Private Pension question

ricky1815

Hi there,

I've got a private pension plan which I haven't contributed to for about 10 years as I now live and work in Spain. The last valuation was around 10,000 pounds about a year ago, probably less now in the current climate.

My question is what is the best thing to do with it: leave it as it is until retirement or are there any better options for me. As I live in Spain, is it possible to transfer it to a plan that I have here. I am a 43 yo male.

I would greatly appreciate any suggestions.

Many thanks.

Ricky

jonathon_hart

Hi.

You can transfer to schemes in Spain at which point the pension would be subject to Spanish rules. See here for a list of all overseas pension schemes registered with the HMRC (note this is not in anyway a recommendation of a specific pension scheme - any overseas pension scheme can register as long as it meets certain conditions)

http://www.hmrc.gov.uk/pensionschemes/qrops.pdf

As to what would be advantageous to you will depend on such things as:
1. The relative quality of the 2 pension schemes
2. Whether there is any tax implications of transferring or not
3. Tax treatment of the pension when in payment
4. The manner of payment of benefits on retirement

You should be able to get a lot of this information from the administrators of the 2 schemes, however if you need further advice I can only recommend that you speak to an IFA who specialises in international transfers.

Thanks

Jonathon