Thousands of people could lose their state pension as a result of Brexit – Are you a victim of this?

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NEW STATE pension rules which are due to come into force in less than 12 weeks’ time will mean that people planning to retire outside the UK won’t receive National Insurance credits while living in another country.

Although the rules are due to change on January 1, 2022, experts are worried that not enough people are prepared. They are urging Britons who are planning to move abroad at any time in the future to first check how this will affect their state pension before taking the plunge.

The proposed changes to the legislation could mean some people will receive less than they had planned for, or even nothing at all.

To qualify for a full state pension, people need to have 35 qualifying years which requires them to have paid at least 10 years in National Insurance.

But UK residents who have already lived in Australia (before March 1 2001), Canada or New Zealand are being urged to do their research before moving abroad as it could mean missing out on £179.60 a week.

It’s thought this rule change could affect thousands of British citizens of state pension age, as well as some who are yet to retire.

Experts are worried that not enough people are prepared for the changes which will come into force in less than 12 weeks’ time.

UK citizens who have lived in Australia (before March 1 2001), Canada or New Zealand won’t be able to count the time they spent abroad towards their state pension.

John Westwood Group Chairman at Blacktower Financial Management urged the Government to issue clear guidelines on what this will mean for people.

He said: “The UK Government has forewarned of changes to how UK state pensions are calculated for some of those living abroad and the changes are due to begin in just 12 weeks from now.

“This change in rule comes at an already difficult time for expats and the government needs to lay out clear guidelines on the new state pension breakdown as we enter 2022.

“We urge UK residents who have already lived in Australia, Canada or New Zealand to do their research before moving abroad.”

On the Government website, the Department for Work and Pensions stated: “The change will affect you whether or not you have claimed your UK State Pension yet.

“Your UK State Pension will be calculated,. “Brinkwire Summary News”.

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