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2 Public Pensions (separate countries)
frugalandsave
Posts: 157 Forumite
Hi everyone, I am new to this.
I am basically writing here for my mum who is currently 59 years old, she never thought about pensions much and i try to assist her as best I can.
Quick overview:
Germany:
Although being British, she lived in Germany most of her life. So she worked and paid into the system over there between ages 16-47. So she paid in 31 years. 35 years is the thresh-hold to pay in as far as I understand. If she would have paid 35 years in, she would have the following options as i understand:
Early retirement with 64 years, but loose 10 % of the monthly value. Or receive full pension at 66 years and 10 months.
I believe she has the option to pay the additional 4 years, to close the gap. I would do that for her if this is an option.
At full this would pay about Euros 700 a month.
UK:
In 2006 we moved to the UK and since then she has paid into the system here. 12 years for now. Anything she could get in UK is projected at 67 years of age with the potential of contributing 19 years.
I made her Open a SIPP account: And she put in 5 K for now. Plus i also made her enrol in her work pension scheme 2 years ago in a school (shes a TA). This is projected to give her an income of about £ 200-250 a year. Not much, but better than nothing i suppose. She doesn't earn much, but we try to make the best out of the situation.
I am considering buying a small property for her, so she doesn't have to pay rent. She lives in the north, so house prices are not so expensive.
Now my question is in regards to 2 public pensions. I know that there is the option of "combining" both, so she could get either the full German or the full UK pension.
Now what I am wondering is whether it is possible to for her to pay the gap years in Germany, get the full Pension there. And keep on paying into the UK one until she is 67 years and get a bit from the UK too.
If anyone can shed some light into this option, or whether this is an option at all. I would greatly appreciate it.
Or any other ideas of what we can do to improve the situation is also greatly appreciated.
Thanks.
I am basically writing here for my mum who is currently 59 years old, she never thought about pensions much and i try to assist her as best I can.
Quick overview:
Germany:
Although being British, she lived in Germany most of her life. So she worked and paid into the system over there between ages 16-47. So she paid in 31 years. 35 years is the thresh-hold to pay in as far as I understand. If she would have paid 35 years in, she would have the following options as i understand:
Early retirement with 64 years, but loose 10 % of the monthly value. Or receive full pension at 66 years and 10 months.
I believe she has the option to pay the additional 4 years, to close the gap. I would do that for her if this is an option.
At full this would pay about Euros 700 a month.
UK:
In 2006 we moved to the UK and since then she has paid into the system here. 12 years for now. Anything she could get in UK is projected at 67 years of age with the potential of contributing 19 years.
I made her Open a SIPP account: And she put in 5 K for now. Plus i also made her enrol in her work pension scheme 2 years ago in a school (shes a TA). This is projected to give her an income of about £ 200-250 a year. Not much, but better than nothing i suppose. She doesn't earn much, but we try to make the best out of the situation.
I am considering buying a small property for her, so she doesn't have to pay rent. She lives in the north, so house prices are not so expensive.
Now my question is in regards to 2 public pensions. I know that there is the option of "combining" both, so she could get either the full German or the full UK pension.
Now what I am wondering is whether it is possible to for her to pay the gap years in Germany, get the full Pension there. And keep on paying into the UK one until she is 67 years and get a bit from the UK too.
If anyone can shed some light into this option, or whether this is an option at all. I would greatly appreciate it.
Or any other ideas of what we can do to improve the situation is also greatly appreciated.
Thanks.
0
Comments
-
https://europa.eu/youreurope/citizens/work/retire-abroad/state-pensions-abroad/index_en.htm
It may be worth a call here
https://www.gov.uk/international-pension-centre
And (presumably her German is fluent) she might try here
https://www.deutsche-rentenversicherung.de/Allgemein/en/Navigation/05_faq/international/faq_international.html0
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