What should I do with my UK Teachers pension?

Last activity 31 August 2015 by bt08237

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1967tazzContributor17 May 2011 08:31:28

120

Hello all,
As I have said earlier when asking for advice, Both my wife and I are leaving the UK in the summer to move to Jeddah to teach. What do you know, or what experience do you have about the benefits of taking your pension pot out of the UK when you move. I think the scheme is known as QROPS. With all of the changes to the Teachers Pension Scheme, ie more contributions, the need to work more years prior to being able to retire, taking our pensions out seems to good an offer to miss. Any advice please.

SaudiUKSerial expat17 May 2011 16:53:26

544

Please check if you can take your pension out?

From my understanding you can take it out only in the first two years (and they take a 20% tax cut)

After 2 years they offer you the option to transfer to another pension fund...not get hold of the money.

Please do check (im not a teacher, am a chartered accountant but not upto date with pensions - been in Saudi for the last 18 months)

The QROS SpcialistMember28 June 2011 10:11:35

Hi,
You might be able to transfer your pension abroad into something called QROPS, Qualifying Recognised Overseas Pension Scheme

bt08237New member31 August 2015 05:43:02

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