The use of digital banking and faster travel coupled with more flexible borders, making moving from one country to the next easier, have opened the world up to individuals in ways never before found affordable. One concern when considering moving abroad is the worry of what will happen to the State Pension fund so diligently contributed to for so many years. For United Kingdom expatriates there is no need to fear losing your UK State Pension when you move. You will still be entitled to receive your UK State Pension when you move. The concern is in what country you move to, as your new home country determines the effects on how much State Pension you receive and what annual increases you qualify to receive.
The United Kingdom has social security understanding with many countries and moving to one of these countries will entitle you to receive your regular State Pension pay. You will also be eligible to receive any relevant increases to your State Pension pay annually. The UK has social security understanding with these countries (European Economic Area): Belgium, Bermuda, Austria, Barbados, Bosnia-Herzegovina, Czech Republic, Bulgaria, Hungary, Croatia, Cyprus, Denmark, France, Finland, Estonia, Germany, Greece, Iceland, Italy, Jamaica, Jersey and Guernsey, Latvia, Liechtenstein, Lithuania, Luxembourg, Macedonia, Ireland, Israel, Malta, Mauritius, Montenegro, Netherlands, Norway, Philippines, Poland, Serbia, Portugal, Romania, Slovakia, Spain, Sweden, Turkey, England, Scotland and Northern Ireland (United Kingdom) and the United States.
Retiring to one of the above mentioned countries would keep you receiving your UK State Pension the same way, with the same annual increases, as if you had remained living in the UK. Complications arise when you move to countries where the UK does not have a social security agreement, such as China or Australia. By retiring in a non listed country you are forfeiting your annual increases. You will retain your State Pension payments but will not be eligible for the raises that you would have received living in the UK (or cooperative countries).
If in the future you decide to return to the United Kingdom, or to another country within the UK's social security agreement, you may be entitled to receiving your raises from the State Pension program again. Annual increases are not retroactive. Each country in the EEA has its own rules and pensionable age may differ from one location to the next. If you have paid into the State Pension plan then you will need a claim form to fill out roughly four months before you reach the UK pensionable age. Before making the decision to move, you may want to request a State Pension forecast (application form BR19) which will provide some insight into the expected status and value of your pension account, estimated, for the time you reach retirement age.
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Will My UK State Pension Be Affected By Retiring Overseas
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