UK news State Pension rule changes announced from January 2022 last minute news
PremierLeague-News.Com- The main changes, which come into effect from January 1, 2022, affect whether a person qualifies for a state pension or not
PremierLeague-News.Com - Breaking Sport Transfer News ! The UK Government has announced they are planning to make changes to state pensions for some retired Brits from next January. The main changes, which will mostly affect Brits intending to retire abroad, will come into effect from January 1, 2022, affecting whether a person qualifies for a state pension or not. Under the new rules, UK citizens living in Australia, before March 1, 2001, Canada or New Zealand won't be able to count time spent abroad as a qualification period for the state pension, according to our sister site Birmingham Live. According to personal finance experts at money.co.uk, state pensions are just one of the key financial preparations that you need to carry out if you’re preparing to emigrate. James Andrews, senior personal finance editor at money.co.uk, said: “The recent changes to state pensions serve as a timely reminder that you have to put a comprehensive financial plan in place if you’re intending to retire abroad." He added: “For starters, the process of moving your money overseas can take quite some time, so it’s best to start as early as possible.
News source = PremierLeague-News.Com
. “The quickest and easiest way to get an overseas bank account set up is to speak to your existing bank to see if they have a presence abroad – it’ll make moving your money to your desired country much easier.
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“The other issue that needs careful consideration is your credit history. "When you emigrate, your credit history, unfortunately, doesn’t move with you – meaning you’ll be starting completely from scratch. “In practice, this will likely mean a massive reduction in your borrowing potential, so you need to have a plan in place in case of unexpected bills. "Since you might not be able to rely on a credit card or qualify for a loan, it’s a good idea to have some emergency funds in place to see you through any financial difficulties."
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