Going overseas - what about pension???

mhamill_2

Hi

I'm currently a higher rate tax payer but I am leaving the UK soon to work overseas for approx 2 years. While overseas I will become non resident and not be able to pay into a UK pension.
I was thinking that it could be wise to utilise max tax relief now and place a lump sum (approx 20k) into a pension that will effectively cover my upcoming pension gap in advance. If that makes sense.
I do have a company pension currently but that will close as I am leaving the company.

I'm looking for some advice as to the best (or even just a good!) option. Would something like a Sipp investing in a low annual fee fund be a good idea? I like the idea of being able to personally control my investment.

It is likely I will add to this lump sum in future after my return to UK but actually I haven't really thought that far.

Additional info: I'm maxed out on ISA's.

Many thanks.

EdInvestor

mhamill wrote: »

Hi

I'm currently a higher rate tax payer but I am leaving the UK soon to work overseas for approx 2 years. While overseas I will become non resident and not be able to pay into a UK pension.

IIRC you can pay into a UK pension for up to 5 years after you leave.Whether or not you get tax relief on conts I am not sure.

A low cost online SIPP provider would make it cheap and easy to manage the money while overseas as well as giving you control over investment options.

https://www.sippdeal.co.uk
https://www.h-l.co.uk

are both worth a look.