Transferring my pension to Hong Kong?

JohnHull

I have enrolled in my current employer's Flexible Retirement Plan (managed by Standard Life) for less than 2 years, and my pension has less than £5k (all were contributed by my current employer). I am gonna leave my current employer in UK and join a different company in Hong Kong.

Is there any way to cash in my UK pension or do I have to transfer my UK pension to a QROPS based in Hong Kong? Thank you.

Debt_Free_Chick

No you can't cash it in or get hold of the money in any way.

What are your long term plans? You can simply leave the plan here in the UK if you intend to return at some time or retire here.

JohnHull

I don't intend to retire in UK. Is it transferring the pension to somewhere else the only option now? Thank you.

Debt_Free_Chick

You need specialist advice, although it's doubtful that would be beneficial, given the amount of money involved.

Ideally, you need amass funds in the country in which you intend to retire; or potentially "offshore" if you're not sure where you will retire.

It's only worth transferring this pension fund to HK if you intend to retire there. If not, then you'll be transferring it at some point in the future.

QROPS-quest

Hi John Hull, I imagine you'll have already checked this one out but just in case:

I'm not too sure of the current rules but some years ago when leaving a company and having contributed to their pension scheme for "less than two years" you would get back all of your contributions when moving on. Maybe that still applies in your situation, its worth checking up on?


Also, as mentioned above, 5k is too small an amout to set up in a QROPS.
Hope this helps.
QQ

Debt_Free_Chick

QROPS-quest wrote: »

I'm not too sure of the current rules but some years ago when leaving a company and having contributed to their pension scheme for "less than two years" you would get back all of your contributions when moving on. Maybe that still applies in your situation, its worth checking up on?

Apparently (according to the OP), it's all employer contributions.