Pension - Emmigration Implications?

clarkey_2

Hi,

I'm 24 and I'm getting married next year to a Canadian. Upto now, I haven't started a pension yet and I've just been made redundant. Anyway, hopefully that won't be for long. In the much longer term I'm looking to move into the IT contracting market.

While we're planning on staying in the UK, we can't rule out a move to Canada in say 10 or 15 years. I'm just wondering if there is anything I should be aware of when we're thinknig of possibly emmigrating in 10 or 15 years.  I'm pretty sure there are state pension implications. I just want to make sure that I'm aware now - rather than later.

I realise this is quite vague, but some general places that I should look would be great.

Thanks in advance.

littleangel

I'd recommend checking the Inland Revenue website (sorry, don't have the address to hand). Normally it's not an issue, but if you are not "resident" in the UK during your retirement (not sure of the definition of this), then different rules apply to different countries.

Which also means that different rules may apply to different countries in the future as well, so the situation now may not be the situation when you retire. Basically I'm in the same situation re: Australia. The big problem is that your State Pension and / or State Second Pension may not increase with inflatino year-to-year. You can't do anything about the State Pension but you can opt out of SERPS if you think that this will be a problem. I'm not an IFA at all (and my IFA wasn't aware of it - have since decided that he's not that good).

But you need to consider whether you will still be considered a UK resident for pension purposes, and if not, what the implications are if you are resident in Canada. And then factor in the potential change in this definition in the future!