Pension - should I contribute

matrix1781

I am a foreign national working in UK. I have been working here for the past 1 year and contributing to my company pension scheme. I will have to leave the country after 3 years. what will happen to this money after 3 years? Can i withdraw this money after 3 years?

mania112

Depends which country you're returning to?

EDIT: Although I think i'm right in saying under no circumstance can you withdraw the funds in 3 years time (assuming you're currently under 52yo)

atush

It depends on where you will go.

You could leave the pension to grow and take it when you retire in your new country. You could transfer the pension to a pension in your nre country if allowed. You could transfer the pension offshore to a QROPS plan.
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So you wont lose your money, and it will be there to help you provide funds in retirement

matrix1781

I am 31 years old. I could move to US, UAE or back home to India after 3 years. Am i right in assuming that if the pension is transfered to a QROPS plan I wont be taxed on that amount?

atush

you will be taxed on income drawn from it in your country of residence using the tax laws and personal allowances of the country concerned.