Is it possible for a bit of info on pensions.
1. My hubby has lived here in germany for 28 years, and would get a pension later, and can this be transfered to the U.K .
2. Is there any problems that he is likely to come across that we should be ready for.
Reason Im asking, we hope to move over to the UK in about 2 - 3 years time.
And my personal question is, what is the earliest can someone take retirment in Germany?
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Transferring a pension from Germany to the UK
Anyone done this? Any advice?
@Suzi-bb,
It is not really something that someone here can answer especially since you have not really furnished us with a great deal of information. i.e.
What is your husband German pension: Ocuppational or State. What are you looking to do - i.e. cash it in to transfer it to a Sterling Pension?
Are you worried about penalities in transfering State contributions? etc. The following scenarios come to my head without these details.
If it is cashing it in to reinvest into the UK - why would you do that at such a late stage in the game. Why not just live of the Euro pension in the UK? There would be an exchange rate risk to your earnings but this may be the best advice if there are penalties for cashing in any private pension. You will have to look at what you get in your pension...income or option for a lump sum (important questions); since a lump sum could be reinvested in the UK - giving your a sterling income.
If you are thinking about opting back in to SERPs you would have to do the cost benefit of it - since SERPS is not that particularly great and they may not let you back since you are now near retiring age. You can check this out by ringing or contacting the Pension Department. Normally, it is easy to make up missing years by just paying them...so again contact them to find out.
Pension Department
Anyhow, these are just thoughts - I'm no pension expert but thought I'd try and put you in the right direction.
It is not really something that someone here can answer especially since you have not really furnished us with a great deal of information. i.e.
What is your husband German pension: Ocuppational or State. What are you looking to do - i.e. cash it in to transfer it to a Sterling Pension?
Are you worried about penalities in transfering State contributions? etc. The following scenarios come to my head without these details.
If it is cashing it in to reinvest into the UK - why would you do that at such a late stage in the game. Why not just live of the Euro pension in the UK? There would be an exchange rate risk to your earnings but this may be the best advice if there are penalties for cashing in any private pension. You will have to look at what you get in your pension...income or option for a lump sum (important questions); since a lump sum could be reinvested in the UK - giving your a sterling income.
If you are thinking about opting back in to SERPs you would have to do the cost benefit of it - since SERPS is not that particularly great and they may not let you back since you are now near retiring age. You can check this out by ringing or contacting the Pension Department. Normally, it is easy to make up missing years by just paying them...so again contact them to find out.
Pension Department
Anyhow, these are just thoughts - I'm no pension expert but thought I'd try and put you in the right direction.
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