Retiring abroad? It is possible to transfer UK pension for expats and move your pension pot to where you want to spend the rest of your retirement age. UK retirees with defined contribution pension can either move their pension abroad or leave it in the UK and take their money from abroad. Some choose to mix these options together, leaving one of their multiple pensions in the UK and then moving another abroad.
Pension providers in the UK do not typically pay money from a pensioner’s pot straight into an overseas account. If they do, charges may apply, depending on the provider. An alternative to this is asking your pension provider to deposit the pension into a bank account in the UK so you can withdraw the money using your debit card from elsewhere in the world or transfer the money into an account abroad. These, however, might still be subject to exchange rates and bank charges, so always check rates with banks and providers.
Moving UK pension for expats is also possible if you don’t want the trouble of multiple money transfers. To do this, however, you need to transfer your pension into a qualified pension scheme that meet the UK standards. Just the same, transferring your pension pot abroad will likely change the about that you will get upon retiring. Be sure to consult with your provider about these details whenever moving UK pension for expats.
Depending on your country of residence, you may have to pay tax (UK tax and tax in your country of residence) on your pension, unless the country you are living in has double taxation agreement, which will shield you from being taxed twice. Transferring your UK pension abroad can be a complex task to tackle on your own, which is why it pays seeking the aid of financial experts to help you smoothen out the process.
