This is our tale of how we moved our pension so that we can receive it abroad without incurring any penalties.
In this story, I want to tell you how QROPS helped me and my hubby move our pensions overseas. When my hubby and I were young, we decided to start saving for our retirement. A lot of young people always think they will start saving next year. None the less, we did not want to leave ourselves in awkward status should anything happen to one of us. We had also been warned by our financial advisor that the UK pension does not allow a decent standard of living.Once the family grew up and left home we decided to step-up our payments into our individual pensions. We all the time wanted to leave the uk so our goal when we retired was to buy a villa and live in Spain. Spain was our lifelong holiday destination so we knew it well. On our last vacation, we went out on an inspection trip with an estate agent and viewed some lovely villas.
There was also a website that we read as it explained a lot of need to know facts about the Uk pension. As Spain is within the EU, we could transfer our pension to Spain without incurring penalties. We just had to file our address in Spain.So state pensions were sorted and now it was time for our personal pensions. We looked on the internet and found a company that dealt with transferring individual pensions to foreign countries. They also measured its present-day performance to make sure that the investment were working to maximum ability. This meant flexibility, further choice and ease of mind. The scheme was known as QROPS pension.
Pension schemes and options in the UK for folks who retire abroad can be complex, and are continually changing. This organization though, gave a lot of advice on how we keep the value of our private pensions when moving to Spain.
We had both spent loads of years grafting away to build up our personal pensions funds so we needed to know that they would not be affected. After all, Spain was only going to become fact with the help of our savings and pension funds. We decided to go for it and moved our pensions. So, both our pensions had been sorted and we are now on full steam to fly out to Spain and purchase our villa.
