Working Overseas - Pension / IFA advice

[Stereolab]

Hello.

I could not see a thread on this - I’d like some advice on what people working abroad ( Middle East) do in terms of pension provision.

I’ve looked online and get a lot of QROPS type stuff - I’m asking about working abroad but with the intention of retiring to the U.K. in about 15 years or so. What do people do? Most information seems to be based on the scenario of people leaving the U.K. and taking their pension with them.

I’m non resident for tax purposes and have been making NI contributions since leaving the U.K. I have a U.K. address and bank account.

Spoke to Nick at IM and he was very helpful but no product suitable.

Also interested in anyone who can recommend a good IFA with expertise in this area.

The only possible lead I have at the moment is with De Vere - not sure if I’m allowed to mention them by name.


Thanks for reading.

[eyebeebe]

I‘m in a different situation insofar as I‘m in Switzerland rather than the Middle East, but I think it would help if you explained what you are trying to achieve. If you‘re non-resident in the UK, there would be no income tax relief, so are you trying to shield from capital gains tax on your investments when you return to the UK (I‘m assuming you are tax domiciled now in a country with no income tax or CGT. A bit of googling suggests that you can transfer foreign pensions into a UK scheme, but you wouldn‘t receive income tax relief (unsurprisingly), so is there a local pension product you could use and then transfer later. Though maybe there isn‘t, if there are no tax advantages.

A bit more googling suggests you could pay into a SIPP as a non-resident. https://psgsipp.co.uk/can-non-uk-contribute-sipp/

One thing I would say is that I would avoid the company you mention like the plague, unless you want to delay your retirement while contributing greatly to that of the advisor. Keywords to google would be Generali Vision.

[shirt]

eyebeebe said:

One thing I would say is that I would avoid the company you mention like the plague.

nothing to add other than i agree with this, like 10000000x agree

[OutInTheShed]

Provision for your old age does not have to live in a box with 'pension' written on it.

Since you're not looking to get tax relief, why put it into a container where it will be mostly taxed just withdrawing it?

Are you eligible for an ISA?

You might consider the possibility of wanting to access some of your cash before pension age, for instance a mate of mine mostly invested in ISAs, because his plan was to invest in a business later in life.
I would consider maybe property, shares and funds not exclusively Uk either.

It cannot be an original question, there must be lots in your situation and specialists to help, or knowledge from other expats.

[thekingisdead]

You can pay into a pension whilst not being resident - but only to the tune of £2880/£3600 per year (net / gross) figures - that’s right you can claim 20% tax relief despite not being resident.
Not every platform will allow you to contribute to a pension while abroad tho.

ISA’s are off limits - you must be resident

Edit: my post re: tax relief does contradict the link above.

I should clarify my research is from the FT personal finance podcast and talking to a few providers
(I’m due to leave UK this autumn)

Edited by thekingisdead on Monday 12th September 21:28

[Stereolab]

Ok thanks for the replies everyone.

Heard the CEO (?) of De Vere on the radio the other day saying he was going to be withdrawing from U.K. property.

I have asked on another forum and have a few new leads to follow up.

Will update this thread when I make the decision.