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Pension advice when living abroad

Moniker
Moniker Posts: 626 Forumite
Part of the Furniture Combo Breaker Mortgage-free Glee!
in Pensions, annuities & retirement planning
My eldest daughter(28) now lives in Germany where she has been studying for the past two years. She has just got a full time job (with an Italian company based in Germany) but there is no pension with it. She would be entitled to a German state pension if she works there long enough but is looking to make further provision as and when finances permit. Her job pays about 25000 euros (around £20k I think) so she will have to start paying back her student loan this year too.

My question is can she save in a UK savings account and is there any benefit in doing so? I know she can't put money into an ISA since she doesn't pay UK income tax - but can she buy premium bonds for example? Although she lives in Germany and doesn't foresee returning to the UK anytime soon, our home is her registered UK address and she has a vote here.

Any advice welcome.

Thanks

Moniker

Comments

  • dunstonh
    dunstonh Posts: 121,226 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    My question is can she save in a UK savings account and is there any benefit in doing so?

    She would be better saving in Germany. She will find it easier too as trying to set up a non-resident savings account in the UK will be difficult
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • xylophone
    xylophone Posts: 45,945 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    https://forums.moneysavingexpert.com/discussion/3905963
    post 3
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