Expat Pension Advice
Choosing to move abroad and begin life in a new place can be exciting. During the transition, it is important to ensure you have your own robust pension or retirement savings plan in place.
Financial Planning While Living Abroad
If you are leaving the UK, whether to work or retire, it is essential to ensure all of your financial affairs are in good order. Progeny has a global reach enabling us to provide you with the knowledge required to navigate your pension planning requirements.
A pension means you can enjoy income and security in retirement. By setting up your pension with an expert in the UK as soon as you can, you can make the most of any tax advantages and other benefits. This can help you build a solid foundation for your future financial security.
If your career plans mean that you move between companies, don’t leave it until retirement to review your pension assets. A financial planning professional in the UK can review multiple pension pots, and help you decide whether to move, consolidate or retain them to make the most of the benefits.
With offices worldwide, we can offer services globally and our extensive network of experts ensures that we are accessible and available to your needs.
Progeny has experienced pension planning experts around the world ready to help you.
Our tax experts can help you to determine your UK tax liabilities while living abroad.
Saving for retirement without a pension
While many companies outside the UK will offer a workplace pension scheme, in some parts of the world this might not be available. If you’re in this position you may need to explore other options.
Our UK qualified professionals can work with you to review your current assets, UK pension plans, current circumstances and long-term goals. They can then create an investment portfolio that you can contribute to on a monthly basis in place of pension contributions.
This option can be used not only while you are living abroad but throughout your life – even if you were to return to the UK or move to another part of the world.
01
UK Pension – Defined Benefit Pension
This is a retirement plan where your employer guarantees to pay you a specified benefit at retirement age.
The benefit amount is typically based on a number of factors including your length of service, salary, and other aspects. Defined Benefit Pensions are becoming less common in the private sector but are still offered by some government agencies and large corporations.
02
UK Pension – Defined Contribution Pension
This option involves both you and your employer contributing a specific percentage of your salary into a workplace pension. The contributions are invested in a variety of investment options such as mutual funds, stocks, and bonds, and the value of the account grows over time based on the performance of these investments.
03
SIPP (Self Invested Personal Pension)
A SIPP, or Self-Invested Personal Pension, is a UK government approved scheme enabling an individual to hold a wider range of investments within their pension.
04
QROPS
QROPS is a pension scheme established outside of the UK, but which meets certain standards set by the UK government. It offers British expats the option of transferring their UK pension benefits to a foreign pension scheme, while retaining certain UK tax benefits
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Frequently Asked Questions
A pension is a savings vehicle which you can use to fund your income through retirement. Most pensions share similar characteristics – they are a long-term investment tool which can be accessed in later life. Many have tax advantages too.
A pension means you can enjoy income and security in retirement. By setting up your pension as soon as you can and working with an expert, you can make the most of any tax advantages and other benefits. This can help to build a solid foundation for your future financial security.
UK Pension contributions can benefit from up to 45% tax relief, which means that the money you contribute to your pension will be topped up by the UK government. Money inside a pension also grows free of Capital Gains and Income Tax, making it a more efficient vehicle in which to grow your investments and they can even be advantageous for Inheritance Tax Planning too.
Check the rules of your pension scheme to see if there are any restrictions on moving your pension abroad. Some schemes may require you to take professional financial advice or obtain a transfer value analysis before making any moves.
A qualified financial planning professional can work with you to review your current assets, UK pension plans, current circumstances and long-term goals. They can then create an investment portfolio that you can contribute to on a monthly basis in place of pension contributions.
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Please note
The Financial Conduct Authority does not regulate income tax planning, will writing, trusts or inheritance tax planning.Tax treatment depends upon individual circumstances and is based on current UK tax legislation, that is subject to change at any time.
This communication is not investment advice. The value of investments and income from them is not guaranteed, can fall, and you may get back less than you invested. Your capital is therefore always at risk. Past performance is not a guide to future performance. If you invest in currencies other than your own, fluctuations in currency value will mean that the value of your investment will move independently of the underlying asset.
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