When moving abroad you will have to make a number of important decisions regarding your finances, for both the present and the future.
However, the most important financial factor to maintain effectively is undoubtedly the matter of your pension. Here a few tips with regards to looking after your pension interests when moving abroad.
1.The first thing to do is book a consultation appointment with an independent financial adviser. They will be able to give you advice with regards to the new pension opportunities that may be available to you as an expat, including offshore pensions transfers such the QROPS.
2. Find out if your expat destination has a reciprocal basic state pension agreement in place with the United Kingdom.
3. Your pension could be paid in sterling yet you will be spending in another currency so keep a reserve of funds to account for adverse fluctuations.
4. Be sure to inform HMRC, your local social security office and the Department for Work and Pensions about your move abroad. Also tell your bank, building society and any other financial institution that you are connected with about your move abroad.
5. Investigate what effect offshore banking will have on your pension, in many cases travelling overseas and banking offshore go hand in hand- and also create great pension options that may not be available if you remain in the UK.
These are just a few points of consideration that are worth remembering when you move abroad. To gain more in-depth information please visit our Pensions and Retirement Planning section for advice on what to do with a pension when you leave the UK.