New job new country new pension plan

Published:  13 Jul at 6 PM
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If you’re switching jobs for more money and an expat lifestyle overseas, don’t ignore your pension pot.

Next to property, a pension is possibly the most valuable asset the majority of people will have but, just like a home, it needs to be looked after. In the excitement of taking on a better job with a higher salary in a new overseas location, it’s not difficult to overlook the next move for your pension. If your new company has a pension scheme, checking its details against your present scheme’s benefits is a good start. Should it not be satisfactory, starting your own private pension is the sensible option as it will encourage you to keep on saving.

Once you’re an official expat living in your new country,. checking your residency status will give you information as to whether you can start a SIPPs, thus taking advantage of its tax breaks. Another option is transferring to an overseas-based QROPS. If you’re getting a higher salary in your new position, considering increasing your rate of saving is recommended, but if that’s not possible you should at least continue to set aside the same amount as previously. Keeping a careful eye on your investment mix can alert you to what’s cool and what’s not at the present time, ensuring your pension pot increases due to your close eye on the markets.

However, day-to-day tinkering isn’t recommended as it can easily turn into an obsession! Another option is consolidation, with keeping all your funds in a place allowing wide investment choices combined with low fees. If you’re determined to switch, taking advice about your present company pension plan’s guaranteed benefits is the sensible option, as they may be more suited to your future position than the alternatives. If early retirement overseas is your goal, moving your pension pot to a location where you can access it from age 55 is an attractive option.
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