Moving abroad - what actions required on UK private pension

Sticker04

Hi, 
We are moving to France in a few months. 
My partner has a private pension with Aegon, and we have been advised he should take the 25% tax free lump sum before we leave, so as to not lose the tax free element he can get as a UK resident. 
To do this, we need to change provider as the current product doesn't facilitate draw down.

I was about to press the button to move to a self-managed pension with Vanguard (onto a vanguard 60% fund), but one of their advisors warned that we needed a UK bank account to continue receiving drawdowns in the long run. 

My questions are: 
1/ Should we still move to Vanguard to access the tax free lump sum prior to our move (even for a short while if we then need to revise our approach once we are French residents).

2/ What are the options once we are in France?
Can we move the pension again to a different product that allows drawdown onto a non UK bank account, or is it unadvisable to move pension funds twice in a short space of time. 

I get mixed messages on iSipp, and fear they are not recommended, as expensive, and I must say I am a bit confused on what is the best course of action to take in order to safeguard years of careful pension investments. 

And a sub-question: 
- if a move to Vanguard turns out to be a good first step, I am not super confident on the self managed requirement (but managed options are not available if we take a draw down). 
Is the vanguard 60% a safe bet?
Even if we move the pension fund again in the near future?

Thanks if anyone can shed light on our situation. 

I.

Sam_666

1. yes, unless you dont need 25% tax free sum and like to pay tax on everything

2. none, only UK resident can access/buy/invest in finance products. Benefit of brexit.
You can only sell investments, nothing else.

3. open FD or HSBC current account before move

4. notify hmrc about moving abroad

5. read about FR taxes

Safe bet to what? Let me check with my crystal ball.
You will NOT be able to move you pension in future, unless you move back to UK.

Marcon

Sticker04 said:

Hi, 
We are moving to France in a few months. 
My partner has a private pension with Aegon, and we have been advised he should take the 25% tax free lump sum before we leave, so as to not lose the tax free element he can get as a UK resident. 
To do this, we need to change provider as the current product doesn't facilitate draw down.

I was about to press the button to move to a self-managed pension with Vanguard (onto a vanguard 60% fund), but one of their advisors warned that we needed a UK bank account to continue receiving drawdowns in the long run. 

My questions are: 
1/ Should we still move to Vanguard to access the tax free lump sum prior to our move (even for a short while if we then need to revise our approach once we are French residents).

2/ What are the options once we are in France?
Can we move the pension again to a different product that allows drawdown onto a non UK bank account, or is it unadvisable to move pension funds twice in a short space of time. 

I get mixed messages on iSipp, and fear they are not recommended, as expensive, and I must say I am a bit confused on what is the best course of action to take in order to safeguard years of careful pension investments. 

And a sub-question: 
- if a move to Vanguard turns out to be a good first step, I am not super confident on the self managed requirement (but managed options are not available if we take a draw down). 
Is the vanguard 60% a safe bet?
Even if we move the pension fund again in the near future?

Thanks if anyone can shed light on our situation. 

I.

Probably better to get fully informed advice (the sort you pay for based on a full understanding of your situation). A few paragraphs on a website with responses from random strangers (however well intentioned, you've no idea if they are correct - and you can be quite certain they aren't insured to advise you) is hardly sensible planning for a major upheaval like changing your country of residence. There are all too many ends to tie up - but they need to be tied up correctly and in a timely fashion to ensure you get maximum benefit/minimum hassle.

Hope all goes smoothly for you.

WastedWords

In my own research, Aviva is the only retail drawdown provider that will pay to an overseas account.
https://www.aviva.co.uk/faq/answer/brexit/5061/

HSBC/FD and Nationwide allow you to keep a UK bank account while overseas.