UK Money News
28th February 2008
Brits told: Plan your pension getaway
Brits looking to move abroad should pay heed to their pension provision when planning their getaway, experts say.
More people than ever are looking to find a new life in different countries, as the ease of travel, familiarity of what were once exotic locations and the general trend of globalisation have made it a less daunting challenge.
The Office for National Statistics says that the number of emigres is now at an all-time high, with more than 400,000 leaving these shores for longer than 12 months in 2006, but there are some pragmatic steps Britons should take before taking the plunge.
Financial advice firm Siddalls said those looking to move abroad should seek advice and conduct some "proper planning" to ensure that they can bring their pension fund with them.
Pensions adviser Robert Brealey said with the right advice it can be a simple process but stressed that individuals needed to register with the Inland Revenue to become a Qualifying Recognised Overseas Pension Scheme (QROPS).
"Once [an overseas] scheme has registered to become one of the QROPS schemes, they can accept transfers from a UK pension fund," he explained.
"Once your fund has been transferred overseas, you will be subject to the rules of the country where your new pension scheme is based."
One thing to keep an eye on is the exchange rate, as any delays on transferring a fund might mean a loss, if the destination's currency rate fluctuates.
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