Career Centre and Life After the Military >> Pensions >> Pensions
Pensions
12 posts back to top |
Posted over 3 years ago I went to an Expo yesterday about Emigrating to New Zealand. I am getting a little jacked off with being treated like a naughty little schoolboy by this government and the ever evolving Nanny State. Now, the New Zealanders would welcome my wife and I with open arms because we have two skills they are in desparate need for - I am an IT manager and Deb is a Nurse. They are crying out for Nurses and it appears that it would be best for us to emigrate based on her profession rather than mine. However, one of the exhibitors there was a pension specialist, who arranges pension transfers to a NZ fund. We can transfer our pension rights in my Civil service pension and Debs NHS pension, but (BIG but), they cannot transfer my military pension because I am already receiving it (OK, I was expecting that.). Even worse, I am told that the pension gets frozen at its current level permanently. So, because I took a full commutation, when I turn 55 my pension is supposed to increase by all the RPI rises since I left, but if I emigrate to NZ it won't - that is likely to be a loss of about £8,500 to £9500!! And no future RPI rises either. Apparently this practice is the norm for all countries in the CommonWealth, but not for those outside it. So I could go the USA and get all the pension I have earned without penalty. Also, the pensions exhibitor told me that it does NOT apply to UK Police, Fire or other emergency services pensions. How can this be right? We sign up to serve, do a full 22 years or whatever, and then because we choose to try and make a better life elsewhere, the government, in a fit of spite it seems, take away the pension we earned. If anyone has any information on a way round this, I would be very interested. It does not help by maintaining payment to a UK bank either. To get the rises, you must be *resident* in the UK (or EEC) for "the majority"of a year.
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623 posts back to top |
| Posted over 3 years ago Was that the Expo in Earl's Court? It was held over the weekend wasn't it as I think I must have gone to the same one you're tallking about. Anyway, talk about the brain drain on this country, the Kiwis only want people with pretty high skills and services to offer (but how attractive was the offer for me to go.... mmmm what a beautiful country). With the current climate (no pun intended, NZ climate is, compared to ol' Blighty, out of this world) in the world economy I don't see how you can win with transferring your pension over. It would be interesting to hear what anyone else thinks of this. Cooperation destroys Confrontation |
16 posts back to top |
| Posted about 1 year ago The Expo was in Earl's Court - I think they have it every year. I went a couple of years ago. There's a lot of recruitment companies headhunting for people with skills to offer. Ex-Armed Forces are very popular I believe. I went there just out of curiousity. It's worth seeing. |
