What happens to pension when you return overseas ?

[karun2011]

Hi
Tried searching for this but found nothing.

I am looking into setting up a pension plan but wondering what happens when I return back overseas ? Are we able to take that money if we are leaving UK permanently ?

On that point ? Are overseas people (on work visa) even allowed to take up a pension plan ?

Thanks

[THEPUMA]

Various options I think but try googling QROPS.

[Gonzo]

Hi
Tried searching for this but found nothing.

I am looking into setting up a pension plan but wondering what happens when I return back overseas ? Are we able to take that money if we are leaving UK permanently ?

On that point ? Are overseas people (on work visa) even allowed to take up a pension plan ?

Thanks

Yes, you can pay into a pension.

With some provisos, yes if you leave the UK permanently then you can transfer the funds that have built up into an overseas pension scheme. Look for the term QROPS as previously stated.

EDIT: I should add that overseas schemes often give you more options about what you can do with the money than the UK schemes but there are restrictions placed on them in order to qualify for QROPS.

EDIT2: The biggest gotcha is to be sure that the pension that you are paying into is one that will let you transfer out from.