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You have several options to consider for your pension when moving abroad :

Option 1 – leave your pensions in the UK pension plan.

Your pension when moving abroad will continue to be held by your pension provider until you claim it. You can request early payment of these pensions from age 55 at which point you may be able to take up to 25% of the value as a lump sum and use the remaining amount to provide a pension for your lifetime.

Anybody who has a defined contribution pension scheme will be permitted to access their pension pots as cash from the age of 55.

If you are not able, or do not draw your pension when moving abroad, at age 55 you can claim your pension from your normal pension date. If you decide on this option it would be worth asking for regular updates of your pension if this is not automatically provided.

Option 2 – transfer your UK pension when moving abroad to an approved arrangement in your new country of residence.

It may be possible to transfer your UK pensions to a pension arrangement overseas if the pension plan is a Qualified Overseas Recognised Pension Scheme (QORPS). In order to qualify as a QROPS and in order to transfer to a QROPS certain conditions must be met, you can read more about QROPS here.

Option 3 – Paying into a UK pension scheme from abroad

Living abroad, or working for an employer who is based overseas, no longer limits the amount either of you can pay into a UK pension scheme. The downside is that tax relief may be limited – or not available at all.

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