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Pension Review
March 30, 2022

Top 10 FAQS - UK pensions

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1. I worked for numerous companies in the UK. How do I find out if I have a pension?

You'll need to contact your previous employers and ask who administered the pension whilst you worked there. Reach out to the administrator and ask them to send you an up to date pension statement, alternatively contact us ur team can do this for you at no cost.

2. I never made pension contributions, does that mean I don’t have a workplace pension?

Not necessarily. Depending on which company you worked for and the time period of your employment, you may have been enrolled in the company pension automatically - this is generally the case with defined benefit pensions

3. I have a defined contribution pension and my pension provider doesn't offer the option I want; don't they have to?

If your provider does not offer an option that suits you, you should be able to transfer your defined contribution pension to another provider at any age before you begin taking a drawdown. Before deciding on transferring it is important to understand exactly how that pension fits within your overall retirement plans.

4. What is the difference between a Defined Benefit & Defined Contribution Pension?

A Defined Contribution (DC) pension is based on how much has been contributed to the pot, and the growth of that money over time. A Defined Benefit (DB) Pension will offer you a guaranteed amount of money each year in retirement.

5. The company I used to work for is no longer around, what happened to my pension?

There is usually a paper trail to follow and the first thing to do is reach out to the pension tracing service, as they will be able to tell you who is managing the pension now. This is something I can assist with, so if you feel you don't have the time or just want someone to take control, please contact me.

6. What happens to my pension after I am gone?

Each pension plan has varying benefits, if you are wondering about this, please contact me. I will be able to look specifically at your individual plan and advise appropriately.

7. How do I find my National Insurance number?

You can contact HMRC and request they send it to you, or follow this link: https://www.gov.uk/lost-national-insurance-number

8. How do I check my State Pension contributions?

The link below will take you to the UK government site where you'll be able to follow the prompts. You will need your national insurance number, so be sure to follow the step above if you don’t have it. https://www.gov.uk/check-state-pension

9. I only worked in the UK for a short amount of time. How do I get the full government pension?

First thing you'll need to do is find out how many years you contributed by following the link in the point above. To make up missed contributions follow this link: https://www.gov.uk/voluntary-national-insurance-contributions/deadlines. Before deciding on making contributions, I recommend seeking advice to assess if those added contributions are worth making.

10. Do I have to pay tax on my UK pension?

Yes. It is important you seek the services and consultation from a tax professional who understands the intricacies of international tax planning.

Written By
Daniel Mesa
Financial Advisor
Disclosure

Past performance is not a guide to future returns. Investment in securities involves the risk of loss and the advice herein cannot be construed as a guarantee that future performance will be reflective of past returns.

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