UK citizen working/living abroad?
Remaining in a UK based Scheme while working abroad
If you are a UK citizen working abroad the Pensions Simplification legislation in 2006 has made it slightly easier to remain an active member of a UK registered pension scheme while working overseas - the previous limit on periods of overseas working has been removed for example (although certain provider Pension Plans may not be able to accommodate this change within their rules). Thus, if you have a Pension Plan in the UK that you wish to continue investing in while employed overseas by a UK employer you or your employer may be able to continue paying into the Plan while you are overseas in certain circumstances.
However, while many employees are able to take advantage of tax incentives related to pension contributions the tax breaks associated with pension saving in the UK may not be available to employees who work in many different countries.
In order for an individual to receive UK tax relief on their contributions to a registered pension scheme they must meet certain legal criteria, for example, they must be a 'relevant UK individual'.
Managing your UK based Pension while abroad
If you have a UK based pension plan and are living outside the UK you may wish someone to manage and maintain your UK based pension funds while you are away. You may have a pension from a period of employment in the UK that you wish to retain here until you reach retirement or a transfer opportunity arises.
Your plan investments may 'drift' and lose touch with your initial aims, needs and objectives over time if left without management, funds may be downgraded and charges may increase thus eroding the value of your investment over time. If you have a substantial pot of money invested you may wish to more actively manage your investments while out of the country - in many cases we can do this for you. Contact us if you would like further information on this, or to establish if we can assist.
Click here to see our overseas case studies.