennies a month either way.

[baboonworld]

I worked in the UK for 12 years and believe that I can't bring anything of the govt pension to nz, but might get a part pension when I am 65 from uk??

[Duncan74]

Seeke advice, but my reading on here and the very good uk pensions and NZ pensions official websites is that your UK pension would be a %age of the full UK pension (I think about a quarter), and that that would be paid to you in NZ, but assuming that a quarter of the uk pension is less than the NZ pension, your NZ pension would be reduced so that you in effect simply get a full NZ state pension. So your combined NZ and UK pensions equate the same to someone that has been 100% in the NZ system. That's as it stands now, who knows what the rules will be by the time you (or I) retire.

[baboonworld]

Thanks Duncan. I should have added that I am a kiwi - worked in NZ until 22 then in uk 12 years, back working in nz (currently 38)

So I presume then that regardless I will just get nz pension (if it still exists then) and the uk part won't make any difference

Once upon a time I thought you could get your national I surname co tribulations back if u left the uk (as a kiwi)