When to claim my UK State Pension?

State Pension age was 65 for men and women as of November 2018. This is increasing and is now dependant on when you were born. Ageuk.org.uk say that the pension age will reach 67 by 2028. You can check your State Pension age on the UK Government website to get a more accurate idea.

You can claim your pension online, over the phone or by posts. You will need to provide your National Insurance number when you make your claim, evidence of your date-of-birth may also be required.

You pension can be paid into:

• A bank in the country you’re living in
• A bank or building society in the UK

You can use:

• An account in your name
• A joint account
• Someone else’s account as long as you have their permission and it doesn’t breach the banks terms and conditions

To be paid into an account abroad you will need the international bank account number (IBAN) and the bank identification code (BIC). All payments will be made in local currency and could change due to exchange rates.

Remember, you can receive a state pension and still carry on working.

Will State Pensions be affected by Brexit?

Brexit has caused some uncertainty. The current stance is that eligibility for UK residents and expats living in Europe will be unaffected. Accessing your pension abroad and its value is not expected to be impacted by Brexit.

Brexit has made Defined Benefit Pension Transfers more attractive. Employers are upping the cash equivalent transfer values to get employees out of increasingly costly schemes.

Thanks to the UK-Cyprus double tax treaty, all UK pensions were taxable solely in Cyprus. This used to include both State and Government service pensions.

A revised version of the treaty which came into effect in January 2019 means that UK Government service pensions are now taxed in the UK. State Pensions remain unchanged and will still be taxed in Cyprus at the same rates.