Meet the Other Phone. A phone that grows with your child.

Meet the Other Phone.
A phone that grows with your child.

Buy now

Please or to access all these features

Investments

Discuss investments with other users on our Investment forum. For more advice read our tips for saving for your child's future.

How to start a UK pension as a non-resident?

8 replies

lemonsquash4 · 15/03/2022 18:01

I am a UK citizen but currently live abroad. I still have a UK address (my parents), driving licence and bank accounts. I make voluntary contributions to my state pension but I would like to pay into another pension. All of the UK-based schemes I have looked at require you to be a UK resident which technically I am not. Any ideas?

OP posts:
Backofthenet20 · 16/03/2022 04:33

I am about to open a SIPP non resident based through Isle of Mann. It is a transfer though & advisor recommended not to add any more funds due to tax reasons

lemonsquash4 · 16/03/2022 17:08

Thanks Backofthenet20 for replying. Do you mean a transfer from another scheme?

OP posts:
Backofthenet20 · 16/03/2022 20:29

Yes, It is a transfer defined benefit to SIPP

Sunseed · 17/03/2022 18:12

Are you a member of any UK pension scheme, any old work ones for example? And how long have you been out of the UK?

MaizeAmaze · 17/03/2022 18:25

Will you return to the UK and work?
Are you intending on retiring in the UK?

If you have large amounts of money, the expat money circuit might catch up with you (we were called a couple of times, but they lost interest as we didn't have 100,000 to play with......) and a financial advisor could help.
afaik, there are better savings vehicles than a pension for Expats. Pensions are good because of the tax relief, which you won't get.
However if you save the money, and then come work in the UK, you can put quite a bit each year, tax free, into a personal pension from your income, and live off your savings.

Weirdlynormal · 20/03/2022 21:48

Sunseed is on to it - you need to clarify this.

There are rules about making contributions after you leave for a given period, but unless you have UK relevant earnings you can't do it outside that period

lemonsquash4 · 12/04/2022 07:41

Thanks all for the advice, sorry it took me so long to come back to the thread!
@Sunseed I am not a member of any UK pension scheme. I have been out of the UK for about 10 years now.

@MaizeAmaze I imagine at some point I will return to the UK and work and it is likely that I will retire in the UK. You make a good point about savings. Interest rates here are much higher than in the UK.

OP posts:
Sunseed · 12/04/2022 08:36

Are you able to pay into a pension in the country that you are in now? I can't comment on the tax regimes of anywhere outside the UK but it could be an option worth looking at if it gives you similar tax incentives.

Is there an ex-pat community where you are now - someone there may be able to help you?

New posts on this thread. Refresh page
Swipe left for the next trending thread