UK Pension transfer has undergone several changes in the last decade. Many expatriates have taken advantage of the new pension transfer rules. They have greater control over their pension assets.
Anyone who has a pension in the UK could potentially benefit from the new rules. They are particularly relevant for those who do not intend to retire in the UK.
Transferring your pension out of a UK scheme is an important financial event. You should receive qualified advice before taking the step. As this is a specialist area of financial planning, not all advisers are qualified to give advice on all pension transfers. Make sure you understand what you are giving up, as well as what you are gaining. Charges will be a key consideration.
Due to the costs associated with the initial and on-going advice, those with less than £250,000 are less likely to benefit from this type of service. However, due to the current low-interest-rate environment, an estimated pension income of just £12,500 a year may result in a lump sum of this value being paid to the former employee.
What Should I Do Next?
Please contact us for more information on pension transfers.