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If you're planning to leave the UK, you've got two choices for your Cushon pension:
- You can leave your pension right here in the UK to continue growing. Once you reach normal minimum pension age, you can draw down your money as you would if you lived here. The only thing to remember is that your pension will need to be paid into a UK bank account. From there, you can transfer it to your new local account.
- If you'd prefer to take your pension with you, you can transfer it to an overseas scheme. Just make sure it's a qualifying recognised overseas pension scheme (QROPS for short). If it's not, you might end up with a tax bill.
Transferring a pension abroad can be a bit tricky. There are some conditions to meet and costs to consider. Plus, it might change the amount you get when you retire.
We want to help you make the best decision for your future. We can't give advice though, so before you make any moves, we recommend having a chat with a regulated financial adviser.
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