If you have a UK pension, from a company or private scheme then this site will be a useful resource for you, to learn more about the UK pension system, what opportunities you have as an expatriate living in Thailand, and how future pension changes may affect you.

Leaving that pension in a UK scheme could be very costly to your future income, tax position and restrict the income which your family can enjoy when the inevitable happens.

On 6th April 2006, which has become known as “Pensions A day” it became possible for British expatriates to move their British based private and company pensions to a UK HMRC regulated QROPS, and benefit from all the advantages which we will discuss:

• Take more control of our pension.
• Grow our pension pot free of tax.
• Have income which is tax efficient.
• Pass on 100% of our pension asset to our family for their future security.

From the 9th March 2017 the government announced that all transfers to QROPS would face a 25% tax charge. There are two main exceptions to this rule, the first being the holder and QROPS pension being based in the same country. The second exception is if the pension holder and the pension are both in the European Economic Area (EEA). For most expatriates based in Asia this means that a QROPS transfer is no longer a viable option due to the 25% tax charge.

For further information on QROPS please see our QROPS Thailand website or alternatively please click for your free QROPS information pack.

WHAT ARE MY OPTIONS NOW?

There are still options available to you as an expatriate if a pension transfer was your highest priority and geographically possible then you could move to a location that would allow the transfer to a QROPS. Realistically this is not an option for most of us so we could consider a self invested personal pension, more commonly known as a SIPP.

WHAT IS A SIPP?

• A SIPP is a UK based personal pension.
• It gives the holder control over how the pension is invested.
• It provides flexible income in retirement.
• It allows the pension to be passed on upon death.

IS A SIPP RIGHT FOR ME?

The most simple answer to this is that it could be. There are many variables which would affect that decision but the key is to get professional advice before taking such a decision. The kind of questions which should be asked, and the research which should be done:

• How many schemes do you have?
• What benefits would your current schemes give you on retirement?
• What is the potential transfer value of the different schemes?
• What are your future plans, both while still working and into retirement?
• What non pension assets do you have which could form part of your family’s future security?
• How well funded is the scheme which you are currently in?
• What potential rule changes could happen to your scheme (increasing retirement age)?

Alternatively click to speak to one of our local advisors.