If you’re moving abroad, here are your choices for your Cushon pension:
- Keep your pension in the UK. Your pension will stay in the UK and continue to grow until you reach the minimum retirement age. When you take your money, payments can only go to a UK bank account. You can then transfer the money to an overseas account if you want.
- Transfer your pension overseas. You can move your pension to an overseas scheme. The scheme must be a qualifying recognised overseas pension scheme (QROPS). If you transfer to a scheme that is not QROPS, you may pay extra tax.
Moving your pension abroad has rules and possible costs. It can impact your money when you retire and how you access your pension funds.
Get advice from a regulated financial adviser before making any changes to your pension.