Do you have a UK pension that you don’t know about?
Posted on March 18, 2009
Filed Under Discussion, Europe, Pensions, UK | Leave a Comment
The issue of pensions in the country where you live compared with the state pension in the UK was raised recently on the Turkey forum. Without doubt, among the most important financial decisions you’re likely to make in your life are those concerning your retirement. In order to have a secure future with at least a comfortable standard of living after you’ve stopped working, you’ll need to plan your finances carefully. That’s right TEFL teachers, even you!
Pensions are becoming more and more of an imperative as people are now living longer and consequently spending more time in their retirement. Lifestyles have also changed; people often take out mortgages later in life than they used to, meaning they may still have mortgage repayments when they stop working. As more people are experiencing better health and longer retirements, they need to have a reasonable disposable income in order to enjoy more leisure activities in their later years.
With these questions in mind, I did a bit of research and found a resource on the internet that was really helpful, not just for British expats. If you’re an international worker that has worked at some time in the past in the UK, you may well have been a member of the company pension scheme or a UK personal pension.
Here’s some good news. Since April, 2006 it has been possible to move previously frozen money from a taxed environment into an offshore tax-free environment through a scheme known as QROPS, which stands for ‘Qualified Recognised Overseas Pension Scheme.’ Basically, what this means is you can now gain access to your lost UK Pension.
The Lost UK Pension website has been set up to help you understand the QROPS scheme and how you can gain access to your Frozen UK pension money. You can find information on QROPS as well as consult with experts on how you can unlock your lost UK pensions.
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