Some UK Pension Transfer Tips for Expats in the UK

Some UK Pension Transfer Tips for Expats in the UK

05:50 19 March in Blog

When you move to the UK from another country, it is important to know the changes in your tax residence status, which also alters how your pensions and assets are taxed. If you are an expat, it pays to be fully informed on how that can affect your financial goals. Here are some of the tips you should know on UK pension for expats:

  • Start learning before you go:

The best time to get financial advice on the matter is before you move. Start finding a UK-based pension transfer specialists and international financial advisory experts who can give you the information and sound advice that you need to make informed decisions. Make sure that they are a leading financial advisory firm for expats and emigrants between the UK and countries like Canada, Australia, New Zealand, and South Africa. The best service providers have given advice and consultation to government departments, insurance companies, and major banks.

  • Know that advice may not be regulated:

Trust and taxation advice are not regulated by the Financial Conduct Authority. The value of income and investments can fluctuate due to exchange rates and other factors, and you might get less than what you have invested.

  • Identify whether a transfer makes sense:

A pension transfer advisor can help you understand UK pension for expats and if it is a suitable solution for you. They may compare the existing benefits in your current pension scheme against what you will get in the superannuation arrangement or new pension, after the fees and taxes have been considered.

  • Remember your individual situation is different from others:

No financial situation is exactly the same, so it is best for UK pension transfer for expats to be tailored specifically to the unique needs of every individual. An expert on UK pension schemes and FS schemes can help you understand your situation and what you can do.