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Retiring Abroad? Your State Pension could be affected

The UK state pension income is able to be claimed by anyone who has a minimum of 10 years of National Insurance contributions and has reached the state pension age. This also applies to anyone who has retired abroad, but there are some changes that may affect this.

To claim the state pension abroad, you must be within 4 months of reaching the state pension age and also have between 10-35 years’ worth of National Insurance contributions before you can apply.

In order to claim the pension, you must contact the International Pension Centre (IPC) and complete an International Claim form.

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Pensions in income drawdown fear running out of money

Will my Final Salary pension be affected by COVID-19?

The recent coronavirus epidemic has many people wondering how it will impact their final salary (also known as Defined Benefit) pension. Provided your former/current employer manages to stay in business – your pension should be safe*, which is great news.

Public sector schemes, such as those for teachers, nurses or civil servants are also protected because most are funded by taxation. Because of this, they remain unaffected by movements in the stock market or companies going bust.

On the other hand, if you work in the private sector then your Final Salary pension is backed by a fund purposely allocated to pay your pension, along with your colleagues. That fund is controlled by a group of trustees who make decisions such as how best to invest it, along with how it should be managed.

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Saving More In Retirement

Making the most of your time and retirement funds

Analysis of HMRC data* highlighted the fact that pensioners are continuing to save for their future and to increase their retirement funds in later life. The latest HMRC statistics reveal that the average value of an ISA held by someone aged over 65 now stands at £47,000. This an increase of £4,500 compared to the previous year. The extra money is being used alongside their personal pension when extra expenses come around.

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Financial Adviser Speaking About Drawdown To An Elder Gentlemen

Pension Transfers – Your frequently asked questions.

When considering a pension transfer, there may be a thousand questions running through your mind that you want to ask a pension advisor. As experts in pension transfers, we manage and transfer pensions daily for hundreds of clients. With our Pension Transfer Gold Standard award by the Personal Finance Society, we are ideally placed to answer any queries or concerns.

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