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A bit too early, but pensions

Last activity 19 November 2022 by fluffy2560

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cdw057

A very technical and complicated topic I am afraid with regards to pensions.

I worked in Netherlands, Luxembourg, Netherlands again,UK, Luxembourg (again), Hungary and now live in Turkey.

As per rules as I understand the last country where you worked for a full year has to deal with your pension requirements (requirements are different per country), I do not speak Hungarian, but Hungary would have to deal with my pensions (I am a bit freaked out).

I am even considering to take a job in Netherlands (or Luxembourg) (very very simple) in a supermarket (part time) just to be able to communicate myself with pension authorities.


I would say even for specialists this case would be interesting how to serve.

Would you have some experience in Hungary (or elsewhere)


Will be difficult to force people into getting things aligned.

SimCityAT

For me, I have a couple of private pensions, I will also get 2 state pensions, 1) UK, 2) Austria. I have quite a few years to worry about pensions so not really worried about them just yet. 

cdw057

@SimCityAT For me also time to go, I just want to make sure I can actually collect (main concern I have to collect through Hungarian authorities (the 2.5 years in the UK are also interesting))

fluffy2560

A very technical and complicated topic I am afraid with regards to pensions.
I worked in Netherlands, Luxembourg, Netherlands again,UK, Luxembourg (again), Hungary and now live in Turkey.
As per rules as I understand the last country where you worked for a full year has to deal with your pension requirements (requirements are different per country), I do not speak Hungarian, but Hungary would have to deal with my pensions (I am a bit freaked out).
I am even considering to take a job in Netherlands (or Luxembourg) (very very simple) in a supermarket (part time) just to be able to communicate myself with pension authorities.
I would say even for specialists this case would be interesting how to serve.
Would you have some experience in Hungary (or elsewhere)

Will be difficult to force people into getting things aligned.
-@cdw057


I don't know about these rules about the last country. 


I hope I can claim my government pension from the UK - I reached the limits for pension contributions there several years ago.  More contributions wouldn't bring a higher pension.   


In any case, I would be very distrustful of obtaining a pension from the HU government.  It would be paid in HUF and that's falling.   And they can change the rules anytime as the economy suffers here.  The HUF has lost about 20% of its value (or something) in a year.  If outgoings are in EUR, it's not going to end well with the HUF pension.

fluffy2560

@SimCityAT For me also time to go, I just want to make sure I can actually collect (main concern I have to collect through Hungarian authorities (the 2.5 years in the UK are also interesting))
-@cdw057


The maximum government pension in the UK is about £180 a week or around £780 a month. 


The contributions have to be a minimum of 34 years to get that.   


It costs about £1000 a year to pay voluntarily.

cdw057

I count on voluntary pensions for a part, in Luxembourg I paid in for over 10 years (so it really should be fine), in Netherlands I am also entitled to the pro-portion of the State pension. For Hungary, I feel quite fine, but very very limited as I paid myself only minimum salary, for the UK (which was part of the EU at the time) I would imagine the 2.5 years would be included in my EU entitlements (I do not expect much (if any).


Overall I hope I get a EUR 2300 pm on state pensions (justified or not will have to be seen). Also curious what EUR 2300 will be worth in a few years time (side note in Netherlands waiting for pension is a bit longer)

fluffy2560

I count on voluntary pensions for a part, in Luxembourg I paid in for over 10 years (so it really should be fine), in Netherlands I am also entitled to the pro-portion of the State pension. For Hungary, I feel quite fine, but very very limited as I paid myself only minimum salary, for the UK (which was part of the EU at the time) I would imagine the 2.5 years would be included in my EU entitlements (I do not expect much (if any).
Overall I hope I get a EUR 2300 pm on state pensions (justified or not will have to be seen). Also curious what EUR 2300 will be worth in a few years time (side note in Netherlands waiting for pension is a bit longer)
-@cdw057


I think the pension age is now the same across the EU (and the UK). I will reach pensionable age in early 2026. Not that far away.


Your 2.5 years in the UK will probably give you nothing.  They are constantly messing around with the rules there.


Weirdly, a friend of mine did some work for the Swedish government - just like a year or something. He ended up getting a Swedish government pension. It's not a huge amount but still useful to have. Seems incredibly generous to me they gave a pension for such a short working time.


I hope you get your pension in EUR and not in HUF. 


It's good that you are thinking ahead.


I'm finding I'm looking at the end of my working life. I possibly have only 6 years left to earn enough to survive in older age. And I'm fed up with working anyway.  It's become boring and repetitive and I'd like to do something else.


I suppose we can downsize. Or the kids, cats and dogs can work in the mines.


Working actually costs money - need lots of stuff to be employed like clothes, cars, computers, haircuts etc.

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