WHAT HAPPENS TO YOUR PENSION CONTRIBUTIONS IF YOU LEAVE THE UK AS A NURSE

Join myself and ‪@ManasseyTetteh‬ for an insightful discussion on what happens to your pension contributions as a nurse when you leave the UK for the USA or anywhere else . We'll cover important topics such as how to retrieve your contributions, potential challenges, and practical steps to ensure a smooth transition. Whether you're considering a move or simply curious about pension portability, this video is a must-watch for nurses looking to understand their financial options.
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[@ManasseyTetteh]

Thank for having me Nanelle. I did learn a lot from this discussion myself 😊

[@giftedgal3615]

Ohh my Nanelle you are an angel I have been looking for this video Bless you

[@NanelleGriselda]

you're welcome dear

[@Pascal12340]

Manny, I always like listening to you

[@dinaharemu8409]

I've been trying to find out about this pension matter. Thank you so much

[@GrandPlato]

Purely my opinion: I think it’s rather very shortsighted to opt out of pensions, any pension for that matter, on the excuse you don’t intend to retire in the UK. Your pension, whatever the amount is your money and will remain yours wherever country you retire to eventually. You only need to know the details of your enrolment and you’ll have access to it when it’s time. It baffles me that folks don’t seem to know how incredibly generous pension contributions are here in the UK, add to that the power of compounding over time and you can easily be looking at hundreds of thousands of pounds in a little over 25-30years (which believe it or not is not a long time). The black community here in the UK appears to be typically very ignorant of this single most important wealth generating tool.

[@GrandPlato]

I believe the equivalent scheme to the Roth IRA could either be the SIPP (self invested personal pension) or any of the many ISAs. The UK ISA allows anyone to invest up to £20k per year (can withdraw anytime you want tax-free).

[@NanelleGriselda]

well said

[@damiogunlowo959]

My question is, what if you retired at 60 or 65yr and it's time to get my contribution. Can I get all the money at once in the UK?

[@misslilly2833]

If you don't pay it in pension you will pay it in tax anyway. Also if you die in in service, ykur pension can go to a person you nominated while still alive.

[@vee7738]

So, if u leave the country and no longer contributing to your pension, does your employer keep contributing? Or how does your grow?

[@dremmanuelnwogu]

I once opted out of NHS pension. My tax and NI went up. I was told that my income was now more(with out pension) so my tax automatically went up. I was so vexed. I told the accounts lady,”so we are literally arm-twisted to remain on the pension scheme”.

[@NanelleGriselda]

Exactly

[@adeyomoyetolulope9372]

​@@NanelleGriseldano b lie

[@OlyBekee24]

This is an amazing video, I always love watching Manny, although I have no interest in the USA 😂😂 but his videos are very interesting. UK truly restrict immigrants a lot and drag everyone like custard pap, what others achieve in 1yr in the USA, Australia, Canada etc, UK will drag you to achieve in 4yrs or more especially with the low wages. Nannelle said "How dare you" 😂😂😂😂

[@chilombomululu6034]

True

[@alimiatinuke6125]

Hello Nanelle thanks for bringing this.

[@mtenzagh]

Always insightful listening to Manny. Thank you Nanelle 😍

[@tosinariyo4837]

Nanelle,I am merging your Wow exclamation with your ongoing NHS work experience and this tells me I will soon be wow!wow!😂 and clapping when you eventually leave for US. Your excitement is contagious 😂😂. Thumbs up for the video 👍

[@NanelleGriselda]

😂😂😂😂😂

[@alimiatinuke6125]

Nanelle thank you so much, this video is helpful, I love you.

[@NanelleGriselda]

❤️❤️❤️

[@maxwellkansingnuba743]

Thanks for this great content,Nanelle

[@akuakesewaa9715]

The 401k only gets taxed if you take it out before your retirement age, which in the US is 65, so there’s no taxing involved when you take it out at 65 years and older

[@Dorothy8631]

You can actually take your 401k without a penalty at age of 59 and half. When you retire, your 401k is still taxed. That’s why there is an option for a 401k which is the Roth 401k that’s taxed now so you are not taxed later when you retire. Don’t be misinformed that 401k is not taxed when you retire. The difference is that when you take out the 401k before retirement, the tax is higher and you also pay a penalty.

[@kennykenny7293]

I think you need your get someone who has been here much longer and understands the 401k, pensions, SS ROTH etc and can explain these modules better. He tried but some of his answers are incorrect. For one 401k and pensions are 2 totally different things

[@soul_zee5780]

SD502 - FORM TO FILL OUT IF OPTING OUT RF12- TO SEEK A REFUND IF IN DOUBT, YOUR PAYROLL WOULD GUIDE YOU

[@adeolaoke4165]

@@soul_zee5780 after 2 years?

[@cynthiachinaememma6519]

I once opt out from pension and opt in again when the wanted to use tax to finish mee😂😂...there was no much difference between my payslip and someone on the same salary scale that was still on pension ..I was only getting about 100pounds extra. I advised my self to opt in😂😂 Hi @Nanelle can you remind me about an online course/ programme you talked about last year that is good for video editing and KZbin. I think you once invited the own to this channel, I can't remember the name. I am currently on maternity leave and need a digital skill to learn, so I am interested in videography and editing.

