Thinking of Working Abroad. Implications for Pension, Student Loan and LISA etc.

Adamc

Hi all 

I'm thinking of working in Australia for a while. Not set in stone and haven't applied for recognition of my qualifications etc yet. I wondered what would happen to my NHS pension, student loan and Lifetime ISA? It could be a temporary thing but I couldn't rule out emigrating either. Also looking at Canada. 

Cheers

[Deleted User]

Student loan, you have to pay it off. They will chase you and demand proof of your income, or you can just opt to pay the maximum monthly amount. Sounds like you are a doctor so would probably pay the max anyway. That's what I did.

Pension will wait for you and pay out as normal. Lifetime ISA too.

If you do it then remember to claim your income tax back. Good luck, I'd get out too if I could.

sheramber

https://www.gov.uk/lifetime-isa

To open and continue to pay into a Lifetime ISA you must be a resident in the UK, unless you’re a crown servant (for example, in the diplomatic service), their spouse or civil partner.

Voyager2002

You would not be able to make further contributions to your NHS pension while you were not working for the NHS. Of course you have already earned a certain amount of pension and that would be paid to you once you reach pensionable age, but the amount will be based on your service and earnings within the NHS and so it will not grow much while you are abroad.

On leaving you would probably be offered a refund of all your pension contributions in return for giving up your right to a pension. I suggest that you refuse this.

p00hsticks

Voyager2002 said:

On leaving you would probably be offered a refund of all your pension contributions in return for giving up your right to a pension.

Only if they've been in the scheme less than two years. f they've been in it more than that the pension is deferred until retirement age.

OP - I'd also check your State Pension position. You now need at least ten years contributions to get anything, but my understanding is that if you've previously worked in this country, you can currently continue to make voluntary NI contributions to keep building it up, and at the very favourable Class 2 rate to boot.