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.  Â
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.  Â
The earlier you start thinking about kick-starting your post-work financial life, the easier it will be for you to make the required payments to ensure that you enjoy a stress-free retirement. Whether you’re early or mid-career, just about to start your retirement or retired already (for estate planning), the time to start proper planning is now. Contact deVere’s qualified pension experts for specialist, independent advice today.  Â
Depending on where you are in the world, you may have to pay tax when you draw money from your pension. Alternatively, people living in nations with no income tax such as the U.A.E which have double taxation agreements with the UK, may be able to draw their entire pension tax-free. deVere provides pension advice in over 100 countries including Spain, Germany, and the UAE.  Â
People living outside of the United Kingdom and being members of pensions held in the UK often ask the following questions: Can I keep my pension in a divorce? Will divorce affect my pension? How much of my pension will go if I get divorced? Here are some of the things you should be aware of concerning this topic. Â
Once a member reaches the age at which they can benefit from their pension, they can transfer funds into their bank account. Schemes have different rules as to what type of bank account they can transfer funds into. Â
There is no limit to how long a UK pensioner can stay overseas. However, there are certain considerations UK pensioners should think about, including health care access, currency conversion from their GBP UK pension into their local currency and income tax laws. 
A UK pension state and workplace pension can be accessed from overseas. In terms of ongoing servicing, an increasing number of expatriates are opting to receive localised advice in their country of residence. This will often involve advice on investment and currency management, drawdown (if you have a Defined Contribution pension, this is a way of taking money out of your pension to live on in retirement), and estate planning.Â
