Moving abroad, and embracing a new lifestyle, can be exciting. As well as planning for a move, you’ll need to think about your finances including your pension plans. George Howard, our Chartered Financial Planner, explores the essentials you might need to consider when it comes to expat pensions.
Living and working overseas can offer some great opportunities to boost your pension and retirement savings. 300,00 Britons move overseas each year, with 4.7 million British expats currently living abroad. If you’re moving abroad to retire, it’s likely that you’ll be in a position where your pension pot can start to pay itself back. But if you’re still working, and retirement is some way off, then it’ll be important to take stock on whether your existing arrangements can port overseas, or whether you need to think about alternatives.
When it comes to expat pensions you may have more options available, and which you could make the most of whilst you’re abroad. Some UK schemes can be put on ice, especially if they offer benefits which it would be sensible to keep hold of. You might also be able to explore a QROPS (Qualifying Recognised Overseas Pension Scheme) which are specialist plans approved by the UK government for Britons working abroad. Alternatively you might need to set up your own arrangements, especially if workplace pension schemes aren’t a statutory requirement in your new country.
Understanding some of the key steps when pension planning as an expat can be confusing. Our new guide aims to explain some of the options available to you, and key factors to consider.
Download our guide to expat pensions
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An overview of how to understand what type of pension you have, and whether you can continue to contribute to your existing UK scheme is also covered. There are also some helpful pointers about how to save for retirement without a pension.