Transferring your UK pension isn’t a new concept, it is, however, an option that requires a lot of thought. With transfer values continuing to rise, non-UK residents with a UK pension are now considering this option in the search for greater pension control.
Arm yourself with the knowledge to make educated decisions.
Typically, 50% of your UK DB pension is passed onto your spouse upon death. If your children are your next of kin, they will only benefit if they are still classed as a dependant (Under 21 and in full-time education).
You can’t transfer your pension to another person whilst you are alive.
If your pension is worth more than £30,000, you are legally required to consult an FCA registered financial advisor. However, when you are considering a UK pension transfer, we would always recommend you seek the advice of a professional.
This depends on the structure and vehicle you choose to hold your pension monies. Typically you can expect to be charged between 1-2% per annum as a total expense ratio (TER).
This depends on several factors and adds to the statement - Seek professional advice before transferring your pension.
Factors that affect your overall tax stance:
- Country of Residence
- Double Tax Agreements (DTA's)
- Total Yearly Income
- Place of Pension
Anyone has the right to review their pension arrangement, however, not everyone has the right to transfer their pension. Most public sector unfunded defined benefit pension arrangements are prohibited from transferring restructuring.
If you fall outside of the government-funded public sector, you have the right to take advantage of the 2015 pension freedom act.
For defined benefit pensions you'll see no penalty.
For defined contribution pensions, the provider may impose an exit fee for leaving the scheme. Saying this, it is typically only with schemes set up in the '80s. The newer structures are usually free to transfer.
At WhiteKnight we know that making changes to your UK pension can be daunting, which is why our team of experienced UK pension Advisors are here to answer the questions most pension holders are asking.
The financial advisers offering advice under WhiteKnight are members of:
Trafalgar International GmbH (Authorised and Regulated in Germany: License according to § 34d Abs. 1 GewO (Insurance) Supervisory Authority: Chamber of Commerce Frankfurt, Insurance Intermediaries Register, Registration no. D-FE9C BELBQ-24)
Financial Services Network Ltd licenced as an Investment Adviser (unrestricted) and as an Insurance Broker by the Mauritius Financial Services Commission (licence number C116016070).
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