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Retiring and Pensions

Barbados - Retiring and Pensions



The climate in Barbados is great for retired people and there are plenty of activities to keep the days busy. There is a laid-back lifestyle on the island which will suit retirees. It is important to ensure if you retire to Barbados that you have sufficient income to keep yourself as you will be unable to claim benefits from the Barbadian social security system.

Before moving you will have to transfer funds into a bank on the island to cover your expenses. Medical treatment can be expensive and it is essential to have insurance as hospitals usually require immediate payment. The hospitals are very good and the Queen Elizabeth hospital provides geriatric care as well as free treatment for minor ailments and there is also a private hospital on the island.

It is possible to claim your UK pension in Barbados at the same rate as you would if still living in the UK. However, if you may be entitled to a Barbadian pension you cannot also claim the UK one. You will not receive a pension from the Barbadian government if you are entitled to a pension from any other country, are hospitalized or in prison, are under 65, earn $30 per week and are deaf mute or blind. Spending more than 56 months out of the country will also disqualify you from receiving pension payments.

To qualify for a Barbadian pension you must be over 65, although this minimum age is set to rise. You must also have been a resident or citizen of Barbados since the age of 40 or have an aggregate of 20 years since the age of 18. Those with permanent residency only need to have been a resident for 15 years after the age of 40 or have the aggregate of 20 years from the age of 18.

The Barbados government website will give more extensive details on eligibility and details of how to claim for pensions. It is a good idea to check with the pension department in your home country to determine if you can claim that pension while you are living in Barbados. It may be possible for them to pay the monies directly into your Barbadian bank account, although it is also possible for them to pay into your account in your home country and for you to arrange any necessary transfers. If you arrange transfers yourself you may find that this is subject to a fee which is determined by your bank.




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