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UK state pension

Posted: Sun Nov 27, 2022 10:08am
42 replies1446 views9 members subscribed
Chicojohn1

Posts: 128

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Location: Los Alcázares

Joined: 5 Oct 2021

My wife starts to get her UK pension next February ,can any UK retirees confirm if you get the yearly increases living full time in spain

Lyn33

Posted: Sun Nov 27, 2022 11:07am

Posts: 18

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Joined: 9 May 2021

Posted: Sun Nov 27, 2022 11:07am

Yes your state pension increases with each rise as if you were still in the uk.  I have mine transferred directly to my spanish bank every 4 weeks , it saves alot of messing about. 

Ginger

Posted: Sun Nov 27, 2022 11:19am

Ginger

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Posts: 621

264 helpful points

Location: Fuente Álamo

Joined: 21 May 2018

Posted: Sun Nov 27, 2022 11:19am

Chicojohn1 wrote on Sun Nov 27, 2022 10:08am:

My wife starts to get her UK pension next February ,can any UK retirees confirm if you get the yearly increases living full time in spain

Yes, but periodically it is reported the increases are going to stop, even been rumours pensions will stop for people living overseas. We just take it one step at a time, we have our pensions and annual increases. Don’t place too much reliance on the increase, sometimes it has been less than £1 per week. The pension is also reliant on exchange rates, which can vary and makes budgeting hard.

Lyn33

Posted: Sun Nov 27, 2022 11:50am

Posts: 18

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Joined: 9 May 2021

Posted: Sun Nov 27, 2022 11:50am

Well if the pension rises alter there will be one massive increase in people packing up and going back,  that will increase the population even more! 

Chicojohn1

Posted: Sun Nov 27, 2022 1:50pm

Chicojohn1

Original Poster

Posts: 128

20 helpful points

Location: Los Alcázares

Joined: 5 Oct 2021

Posted: Sun Nov 27, 2022 1:50pm

Thanks for replies my wife one of the unlucky ones had to wait from 60 to 66 hopefully next year pensions are ok and keep rising 

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Mike211

Posted: Sun Nov 27, 2022 2:41pm

Posts: 51

29 helpful points

Location: Roda

Joined: 28 Feb 2021

Posted: Sun Nov 27, 2022 2:41pm

Ginger wrote on Sun Nov 27, 2022 11:19am:

Yes, but periodically it is reported the increases are going to stop, even been rumours pensions will stop for people living overseas. We just take it one step at a time, we have our pensions and annual increases. Don’t place too much reliance on the increase, sometimes it has been less than £...

...1 per week. The pension is also reliant on exchange rates, which can vary and makes budgeting hard.

Full state pension will go up from £185 to £203 per week next April.

Many if us were contracted out before 2016 therefore as new pensioners may not be entitled to a full pension.

Buying back a year at a full cost of about £800 increases the pension by over £5 per week, a good investment.

All easy to find out about via the gov.uk website, paying the money is a bit more difficult as phone calls are involved.

In certain circumstances deferring the claim for your pension may be a good idea. 5 weeks deferral equals a 1% rise in pension payments. If you're liable to 40% tax in the UK deferring to after the end of the tax year may be beneficial.

PeterC

Posted: Sun Nov 27, 2022 3:33pm

PeterC

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Posts: 2241

1455 helpful points

Location: Los Alcázares

Joined: 10 Nov 2016

Posted: Sun Nov 27, 2022 3:33pm

There is now talk of raising the pension age to 68...

As for people fleeing back to the UK if increases are stopped you have to allow for the much worse inflation in the UK compared to Spain?

Best thing is just ignore it all - it has been worse than this before, and could be bad again if Labour are voted in.

JamesP

Posted: Sun Nov 27, 2022 10:10pm

Posts: 29

25 helpful points

Location: Camposol

Joined: 27 Nov 2022

Posted: Sun Nov 27, 2022 10:10pm

My wife and I got letters a very long time ago....... Raising both our retirement ages to 67. To put this in perspective that's a combined nine years lost compared to our parents.....about £80,000 less than they got when inflation is factored in.

Now some nice people voted us out of the EU and our future retirement plans are in tatters, despite already having a property in Spain. Can anyone point at anything good that has come about since Brexit? They were so adamant it would be great for everyone.....even one thing .....anybody?

Mike211

Posted: Sun Nov 27, 2022 11:07pm

Posts: 51

29 helpful points

Location: Roda

Joined: 28 Feb 2021

Posted: Sun Nov 27, 2022 11:07pm

JamesP wrote on Sun Nov 27, 2022 10:10pm:

My wife and I got letters a very long time ago....... Raising both our retirement ages to 67. To put this in perspective that's a combined nine years lost compared to our parents.....about £80,000 less than they got when inflation is factored in.

Now some nice people voted us out of the EU and our future retirement plans are in tatters, despite already having a property in Spain. Can anyone point at anything good that has come about since Brexit? They were so adamant it would be great for everyone.....even one thing .....anybody?...

...

State Pension rules change has nothing to do with Brexit.

The changes were made in 2016 which are gradually increases the state retirement age. Women are aligned with men due to the Equalities Act 2010 on the basis of gender and age discrimination.

The UK was in serious financial difficulties due to the Blair / Brown policies of open borders and the financial crisis of 2007/8 which is still biting with a 10 million population increase in recent years along with cheap money and massive increases in house prices.

Meanwhile expats complain about the UK and blame Brexit.  

JamesP

Posted: Mon Nov 28, 2022 1:40am

Posts: 29

25 helpful points

Location: Camposol

Joined: 27 Nov 2022

Posted: Mon Nov 28, 2022 1:40am

Mike211 wrote on Sun Nov 27, 2022 11:07pm:

State Pension rules change has nothing to do with Brexit.

The changes were made in 2016 which are gradually increases the state retirement age. Women are aligned with men due to the Equalities Act 2010 on the basis of gender and age discrimination.

The UK was in serious financial difficulties due to the Blair / Brown policies of open borders and the financial crisis of 2007/8 which is still biting with a 10 million population increase in recent years along with cheap money and massive increases in house prices.

Meanwhile expats complain about the UK and blame Brexit.  

My wife and I got the letters raising our state pension age 65 to 67 and 60 to 67 around 1996. Obviously well before Brexit.

When the UK was part of the EC, before Brexit, people retiring or retired in an EU country did not have to worry that their pensions COULD be frozen. It simply was not an issue if you retired to an EU country. 

The very fact that the UK is the worst economic performing major European economy is Brexit related. It made the current downturn much worse.

I don't complain about the UK and blame Brexit as you state. I am more than willing to listen to any person who can show Brexit was worthwhile, for anyone. Frankly I can't see a single tangible area improved by our leaving the EU. It amazed me how many people voted for it, even some expats!

Honestly, I'm not trying to be inflammatory. I appreciate how much an emotive issue Brexit became. I simply would like a supporter of Brexit to outline the positives, the actual quantitative positives their win brought them.

I can list what we lost after Brexit quite easily. I can't see a single gain.

Just to be clear, this issue, that of annual pension increases, as per the original poster, is indeed very very Brexit related. The increase was once set in stone as part and parcel of our then EU membership. Now its up in the air, yet another kick in the teeth to the UK population irrespective of how they voted.

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