Even though your retirement years might seem like a lifetime away, it is never too early to start thinking about providing for your old age. For expatriates, doing research on pension plans is of particular importance.
Your entitlement to a retirement pension will be impacted by the fact that you have lived and paid pension contributions in several countries. Likewise, your tax liabilities can be affected by legislation in the UK, as well as in your home country. In our guide to social security in the UK, we outline how state pensions work and how they may be curtailed by pension reforms currently in the planning stage. Non-government pensions, like company pension plans or private insurance, are becoming ever more important for those who’d like to uphold a certain standard of living in their sunset years. Residents coming to the UK from overseas should make sure to contact the providers of all pension schemes they are participating in before they move: their national social security administration or pension office, as well as insurance providers responsible for occupational pension schemes and private policies. They can tell you how your planned relocation may affect your future retirement benefits.