An increasing number of expats are requesting information on how to transfer UK pensions. To determine if this is the right option, deVere provides independent financial advice. This is done through a four-step complimentary review.
Defined Benefit Pensions
Defined Contribution Pensions
|Assures a specific income until death.
|Depends on various factors such as the amount you pay into the pension pot and how well the investments do.
Members may be able to exchange ongoing lifetime income for one-off lump sum (CETV).
Remaining pension pot can be passed to beneficiaries upon death.
|The amount you will receive depends on factors such as your salary and years of service.
|The more you pay in, the more you could get back when you stop working. However, this is dependent on the performance of the pension fund.
A SIPP (Self-Invested Personal Pension Plan) is a type of personal pension scheme which allows people to choose from a broad selection of investments approved by a pension trustee. With a SIPP, you can choose how your money is invested, which means you can have greater investment control over your pension.
A QROPS (Qualifying Recognised Overseas Pension Scheme) is another HMRC-recognised pension transfer scheme that is based in a jurisdiction outside the UK but keeps the same standards or equivalent as a UK pension. It allows UK nationals living abroad to gain full control of their UK pension.
A QNUPS (Qualifying Non-UK Pension Scheme) may be an ideal solution for both UK residents and non-UK residents who wish to fund their retirement while also wishing to pass retirement assets on to their loved ones upon death. The pension fund can be used by you during your lifetime and any remaining balance can be passed on to your chosen heirs upon death.