Update My Pension
Why should I update my UK state pension?
The importance of the UK State Pension for expatriates is best illustrated by the fact that the Government sets the contribution rates at such low levels that no UK expatriate could ever say the pension does not represent value for money!
For those unemployed or not working an annual payment of £725 is all that is required to cover one year's contributions. With a single person's annual pension currently at a little under £6,000 and a married couple’s pension in excess of £9,000 per year, not contributing is tantamount to turning down a blank cheque at the age of 65. One does not have to be a rocket scientist to see that with current interest rates at all time lows there are very few investment opportunities these days where an annual payment now of £725 will produce a future annual payment of £9,000 from the age of 65. By means of comparison it would be necessary to have saved up more than £150,000 in a pension fund so as to be able to purchase an annuity which would produce an annual payment of £9,000 from 65 years of age onwards. With the current levels of life expectancy it is not unusual to expect to live to 85 years of age. Consequently an annual pension of £9,000 per year translates into a total payment of £180,000 during this period.
What do I need to update my state pension?
The only thing you would need to facilitate obtaining a forecast is your National Insurance Number which comprises two letters followed by six numbers and one letter. In the event of it not being available it should still be possible to obtain the number.
How do I update my state pension?
The procedure to update your UK state pension is simple. We sit down initially and fill in the necessary form with your personal and work details. This is then sent off to Newcastle and after a period of 4-6 weeks your pension forecast will be returned. We will then get together again and explain to you the contents of the forecast and how you can pay to catch up with your contribution record.
How do I get in touch with you?
Either by e-mail (moc[dot]noisnepetatsku[at]ofni) or by telephone on (+34) 629 492 429.