UK Pension Transfers

The UK pensions landscape has been subject to constant change lately with the introduction of new rules and regulations, and it will continue to be subject to review and most likely, change, year by year. As a result, anyone that has a UK pension, no matter how big or small, should get it reviewed by an expert to see how the changes may have an impact on them – either positively or negatively.

Above all, if you have a UK pension you should take professional advice to review your retirement planning, ensuring that it is on track to provide you with sufficient income in retirement.

Whilst not everyone may benefit from transferring an existing UK pension, there can be significant key reasons for doing so.

Benefits of transferring pensions include:

  • Immediate testing against a reducing UK Lifetime Allowance (LTA)
  • Identification of any potential future taxes now
  • Possible higher tax free lump sum
  • Potential tax savings when taking an income in retirement
  • Greater investment options (depending on the existing scheme)
  • More control and flexibility
  • Early retirement options
  • The ability to pass money on to your spouse or children.

For an expatriate a pensions health check is a prudent move as it may identify any potential funding shortfalls, as you can no longer contribute to any UK pensions.

There are a variety of options for pension holders including UK based Self Invested Personal Pensions (SIPP) or Recognised overseas pensions schemes (ROPS).

We can recommend a UK Pension Specialist to review your circumstances, and they can offer an initial face to face meeting to discuss your goals and aspirations and assess the most appropriate pension for your specific needs.

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