[@kennethmbanusi938]

Learning a lot as a beginner in the uk

[@kennethmbanusi938]

Thanks Nannele

[@maameaddae9479]

I think it is skillshare

[@cynthiachinaememma6519]

@maameaddae9479 thank you

[@shraddhamahwe8051]

at 3.46 time frame- He said the ''Tax was Taken out'' - wait a minute- So Pensions give tax rebate in the UK .Just wondering, Why tax was taken out at the time of withdrawal and at what rate one is taxed on pensions. This is purely sick !

[@OlyBekee24]

When you are collecting your pension contributions back, it is always taxed. Mine was taxed when I withdrew from the NHS pension.

[@corneliusthomas9555]

​@OlyBekee24 please, do you get interest on the pension and also did you get employer's contributions alongside?

[@OlyBekee24]

​@corneliusthomas9555 it's been over 2 years now, I can't remember what and what. But I know my Contributions were nearly upto 1 year when I opted out and I got about £1350 paid back to me after they have taxed it. I opted out because the salary was not enough to survive and pay bills whereas Pension + NI + taxes were nearly finishing the income and my Net pay was infact close to nothing 😂😂😂 I opted out also since I don't have any plans of staying longer here too.

[@patriciakasenge9927]

Mine was also taxed when i opted out from the NHS pension

[@ABISINUOLASUNMISOLA]

Thank you for this, I wanted to opt out from paying my pension cos I’m not thinking of retiring here, unfortunately my employer said I can’t opt out , I’m just 15months here in UK , how true is this please

[@soul_zee5780]

That is strange. You can opt out at anytime just that you cannot get refund if not opting out before 2yrs.

[@adeolaoke4165]

@@soul_zee5780 Yeah, l get it now Most people opt out because they need the money, no point opting out if no refund after 2years.

[@BeeSpace-zr8zj]

If you are with NHS, you can opt out. I did and a friend of mine did as well. If you continue to work for the NHS, they will re-enrol you after 3yrs.

[@adeolaoke4165]

@@BeeSpace-zr8zj can you get a refund though u have contributed for over 2 years?

[@KJTVOnline]

It’s never true you can opt out

[@danielbakare2732]

I contributed 2yrs, now my money is stuck.

[@rn_klb]

Informative, US foc nso ne dabiaa 41K ede3n nso nono😅😊

[@mtenzagh]

😂😂😂😂

[@Jayhoff2024]

Spot on content.

[@alimiatinuke6125]

Can my UK pension be moved to another country's pension??

[@gracemaina413]

Yes

[@adetunjitolulopelade6866]

How is done please?​@@gracemaina413

[@glory7886]

Thanks for this video, learnt alot

[@adeolaoke4165]

One can’t opt out after 2 years.

[@soul_zee5780]

You can

[@adeolaoke4165]

@@soul_zee5780 how to opt out after 2 years please? To the best of my knowledge, staff can’t opt out after 2 years with NHS pension

[@posjaboateng5556]

Yes you can ?? Stop lying

[@fondetv4315]

To opt out do we email to Home office HR or to our employers HR?

[@soul_zee5780]

Email your payroll and they would guide you. SD502 is the form for opting out and RF12 is to seek a refund. Note: refund is only is possible if one has not used up to 2yrs on the scheme before applying TO OPT OUT.

[@fondetv4315]

@@soul_zee5780 thank you so much. So who do I send the email to? Yes November will make me 2yrs in the UK.

[@StorytimeGloria]

Nice one

[@corneliusthomas9555]

Please, if I opt out, will I get my employer's contribution alongside?

[@DawnOluwadare]

Nope

[@glory7886]

First person here

[@SharaAntwi]

Is it only for those in NHS

[@posjaboateng5556]

£333.00 every towards my pension is mad .. I opted out

[@omolade9338]

But down the line when you're not working, £333 won't be enough for your monthly expenses. Why not save it now & let it compound to help with future cost of living when you're elderly? Is there an alternative to pensions?

[@GrandPlato]

Again, unfortunate but typical. £333 contributed every month into a defined contribution pension only cost you around £267 of your net salary with current tax reliefs. Contribute this over the next 25 years(assuming starting age of 30 years) at an interest rate of 6% and you could potentially be looking at a final balance of around £230,000 at around age 55 years. And if you think that’s insignificant, the average pension pot at that age in the UK is currently around £107,000. That £333 monthly contribution could be the difference between choosing to retire early and to a decent life after work or working into your 60s and 70s with the only option being the UK state pension, assuming it’ll still be around by then.

[@Jayhoff2024]

Eii Nannielle you are listening to Dave Ramsey. Then your journey to usa is fixated ooo

[@sarahokohonyeje6753]

Third person here

[@rumbidzaimasekesa1076]

You look like brother and sister

[@ellenagyemang5205]

Second