You’ve moved and retired, or plan to retire abroad. Now comes the big question; Are you eligible to claim your UK pension in Australia?
As long as you have accumulated enough credits to qualify for a state pension when living in the UK, you will be able to claim it when you reach pensionable age.
And it’s not only expats who can claim the pension. Anyone who has worked in the UK for 10 years or more and made NI contributions during this time is eligible.
You need to be a male born before 6 April 1951, or a female born before 6 April 1953 to start receiving the UK state pension. If you reach the state pension age and continue to work, you will still be eligible to receive it.
The state pension age is gradually increasing, and it is expected that it will reach 67 by 2028. Unlike the Australian Pension, the UK State Pension is not means tested.
Currently, the maximum weekly pension payment is £168.60 or AUD$324.06. How much you receive is based on the years of contributions you have made. This includes credits for time off without work for looking after your family or caring for a loved one. The payment also depends on your age and gender.
Once you start receiving your UK pension, the amount will stay the same. The only fluctuation in the value of your payment will be from the exchange rate to Australian dollars.