Retiring Abroad With Your Non-State Pension

If you choose to retire abroad you are entitled to receive your State Pension in your new country of residence. However, where you move will affect how much State Pension you receive. For more details of how your retirement plans could affect your State Pension, see Retiring abroad with your State Pension.

If you choose to retire abroad your non-state pension should remain unaffected. You may have to pay extra charges if you wish to keep your pension fund in the UK but have your pension paid into a foreign account, but moving to another country will not affect your pension entitlement. You are also allowed to move your pension fund with you to a foreign pension scheme or insurance company. The company you choose will usually need to be approved before you are able to transfer your funds. If your pension fund exceeds the Lifetime Allowance when you come to move it abroad, the excess will be subject to taxation at fifty-five percent. For more information on the lifetime allowance, see Lifetime limit for pension savings. If you are planning to retire abroad, you should consult your pension scheme administrator and ask for advice on how best to do so. It may also be worthwhile to approach an independent financial advisor for assistance, to ensure that you move your funds in a way which incurs the least penalties.