22 Mar 2016

A question about : Innocent about the pension scheme in the UK

Hi smart guys,

I am working in an educational body (a university) in London. And I have got something like a university pension scheme. Because I just start this job and I am a foreigner that I am quite innocent about the pension scheme in the UK.

1. My first question is how much I can get after retirement based on my current pension scheme I paid monthly? My salary is around Ј35,000 a year and the pension I paid is about Ј200 a month. I am currently 30 years old. If I retired at 60 from this university with this salary and pension contribution fixed, how much I can get monthly for retirement?

2. Actually, my job post is on 5 years contract. If I leave the university and join an industry company, can I still get some money from this pension contribution I paid when I am working for the university?

3. As I said, I am a foreigner. If I move back to my home country a few years later or even move to USA to carry on my career, will I get some money after retirement?

Thanks a lot.

A.

Best answers:

  • You keep the right to the pension benefits you accumulate while working there even if you change jobs. The amount you get will not depend on where you are living or how much other income you have.
    The university pension scheme is one of the more generous ones available in the UK but I'm not familiar enough with the details to tell you more.
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