Important Steps-Leaving the UK

Steps to get organized

You’ve partied, traveled and worked in the big city of London. But now it’s time to leave the UK and start sorting things out to plan for touching down on home soil or foreign lands. But before you can even start to think about where you’ll be living and working, you need to get organized and wind up your life in the UK.

Can I transfer my pension and NI?

Should you decide to leave the UK, under current regulations you can either continue to hold your UK-based personal pension fund or choose to transfer the balance into an approved pension fund in your new country of residence.

The benefit of transferring your fund abroad is that this gives you more flexibility with your investments. This is because under current UK legislation if you continue to hold retirement savings in a UK pension fund, you will be required to use the lump sum to purchase an annuity upon retirement.

Although annuities (a type of financial product that provides a set income for life) can be favorable investments, many Antipodeans will not have large enough retirement savings in the UK to purchase a very beneficial income in retirement.

If you feel that you may want to transfer your funds abroad at some stage in the future, you should consider the exit and transfer fees charged by the provider of your initial UK pension fund before signing up.

Countdown

It’s been a crazy few of years living the London life and filling your passport with stamps. You’ve crossed off all the things you knew you wanted to do and discovered a few other adventures you never would have dreamed of while slogging it out in Canberra, Christchurch or Cape Town. Now you need to sort things out and plan for touching down on home soil. But before you can even start to think about where you’ll be living and working, you need to get organized and wind up your life in the UK.