Get expert advice on how to prepare and plan your pension abroad

You need to be prepared for life after paid work ends. Retirement planning is the process that helps you prepare for that stage in your life.

At its core, retirement planning is about achieving financial freedom, in other words, having the funds to live the life you want when your regular income from work stops. This is usually done by putting processes in place and setting up sources of income that support you for life.

Think of a retirement plan as a roadmap leading you from where you are currently to where you want to be when you retire. Of course, everyone's journey is slightly different, so there is no one-size-fits-all approach. Ultimately, reaching your retirement goals is the product of careful planning.

It's never too late to start planning, but the sooner you start, the better retirement options will be available to you.

To achieve long term financial security in retirement, it is worth taking a good look at your finances and the way you hold your assets. That starts with finding out the current value of your UK pensions, with a free track and trace service from our recommended partner.

What is retirement planning?

No matter which country you choose to live in, the end goal remains the same. You need to be prepared for life after paid work ends. Retirement planning is the process that helps you prepare for that stage in your life.

Retirement can become one of two things, perhaps the best stage of your life with all the free time saved from not working, to be able to travel to the places you´ve always, regularly fly back home to see family and be able to buy the things you´ve always wanted. Effective retirement planned can help provide you with the financial freedom to enjoy your later years.

On the other hand, without the right planning it can be quite the opposite. Retiring without enough income to enjoy not working or without enough savings to cover emergencies, life abroad may be short lived.

What is an Expat Pension review?

Understand what type of pensions you have and explore what changes you may need to consider as an expat. Your adviser will be able to assess your circumstances and guide you on how best to maximize your pensionable income and minimize taxes in both your home country and country of residence.

Speaking to an experienced and qualified adviser that understands the pension rules in both the UK and your country of residence, will ensure your financial planning has all angles covered.

Learn what pension products are available to you and the alternatives to annuities. Discover effective estate planning strategies to minimise potential taxes for your family in the event of death and be sure not fall short of cross-border tax rules.

As a member of Expat.com, you can request a free Expat Pension Review with our recommended partner. Working with the world's leading financial institutions they bring you exclusive offers that are unavailable anywhere else. They will also show you how to take advantage of any tax breaks and other benefits available to you as an expat. As an award-winning expatriate adviser, you will also have access to expat-only accounts and the ability to minimise charges - so your money can grow faster and safer than ever before.

What are the potential benefits of transferring my pension abroad?

There's nothing to lose from claiming your free financial review, but potentially lots to gain. In the worst case scenario, the adviser will tell you that you're already in the best position with nothing to improve your current situation. In most cases however, there will be at least one aspect area of advice to enhance your financial situation.

The potential benefits of a pension transfer include the following; however, you may not be eligible to benefit from some or all of these:

  • Tax-free growth beyond the UK's lifetime allowance limit
  • No income tax charge on death after age 75 if the beneficiary is non-UK resident
  • Protection against future exchange fluctuation risks provided that your QROPS funds are in your local currency
  • Benefit from broad investment choice (like a SIPPS in the UK)
  • Portability and flexibility
  • Consolidation of multiple pensions for easier management
  • Potential of increasing a spouse's pension
  • Potential of planning pension income drawdown to mitigate tax obligations
  • Learn how best to protect your wealth and maximise your retirement income
  • Understand your tax liabilities where your domicile (home-country) and your new country (tax residence)
  • Compare different pension schemes available to you - SIPP vs QROPS vs QNUPS
  • Receive expert advice from someone who understands your local tax regime and retirement solutions
  • No obligation report provide summarising your options in black and white

Should I transfer my pension?

Considering all the foregoing information and advice, the answer to seek professional unbiased advice.

You need to have a comprehensive and specialist appraisal done of your pension assets, your personal financial and tax position in general, and your retirement plans.

What you need to know

Transfer Values are Unusually High

Some pension schemes have been providing members with an abnormally large sum ('transfer value') if the member opts to leave the scheme. The large sums that have been available have in some quarters been seen as an incentive to leave the scheme, which in turn lowers the ongoing liability the employer has to fund.

The UK Lifetime Pension Allowance Could Catch You Out

The UK has a `Lifetime Allowance` in place when it comes to the size of a pension pot each individual is able to accumulate. When the total value of all UK pension benefits (excluding the State Pension) exceeds £1,073,100 the government's lifetime pension allowance is breached and there are severe taxation consequences.

While £1,073,100 may appear to be a large sum, it is possible to exceed the allowance if you have been making personal pension savings, possible employer contributions and of course investment growth.

It's crucial to remember that, regardless of where you live, this is subject to additional UK taxation of 55 percent when taken as cash or 25 percent as income. The UK Government to date has taken hundreds of millions of pounds in extra taxation owing to this rule.

To prevent or reduce tax penalties, those nearing the limit should explore HMRC's 'protection' options or consider switching to a QROPS.

Quality Professional Advice is Essential

There are a huge number of complicated rules in place in the United Kingdom when it comes to pensions. As a result, it's critical to get specialised, professional advice to assess whether transferring is the correct decision for you.

To create a viable and effective plan, your adviser should take into account your specific position, needs, and ambitions, as well as the cross-border tax implications.

What is included?

An independent review of your current/expected retirement income and pensions, with an overview of your liability to taxation. Understand how to best protect your savings, maximise interest and utilise tax breaks you may be entitled to, for both you and your family.

Take peace of mind from a video consultation with a highly qualified adviser, who will quickly examine your affairs, provide a detailed summary of your options and advise you. They specialise in understanding tax efficient savings and investment structures in your country.

Topics included within your free consultation - retirement planning, savings & investments review, pensions review, taxation review, healthcare overview.

Who is the service for?

The service is designed for those who meet one of the following criteria

  • You have UK Personal or private pensions with a current value in excess of 50,000 GBP
  • You have savings in excess of 25,000 GBP / EUR / USD
  • You have existing investments held within the EU or Internationally
  • You have the ability to save 500 GBP / EUR / USD per month

How do I get my free review?

You can request your free review by completing the form below. You will then receive a message to schedule a convenient day/time for your appointment.

Our recommended service provider is Holborn Assets, who are an award-winning, cross-border financial planner that specialises in financial planning for our expatriate members worldwide. You are entitled to up to 2 hours of free consultation, courtesy of Expat.com. Please complete the form below

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