Best private pension company for overseas working Brit.

Legacy_user

Hey folks.

I am from the UK currently working in Spain. I pay into the system here but don't know how long I will stay here.

I have a pension with standard life from when I worked in the UK but their reviews are terrible.

I am looking into a private pension I can pay into. Preferably a UK company. It will be like a monthly payment.

Anyone any good reccomendations or would I be best just putting the money into an isa until further down the line (2-3 years to I know what I'm at)

I'm 29 by the way.

Brynsam

Are you paying UK tax?

System

No. I'm classed as a Spanish resident for tax purposes.

Brynsam

You can pay into a UK registered pension scheme if the pension provider will let you, but will only get tax relief on your contributions (which in practice the provider claims on your behalf and adds to your pension 'pot' with them) if you are something called a 'relevant' individual. Were you resident in the UK in one of the last five tax years and, at the time you were resident, became a member of a UK registered pension scheme? If so (and sounds as if you did, with Standard Life), you can qualify for tax relief on your contributions of up to £3,600 in the current tax year (you pay £2,880 and tax relief at 20% tops it up to £3,600).

A simple stakeholder pension with low charges might be your best bet if you simply want to transfer your benefits away from Standard Life (although might be worth seeing exactly how your funds are performing - 'terrible reviews' could mean anything. You could always switch to another SL fund).

See https://www.cavendishonline.co.uk/pensions/stakeholder-pensions/.

TBC15

I'm not sure you can pay into an ISA if you are not UK resident.

Brynsam

TBC15 wrote: »

I'm not sure you can pay into an ISA if you are not UK resident.

Correct - you can only pay into an ISA if you are a UK resident.

System

What if I already have an online isa with my UK bank and just transfer money into it from my current account. I've had the isa for probably 10 years or more.

How would they actually address the issue. I wouldn't be making big transfers into it and the rate is quite low.

What's the worst they could do. Ask me to pay interest back? My banking address and correspondence all goes to my UK address.

Brynsam

frannyj543 wrote: »

What if I already have an online isa with my UK bank and just transfer money into it from my current account. I've had the isa for probably 10 years or more.

How would they actually address the issue. I wouldn't be making big transfers into it and the rate is quite low.

What's the worst they could do. Ask me to pay interest back? My banking address and correspondence all goes to my UK address.

The onus is on you to tell your ISA provider of your change of residence.

Bear in mind that ISA providers share information with HMRC and if you are paying into an ISA, you are effectively telling HMRC that you are resident in the UK - and they will expect you to pay tax on your worldwide earnings...

System

Surely HMRC would be checking national insurance contributions first. And see I don't pay tax or national insurance in the UK.

I literally operate on the app. I don't use the isa but I was thinking of transferring into it. The rate is rubbish but a couple of quid a month is better than nothing.

For a pension thread where many people pay into private pensions and maybe work abroad there doesn't seem too much info. Or maybe my post isn't topical enough to interest people.

These forums more people seem to tell you what you can't do rather than what you can.

Brynsam

frannyj543 wrote: »

These forums more people seem to tell you what you can't do rather than what you can.

Pensions, ISAs and the like all have tax advantages so are going to be hedged around with restrictions.

You asked a question. I answered it. Not my fault if you don't like the answer!

Dox

Might be good if you tried thanking the people who have done their best to help you based on inadequate and piecemeal information.