Answer a question

Do you want to follow this topic? You need to be signed in for this feature
Do you want to save this article to read later? You need to be signed in for this feature

I'm Scottish but live in Turkey. I want to start a pension scheme but no one seems interested because I am living here?

I get 140 pounds from my ex husband every month and need to invest it for my future. He has paid it for almost 18 months so far and needs to pay for 15 years in total. How am I best to invest it? I used to have it paid into my ISA but since I changed my address the bank now pay it into a non interest account! I have paid into Asda Hourly Paid Pension scheme from 1997 approx to 2001. From 2001 to 2005 I paid into Asda Salaried Pension Scheme. Can I do anything with these? I also had something to do with Serps too through Prudential. I have no idea where to start looking for information. I spoke to a financial advisor before I moved here and he just said he couldn't help if I decided to live here! Will I still be entitled to a state pension? I have paid tax and NI since I was 16 until I was 39.5 yrs old. I'm currently not working but looking for work in Turkey at the moment. If you can't help where would you suggest I try?


Do you want to answer this question? You need to be signed in for this feature


Lets start with the easy bit. Pensions are all to do with deferring or avoiding tax from when you are working in England. The tax relief is obtained at the time of contribution. If you are not paying UK tax, then don't pay into a pension scheme. You need some other fund instead, preferably offshore. Next easiest is the Basic State Pension. This is payable in full with 30 years contributions. You seem to have 23 or 24 years accrual. Get a forecast from Newcastle which will tell you how many. However many you have, you need to make voluntary contributions to top up to the 30 year level. I would suggest that you leave it until you are almost that many years from your State Pension Date in case you decide to return to UK. That is no longer 60, by the way. You can get your expected date from here: http://pensions-service.direct.gov.uk/en/state-pension-age-calculator/home.asp There are arrangements with Europe for state pension benefits. I don't think Turkey are involved yet but could well be before you retire. Contact the Overseas Branch at Newcastle for information. Your existing pensions will still be payable from their maturity dates or you could transfer them into a QROPS which is specially for ex-pats who are unlikely to return. If you don't transfer them, please inform the various administrators of your address whenever it changes. Mike