I'm abroad working; what should I do with my UK pension?

greyster

Hi

I work in the USA. I worked for my last UK employer for 18 months prior and they have asked whether I want a refund of contributions or to transfer it.

The refund is only about 1500 quid, but the transfer value to another pension is nearly 7500.

I'm working for a company in the USA now and I can't transfer it out to the states, I don't want to either.

Should I refund or is there an option to set up a personal pension in the UK and have the 7500 transferred there?

I've researched this on and off over the past couple of months and I'm really struggling to see what I should do. I have no clue where I could create a private pension to hold this money or whether it is a good idea.

atush

Yes you can open a PP to transfer to ( I think) but you will not be able to add new money to it as you are no longer resident. You would be able to restart contributions should you return to work in the UK.

you may also qualify to transfer it to a personal pension offshore in the Channel islands/IOM or elsewhere.

greyster

thanks. I feel it may be too late, they issued a cheque although I want the transfer. Wish i had the time and support to have made the right decision in the first place. I'm asking the pension scheme to reconsider however I don't think they need to help me now.

atush

Guess you waited to long, they generally give you a few months.