Aged 55 relocating - Brexit and the EU: living, holidaying and moving to Torrevieja - Torrevieja forum - Costa Blanca forum in the Alicante province of Spain
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Aged 55 relocating

Posted: Mon Jun 22, 2020 11:43am
5 replies254 views5 members subscribed
Julieboddy

Posts: 9

Location: Campoamor

Joined: 24 Jan 2020

Hi aged 55 before brexit - looking to live in spain, renting my house out in the uk and rent in spain. Because I will not be getting my state pension yet, will it still get increases when I do?

Kelvin1960

Posted: Mon Jun 22, 2020 12:14pm

Kelvin1960

Very helpful member

Posts: 664

665 helpful points

Joined: 5 Mar 2017

Posted: Mon Jun 22, 2020 12:14pm

If you gain Residency this year (needing a lease, Private Health Insurance and proof of income), your UK State Pension will continue to be indexed.

Nobody is sure what will happen if you don't gain Residency before the end of the Brexit Transition Period.

Based on my own experience, your rental income (from your UK home) will continue to be taxed in the UK, although you will need to complete a tax return in Spain.

Movingon

Posted: Mon Jun 22, 2020 2:53pm

Movingon

Super helpful member

Posts: 1717

1348 helpful points

Location: Albatera

Joined: 7 Feb 2018

Posted: Mon Jun 22, 2020 2:53pm

Who knows what UK pensions will look like in 15 years time? 

Despite his promise the current 'triple lock' is already in Bojo's sights.

Deborah13

Posted: Mon Jun 22, 2020 10:40pm

Posts: 60

1 helpful points

Location: Algorfa

Joined: 30 Oct 2017

Posted: Mon Jun 22, 2020 10:40pm

What does the ‘triple lock’ mean?

Deborah13

Posted: Mon Jun 22, 2020 10:41pm

Posts: 60

1 helpful points

Location: Algorfa

Joined: 30 Oct 2017

Posted: Mon Jun 22, 2020 10:41pm

Kelvin1960 wrote on Mon Jun 22, 2020 12:14pm:

If you gain Residency this year (needing a lease, Private Health Insurance and proof of income), your UK State Pension will continue to be indexed.

Nobody is sure what will happen if you don't gain Residency before the end of the Brexit Transition Period.

Based on my own experience, your rental income (from your UK home) will continue to be taxed in the UK, although you will need to complete a tax return in Spain.

What do you mean when you write that pensions will be ‘indexed’?

Kelvin1960

Posted: Mon Jun 22, 2020 11:14pm

Kelvin1960

Very helpful member

Posts: 664

665 helpful points

Joined: 5 Mar 2017

Posted: Mon Jun 22, 2020 11:14pm

Deborah13 wrote on Mon Jun 22, 2020 10:40pm:

What does the ‘triple lock’ mean?

The Triple Lock is a policy mechanism followed by successive UK Governments to preserve the buying power of the State Pension by linking average income, inflation and pensions. The Chancellor has recently suggested that the Triple Lock might come under pressure as the National Debt increases in the post-Covid economy.

Indexing refers to the application of the Triple Lock .... in providing periodic increases to the State Pension figures. 

As I understand it, those UK Citizens who have gained official Residency in another EU Country (Spain in this case) before the end of the Brexit Transition Period will continue to receive indexing of their pensions, assuming indexing continues. The situation facing those who gain Residency later is unclear.

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