Pension Plans for non UK residents

EmilySara

Hi Everyone,

I subscribe to Martin but am new to the forum and am hoping that I may be able to get some advice on here

I am a UK citizen however having been living in Australia for the past 1.5 years. I have a UK pension however they have now told me that I can no longer pay into this as I am not classified as a UK resident.

As I will be moving back to the UK in the next couple of years I want to keep paying into a UK pension and was therefore wondering if anyone knew of any pension providers that allow you to open a new pension even if you are not a UK resident. There doesn't seem to be much help on the internet for Expats who want to pay into a pension

Any help is very much appreciated!!!

Thanks so much

Emily

bigadaj

It will be difficult because of checks and regulatory issues, the first point to make is why would you want to lay into a uk pension when the main reason for doing so is nrimally tax relief and you don't have any uk tax to get that relief on.

What are the arrangements in Australia, I'd look there first and with your current employer as well as looking into how this could be transferred in the future, qrops can be used the other way but you'd be better asking in an Australian forum maybe.

The other thing you can do is save money at the moment, even in cash I believe you get a far better retrain in oz, and when you return you can use this money to pay into a uk pension on which you get tax relief up to your annual earnings in the uk.

xylophone

http://www.aviva-for-advisers.co.uk/site/public/tech-centre/tech-article-detail/overseas-opportunities-for-personal-pension-members
may be of interest.

atush

The most important thing is understanding that pensions are a tax wrapper. AS such, they give you tax relief. So if you arent resident, you paid no tax to be relieved?

So open a brokerage acct, and invest. You can then move these investments/money into ISas and pensions on your return.

And yes, look into private pensions in Australia and see what they offer.

bigadaj

BeverlyMcharg wrote: »

Hi Emily

I currently deal with UK expats and International workers living in Australia with UK pensions. I can help should you require any advice.

Thanks
Beverly

Be very wary of offers to deal with pensions by random posters, particularly outside the uk as there will be even less regulation .

DonM

First off, since you intend to move back to the UK in a couple of years a QROPS is unlikely to be of use. If your intentions are to move in a couple of years then save and transfer the amount on your return into a pension (you can invest up to 100% of your income per year). This way you will receive full tax relief on the amount. If you are a higher rate tax payer when you return you may wish to stagger your payments over a few years to ensure you get higher rate relief on the full amount. It all depends on your circumstances.