September, 20, 2016

No State Pension!

No State Pension!

A recent change in UK pension rules could mean that some people receive no State Pension when they retire.

The little known amendment means that those with less than 10 years of NI contributions get nothing. This will affect women who work for less than 10 years before having children and those that move abroad to work.

Before the change in April a full pension was provided after a 35 year contribution record and all contributors with over 1 year qualified.

Brexit could make this change even more concerning for anyone working abroad as under present rules those in the European Economic Area (EEA), US etc can count those years towards their 10 year requirement. But this is unlikely to continue when Britain leaves the EU!

It is expected that 20% of Expats will have less than the minimum 10 years NI to qualify for a UK State pension, saving HMRC £650million a year.

To find out how you are affected by this rule change and the other major changes to UK pensions contact us.




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