Pension fund??

Member since 14 December 2010

Jonny5Member14 December 2010 07:37:13

Hi

I've been working in Spain for about a year now and I love the lifestyle and the job and definitely want to stay for many more years.聽 It has come to my attention though that because i'm paying taxes to Spain and not to my home country (England) that i'm not going to get my full pension if I don't work enough years in England, and as I said I would love to stay for many years yet.聽
So i was wondering if I get a Spanish pension and if i could combine what i've already built up in England with what I get in Spain? If there is nothing I can do about it does anybody have any advise on setting any pension plans up? because i want to keep working abroad but i also want to be able to retire and not have to worry about money.

Any advice would be much appreciated thank you.

Christine ViP

Member since 29 September 2008

Follow 禁漫天堂 on , and

ChristineViP14 December 2010 08:17:47

42879

Hi Jonny5, welcome on Expat-blog!

I hope other members will be able to give you some advice.

I wish you good luck
Christine

defrank Member

Member since 04 December 2010

defrankMember14 December 2010 19:04:39

I can try and help you a bit,
It takes 15 years of work if I麓m right to get a pension in Spain, you may ask your Social security in the UK to transfer your contributions to the spanish system and add it up, and viceversa, or go private i guess,
just keep in mind pensions in Spain are generally low unless you麓ve paid a lot to the system, and mr zapatero麓s gobernment wants to make pensions even lower

bigdave360 Member

Member since 14 December 2010

bigdave360Member14 December 2010 23:46:40

Hi Jonny

I was in a similar situation not too long ago, where i was unsure about my pension. My friend put me into contact with a financial adviser he used, and they explained everything to me and then set me up with a private pension scheme, so now i know i'm going to have enough money when i retire, and i can add to it from where ever i'm working in the world.

The company's called Essential Finance, and i have the contact details of the adviser i used for anybody else who's in a similar situation.

Hope that they can help you too.

gaudi Serial expat

Member since 23 April 2009

gaudiSerial expat15 December 2010 10:23:28

351

Hello everyone,
You have 3 different options:
1- Bring your contribution from your native country and add it to the contribution you are paying for the Spanish social security service and have a spanish pension.
2- Take your contribution in Spain to add it to your British social security system and have a british pension.
3- Have two small pensions in both countries (may be the less recommended option, since seniority is an important factor, when you calculate your pension.)

2 more comments:
- Pension regulations are changing a lot especially during these times, so it is difficult to calculate in advance what you will have as a pension in a remote future.
- Private pensions is just a complement, to your public social security pension, it is a not a substiute of it.
Hope this could help.
Gaudi

Immigration and visa assistance

Comprehensive support with Spain visa applications and immigration procedures.

Jonny5 Member

Member since 14 December 2010

Jonny5Member15 December 2010 23:51:29

Hi

Thanks for the advice guys.聽 I've had a meeting with the adviser from Essential Finance who really helped clear things up.聽 He gave me a lot of information on a private pension fund, and will help set up and manage it should i choose to set it up.聽 I'm currently in the process of finding out how much i have at the moment, but i don't think it will be much so a private fund will be a nice addition.

Great recommendation. Thanks Bigdave!!