Advice on international pension plan

Liveoverseas

Hi all

Long term reader making my first post.

I have been living and working abroad for a couple of years now and have 1) realised that I will continue to for the foreseeable future and 2) just turned 30, therefore pension plans are on my mind.

Does anyone have any experience or advice about plans that I can pay into from abroad? The nature of my work is that I move country a lot so would prefer something in the UK (once i settle a bit I look into local investments as well).

Thanks in advance

Daniel_Elkington

Are you planning to return to the UK to retire?

Unless you have some UK income then there is relatively little benefit to any UK savings as you cannot get an ISA, you cannot get any tax relief on a pension. You could consider collectives (accumulation class shares so there is no income) for savings or alternatively you could consider property in the uk, in which case I'd give an independent chartered surveyor a call to find you the right property. Poyntons are good at that.

Where are you working at the moment?

Is it likely to be a long-term placement or do you move tax jurisdiction a lot?

What is the financial services industry like where you are working?

xylophone

Have you ever worked and paid NI in the UK? https://www.gov.uk/international-pension-centre
You might need to consult this type of firm? http://www.yourexpatmoney.com/pensions-and-expats.htm

atush

Look at keeping up your NI contributions, and examine the pensions on the country where you live. you may be able to transfer them with you when you leave, or can transfer them to one someplace such as the Isle of Man.

Examine the NI where you are, as some give you a pension (even if reduced) after some years. For instance, Jersey is abt 5 years, USA is 10.

Aegis

Liveoverseas wrote: »

Hi all

Long term reader making my first post.

I have been living and working abroad for a couple of years now and have 1) realised that I will continue to for the foreseeable future and 2) just turned 30, therefore pension plans are on my mind.

Does anyone have any experience or advice about plans that I can pay into from abroad? The nature of my work is that I move country a lot so would prefer something in the UK (once i settle a bit I look into local investments as well).

Thanks in advance

You can contribute to a UK pension in the same way as a resident non-taxpayer for your first 5 years of non-residence, i.e. paying in £2,880 will be grossed up to £3,600. Otherwise there are a number of overseas pension specialists located in the Channel Islands, but they tend to require fairly high minimum investments before they'll deal with you.

You might also want to consider checking out the local retirement planning options, especially if you're looking to stay abroad for the long term.

rabbitmumu

many rich people are looking into ways of NOT contributing to any UK pension plans ( i.e. offshore if possible) while you are looking into paying something into UK ...why?!

Aegis

rabbitmumu wrote: »

many rich people are looking into ways of NOT contributing to any UK pension plans ( i.e. offshore if possible) while you are looking into paying something into UK ...why?!

Most of the rich people I know are trying to get as much as possible into UK pensions rather than getting money offshore. There are some great tax advantages at the moment, after all.

rabbitmumu

Aegis wrote: »

Most of the rich people I know are trying to get as much as possible into UK pensions rather than getting money offshore. There are some great tax advantages at the moment, after all.

really? probably we are not talking about the same group of "rich" people here...