Planning for retirement in 5 years while living overseas

splinters

https://forums.moneysavingexpert.com/discussion/comment/81990150#Comment_81990150

Because we are not in the EU it cannot be transferred only drawn if living in Switzerland. Therefore it has to be taken as a lump sum when repatriating. Checked the policy and that is how it is sadly.

Most of my UK savings are in ISA's so tax free, but I still have to declare them here on my tax return. I essentially have around 70k in normal savings, that was in my original question; where best to put that (into a SIPP for instance to boost my pension, get the tax relief for five years etc.). I have 10k in Premium bonds just for fun and have won a few times, as a UK citizen I can add more, but it's hardly a solid investment either way, just somewhere to store cash free from tax bills (but no actual interest as a trade off).

As I wade through this thread I think now that I just need to invest the 70k somewhere that will benefit me in a few years (in the UK), get the Swiss money to work for me in the same way, and minimise the tax burden/costs from the Swiss pension when I move back to the UK. My teachers pension and state pension will take care of themselves.

Financial advice in Zurich is a minefield, seems to be more about wealth investors for rich clients which I am not, or charging large amounts for general (and poor from some feedback) advice to mere mortals like myself.

DRS1

You have probably seen this. Interesting read but doesn't actually tell you anything that helpful.

Swiss pensions abroad: what to do with Pillar 1, 2 and 3a | Finance with JC

Bostonerimus1

check your NI record and make voluntary contributions if necessary.

ISAs might not be tax free in Switzerland so check that.

I would be making use of the Swiss tax advantages investments as much as possible.

so is it the case that for your Pillar 2 and 3 money you will have to cash them in, pay the Swiss tax and then you can take the cash with you back to the UK? That’s how I thought it was . If so you need to find out how that pension lump sum is taxed by the UK so read Article 18 of the DTA carefully and ask lots of questions on the forums. When you have a good idea of the situation you might look for some advice if you feel you need it, but having enough knowledge to see if the advisors are any good.