There is always the option of leaving your money in a UK-based pension scheme. If you have your own workplace pension(s) or personal pension(s), you can still access these from another country once you reach a certain age. The same could be said for keeping your funds in your current UK pot and you will need to check that your scheme has full Pension Freedoms. Book a free, no-obligation pension review today. The process of transferring your UK pension to a scheme abroad can be fairly simple if you have knowledge of the market. We’re here to help you support your ageing family and friends for a better quality of life, Receive our latest articles, quick tips and a roundup of recent news straight to your inbox, Pop your details in the box below and click "Subscribe". In this blog you will find advice on how to manage your pension if you move abroad. Tony is also a highly qualified Independent Financial Adviser in his own right. Moving abroad is a major life decision, impacting your family, friends, work and finances. By making an enquiry you accept that your information will be passed to one of the specialists. This is important to consider because your income may go up and down. You’ll need to let HMRC know, to ensure you’re paying the correct amount of tax. If you choose to keep your pension in the UK, your income will fluctuate when exchange rates change. The experts we work with can offer advice if you’re transferring your UK pension to pretty much anywhere in the World (subject to money laundering regulations), including: Please note that the above list of countries aims to provide a snapshot of the territories the advisors we work with can help with. The main difference is that if the State Pension increases, you may not benefit from the extra amount if you’re living in certain countries. An exit fee can be charged as a flat fee or as a percentage of your savings. Of course, you may be able to accumulate more interest or funds in your pot by transferring it to another provider, but this would only be the case if you have a defined contribution scheme. Another major influencing factor will be your age at the time you are considering making the transfer. A QROPS will provide insurance and legitimate, legal transfer when paying into or taking money from your pension. Regulated as a pension scheme in the country where it is established; and. This can be good or bad for you, depending on the relative strength or weakness of the pound. What happens to my State Pension if I move abroad? Recognised for tax purposes (so benefits that are paid to you from the scheme must be subject to taxation). Where can I get advice about transferring a pension overseas? Will I lose the right to take out my money at a certain age? To get this under the old system, you need to have made a minimum of 30 years' National Insurance contributions during your working life. Fortunately the experts we work with can help you with all aspects of transferring your pension overseas. More information about our Privacy Policy. Transferring your pension abroad and then later realising you could have made more money can sting. Here are some of the questions you’ll need to discuss with your adviser. All rights reserved. Your pensions advisor can help you through this process, checking your contract and managing the paperwork on your behalf. If your pension provider offers the best interest and is a trust asset for you, you should meet with them to explore this option before you make your move abroad. There could be many potential schemes suitable for you depending on your circumstances. Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. It can be really helpful to talk to a professional who understands the pros and cons of each option available to you. Moving abroad is so exciting; discussing your pension is less so. In order to legally and safely transfer your pension overseas, the scheme into which you transfer will need to be a QROPS. Fortunately, the pension experts we work with are experts when it comes to transferring your pension abroad and can give you the right advice. If you are considering transferring a UK pension overseas, get in touch for a free, no-obligation chat with one of the pension experts we work with. Although it is possible to transfer an NHS pension to another defined benefit scheme in the UK, it is not possible to transfer an NHS pension overseas, even if the pension scheme is a qualifying QROPS pension. This could, however, limit your tax relief options. We are an information only website and aim to provide the best guides and tips but can’t guarantee to be perfect, so do note you use the information at your own risk and we can’t accept liability if things go wrong. Moving abroad can have many tax implications. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. It would be best if you asked your bank for advice, too, about a pension transfer. For information about our privacy practices, please visit our website. If you disable this cookie, we will not be able to save your preferences. Your pensions advisor can look at each option and calculate which one is more financially viable for you and provides the most benefits. If you’re not yet at retirement age and are contributing to a UK-based private pension scheme when you move abroad, you can continue to do this for five years. Unless your new country of residence has a double-tax agreement in place, you could end up paying tax both there and in the UK. Make sure that you We use Mailchimp as our marketing platform. Depending on the terms of your pension scheme, you can usually transfer a private UK pension to an overseas pension scheme. Contact your pension provider for specific information about moving abroad. By clicking below to subscribe, you acknowledge that your information will be transferred to Mailchimp for processing. It’s important to know that a UK pension provider may charge you for withdrawing your pension and transferring it to another country, so always seek advice from one of the pensions experts we work with, who can identify the best option for you. The process of transferring your UK pension to a scheme abroad can be fairly simple if you have knowledge of the market. Let us match you to your perfect financial adviser. Once you understand the financial implications of transferring your pension pot abroad, you can begin to proceed with the transfer. It can be helpful to know that you have someone who can liaise on your behalf as well as managing any paperwork or translation issues.