Living Overseas
If you live overseas you are entitled to move your pension with you and whilst it has always been possible to transfer and or take pension benefits abroad, under pension simplification in April 2006 this became very much easier.
Why leave your funds in the UK?
* In the UK the earliest that you can draw on your pension benefits is age 50 (unless you are in a special occupation or are able to claim early retirement through ill health) and this is soon to increase to age 55.
* In the UK the maximum tax-free cash that you can get from a personal pension is 25% of the fund. If you have deferred occupation pension scheme benefits you may obtain more than this.
* In the UK, once you begin drawing an income you will be taxed on it.
* In the UK if you die whilst in receipt of a pension your spouse, if you have one, will be entitled to either; nothing; a reduced pension; the balance of your pension fund less a whopping 35% tax.
These outcomes depend upon what type of pension fund you have.
