pension scheme doubt

[ganesh]

i've some question abt uk pension scheme

1) i've been in this country for 3 years, now my new employer wants to
start pension for me, but what will happen after couple of years i
want to go back to my country, will i get the pension money back
fully?

2) after 15 years before my retired age if i leave this country, will
i get pension

3) what else benefit will i get in this scheme

4) what will happen if i'm not in a job about a year or couple of
months

Thanks
Ganesh

 

[Jonathan Bryce]

1) i've been in this country for 3 years, now my new employer wants to
start pension for me, but what will happen after couple of years i
want to go back to my country, will i get the pension money back
fully?

You may be able to transfer it to a pension scheme in your country.
Otherwise, you can wait until you retire and take benefits from it - which
probably won't be much.

2) after 15 years before my retired age if i leave this country, will
i get pension

When you retire.

3) what else benefit will i get in this scheme

Nothing much

4) what will happen if i'm not in a job about a year or couple of
months

Nothing much

 

[DP]

You will not get the full value of the scheme back if you transfer or cash
it in. If you want a pension consider one that is not tied to an employer
and one that does not charge you for changing or stopping your
contributions.

Every few years the pensions company write to you to ensure you are still
eligible to contribute to a UK scheme. If you stop paying UK tax, you will
probably have to stop contributing to your pensions scheme. Make sure the
scheme doesn't penalise you for this. My scheme is making the charge they
would have made if I was making contributions, but they don't actually take
any more contributions after they learnt I was working abroad.

___
www.icesite.com

 

[Rob Graham]

You will not get the full value of the scheme back if you transfer or cash
it in.

If it's stakeholder or equivalent then you *will* get the full value of the
fund. However, you are unlikely to be able to cash it in until at least age
50.

If you want a pension consider one that is not tied to an employer
and one that does not charge you for changing or stopping your
contributions.

Stakeholders don't.

If you stop paying UK tax, you will
probably have to stop contributing to your pensions scheme. Make sure the
scheme doesn't penalise you for this. My scheme is making the charge they
would have made if I was making contributions, but they don't actually take
any more contributions after they learnt I was working abroad.

Sounds like you ought to have a stakeholder or equivalent. Modern schemes
don't generally make such charges.

Rob Graham

 

[Peter Saxton]

i've some question abt uk pension scheme

1) i've been in this country for 3 years, now my new employer wants to
start pension for me, but what will happen after couple of years i
want to go back to my country, will i get the pension money back
fully?

2) after 15 years before my retired age if i leave this country, will
i get pension

3) what else benefit will i get in this scheme

4) what will happen if i'm not in a job about a year or couple of
months

Thanks
Ganesh

You've misunderstood what pension contributions are for!

They are to give pension fund managers a current income.

 

[Ronald Raygun]

You've misunderstood what pension contributions are for!
They are to give pension fund managers a current income.

You old cynic.

 

[Rhoy the Bhoy]

i've some question abt uk pension scheme

1) i've been in this country for 3 years, now my new employer wants to
start pension for me, but what will happen after couple of years i
want to go back to my country, [snip]

Depends on your country to some extent.

 

[Rhoy the Bhoy]

You will not get the full value of the scheme back if you transfer or cash
it in. [snip]

How can he cash it in ?

 

[Peter Saxton]

You old cynic.

I feel I should argue against that but I can't find a very good
argument!

 

[Ronald Raygun]

I feel I should argue against that but I can't find a very good
argument!

Good heavens! If you can't at least claim not to be "old", then
there's not a lot more to be said. All is lost.

Better start contributing to one of those funeral expenses savings
plans before it's too late. Have you made a will?

 

[Peter Saxton]

Good heavens! If you can't at least claim not to be "old", then
there's not a lot more to be said. All is lost.

I dont look that old at least!

Better start contributing to one of those funeral expenses savings
plans before it's too late. Have you made a will?

No will and I'm too cynical to contribute to savings plans!

 

[John Smith]

ROFLOL - was just reading an article in the Mail On Sunday where the Writer
was stating that he started his pension in 1993 and only this month is his
pension 'pot' now actually equal to all the money he has put in. He also
went on to ask why he is being taxed more to pay the pensions of state
workers who will end up with a better pension than him.

Actually, not ROFLOL!

John.

i've some question abt uk pension scheme

1) i've been in this country for 3 years, now my new employer wants to
start pension for me, but what will happen after couple of years i
want to go back to my country, will i get the pension money back
fully?

2) after 15 years before my retired age if i leave this country, will
i get pension

3) what else benefit will i get in this scheme

4) what will happen if i'm not in a job about a year or couple of
months

Thanks
Ganesh

You've misunderstood what pension contributions are for!

They are to give pension fund managers a current income.

 

[John-Smith]

ROFLOL - was just reading an article in the Mail On Sunday where the Writer
was stating that he started his pension in 1993 and only this month is his
pension 'pot' now actually equal to all the money he has put in

That is entirely possible, given the front loaded charges and
depending on what the fund has been invested in...

 

[Tim]

That is entirely possible, given the front loaded charges and
depending on what the fund has been invested in...

Yes, but isn't that "all the money he has put in *plus* the tax relief"??
So really, there's already a 30%-ish return on money paid-in?

 

[John-Smith]

Yes, but isn't that "all the money he has put in *plus* the tax relief"??
So really, there's already a 30%-ish return on money paid-in?

I am no PP specialist but think that would depend on whether the
contribution was made out of gross pay or out of net pay.

I have a SIPP and for every £1000 I send them, the actual amount that
goes into the dealing account is increased by the tax reclaimed.

 

[Ronald Raygun]

Yes, but isn't that "all the money he has put in *plus* the tax relief"??
So really, there's already a 30%-ish return on money paid-in?

You can hardly refer to tax relief as a "return".

I fear that the situation he's describing may actually be worse
than it sounds, namely that the fund, which has after all been fed
by gross contributions ("money put in plus tax relief"), is still
only just equal to the sum total of his *net* contributions.

In other words, it's not the case (as with ordinary investments which
do not enjoy tax relief) that the investment returns to date just
balance the charges to date, which after a decade would be bad enough,
but that charges to date plus investment losses (or minus investment
returns) just balance the tax relief on contributions. After a decade,
that's phenomenally bad.

 

[Tim]

I am no PP specialist but think that would depend on whether the
contribution was made out of gross pay or out of net pay.

Either way around, £1,000 in the pension means a loss of only around
three-quarters of this in disposable income (varying between 75% & 78% over
the years).
[Whether £1,000 was paid gross *or* £750 was paid net plus £250 tax
relief added]

 

[John Smith]

Why are you worried about your State pension and how much you have paid into
it when, if you were a former Soviet citizen, you could now come here and
get a BIGGER pension for not paying any NI contributions than some poor UK
sod who has worked and paid NI all their life!!!

What a stupid country this is! Why do we put up with it!!!

www.thesun.co.uk/article/...81,00.html

John.

i've some question abt uk pension scheme

1) i've been in this country for 3 years, now my new employer wants to
start pension for me, but what will happen after couple of years i
want to go back to my country, [snip]

Depends on your country to some extent.