Whether you are moving abroad for a work placement or for your retirement, the big question about your pension is should it stay or should it go?
Some investors may be put off the idea of the perceived hassle that may be involved in transferring their pension assets to an overseas scheme. But if you have an adviser managing the transfer for you, there should really not be much to do.
The question should really be whether the benefits of a transfer would be worthwhile.
This depends on what kind of UK pension you have. It used to be the case that those with final salary schemes would almost certainly decide to keep their pensions in the UK, as they were unlikely to find schemes abroad that could offer that level of guaranteed income.
However, final salary schemes are being reviewed left right and centre, with some changing to career average schemes. Accordingly, if you have one of these it may still be worth chatting over your options with a QROPS adviser to see what our options are.
Have you taken any benefits yet from your scheme? If you have, this may even affect your ability to transfer your pension assets, as some schemes will not consider letting you make a transfer in these circumstances.
You may have got the impression from the media that QROPS are aimed exclusively at the superrich. However, this is not true. Whilst the superrich do take advantage of opportunities to invest offshore and overseas, QROPS are available to everyone. Some providers may have a minimum level of investment, but to be fair the fees involved may not justify the move if your pension is smaller than this amount.
Speaking of fees, you may find that the charges involved may be comparable to those charged by domestic pension providers. There is a lot of competition out there for your business, and a good QROPS adviser should be able to find you a good deal.
