Category: Pensions

You may have heard that the 2024 Autumn Statement brought an important change to pensions that could affect expats. A 25% Overseas Transfer Charge (OTC) now applies to people who transfer their UK pension to a Recognised Overseas Pension Schemes (ROPS) in another country in the European Economic Area (EEA) and Gibraltar.

What is the significance of this change, and why has it happened? Below, our financial advisers offer some reflections and discuss how the change could affect expat financial planning in 2025 and beyond.

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Did you know that Western workers now have 3-7 careers over their lifetimes, perhaps with 12 or more? Along the way, employees often build up a workplace pension with each employer. This can lead to quite a complicated picture in later life when you start organising your retirement! Dealing with 12 pension pots (maybe more) can be overwhelming and inefficient.

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The UK State Pension is typically a crucial part of a British person’s retirement plan. Yet, how does it work for those living overseas? Are you still entitled to a State Pension, and do the rules apply differently to expats?

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Pensions can be complex for those in the armed forces. With regular postings overseas, British Army personnel are subject to special rules which differ from those typically applied to British expats (and other non-UK residents).

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