If you’ve relocated overseas or are planning to retire abroad, you might be wondering what happens to your UK pension. Whether you’ve been building retirement savings in a UK workplace scheme or through a personal pension, moving abroad doesn’t mean losing access to your pension, but it does introduce a new layer of complexity.
It is often said that retirement can be either the longest holiday of your life, or the longest period of unemployment. Your pension will most likely play a big part in which path you follow. Failing to make the most of your investments now can have a massive effect on whether you achieve your retirement goals.
All firms charge fees, but these can differ greatly from company to company. Typical fees charged include upfront fees on the funds and underlying investments. Many funds also have very high annual management charges, occasionally upwards of 3%. Do you understand the charges? Are there hidden fees on your plan?
That all depends on the answers you give to the following questions during your UK pension review. We would need to consider what existing plans you have in place, your current country of residence, where you may move to before and through retirement, the total value of your pension plans, your tax position now and in retirement, your priorities, your attitude to risk and your income and lump sum requirements. Pension planning isn’t the be-all and end-all, but plays an important part of your financial portfolio.
No matter how big or how small your UK pension, Skybound is here to help you get your finances in order. From tracking down your pension and speaking to your Administrators on your behalf, Our specialist pension support division can conduct your UK pension review and help you negotiate the minefield of small print and help you to understand just exactly how your pension is performing.
You can reach us directly by calling us between the hours of 8:30am and 5pm at each of our respective offices and we will immediately assist you.
