Moving abroad is a big step for anyone – whether for a new career or to retire. There’s a lot of planning involved and once you have made the move – getting your bearings can take some time.
So a little bit of retirement planning before you move can go along way to helping you settle into your new home.
Some things to consider are:
- What type of pension or pensions do you hold
- Which country you are you going to
- Your age and time until you retire
- Your current financial circumstances
Many people think of transferring their pension overseas as they can benefit from attractive tax breaks and high pension transfer values – depending on the type of pension you have and where you are going to live.
You may of already heard of terms such as QROPS or ROPS – which are officially registered HMRC pension schemes. To make it worth going through the process, a minimum value of at least £50,000 is required and you must live abroad or be planning to move abroad.
Deciding when to transfer depends on your situation and the options available to you but getting the best advice is recommended to ensure you get the timing right to minimise your tax liability. However, once done you can sit back and look forward to retirement.
For more information you can read our free overseas pension guides here.
If your are considering an overseas pension transfer then get the best qualified advice from Brite Advisors. We provide free, regulated advice and low fees to maximise your pension’s value ready for retirement. Simply get in touch with us today.