In this article I will explain to you details about leaving the UK and if you can get a refund on your pension.
You are not able to get a refund on any money you put towards your pension through a salary sacrifice scheme.
If you leave a workplace pension scheme in the first 2 years of joining, then it could be possible to get a refund.
Additionally, if you were automatically put on a workplace pension then you can get a refund if you get out of it in the first month.
Finally, with a stakeholder or personal pension the only refund you can get has to be within the first 30 days of you joining it.
You will get taxed on a pension refund; it will come off your refund. This is so that you do not gain money from the tax relief at the start of the contributions that you made.
No, UK state pension are not refundable. Although, they are not refundable, if you move to a different country, you can claim your UK pension in that country if it meets the right criteria.
The best thing to do is to get in touch with your pension provider before you do anything as they will know if you can get a refund or not and they can guide you on how to do it. Also, before you try and claim you refund it is a good idea to get in contact with an expert in this area as they can assist you with how you should go about things and help you move the money abroad.
If you are not eligible to get a pension refund in the UK, then there are some options for you. You could claim your UK state pension in a country of your choice. You could leave the pension in the UK and get access to the pot and have it sent to you when you are of the retirement age. Lastly, you could transfer a personal pension to a qualifying recognised overseas pension scheme in the country that you wish to move to.
Regency FX are a UK based independent currency broker, specialising in high volume transfers.
We pride ourselves on our premium level of customer service, you will be allocated your own personal account manager whom you will have direct access to.
All funds transferred through Regency FX are made using client segregated accounts in accordance with the FCA (Financial Conduct Authority) guidelines.
The important thing is the comparison, online rates shown on Google and other search engines are not always accurate for the consumer.
They can often refer to the rates that banks exchange at rather than what is available to you, the customer.
Even if you are just looking for property at this stage it is worth getting in touch to discuss your options.
We can monitor the market on your behalf enabling you to budget more effectively.
As a first-class currency transfer service, here at Regency FX we endeavour to get the best available rate regardless of how much you are transacting.
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Useful Information on UK State Pensions
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