The most important thing that your workplace pension can do for you is to help you prepare for a relaxing retirement. Especially if you plan on eventually moving to the US, you should be able to fully enjoy the things that you have worked so hard for your entire life. This makes it even more important for you to assess the status of your pension as early as now so that you can avoid bigger problems in the future.
But what if you decide to leave your job now and transfer to a new one? What will happen to your pension then? Here are some of the options:
- Transfer to a new job and leave your pension with your existing workplace pension scheme. You will still be paid whatever you are due when you retire.
- Transfer your pension to a different occupational scheme that your new employer is offering.
- Transfer your rights to a personal pension scheme instead.
When it comes to UK pension transfers, there are a lot of things to consider. These three choices alone can be quite difficult to assess without the help of an expert. It becomes an even bigger problem if the following should occur:
- You will not be allowed to transfer out of your current workplace scheme.
- The new workplace scheme that your new employer is offering does not accept pension transfers.The new workplace scheme your new employer is offering accepts pension transfers but will compromise the total value that you will eventually receive.
- It will not be possible for you to enjoy your pension once you have moved to the US.
It would always depend on the scenario. Because of this, it would be best to consult an expert on UK pension transfers to see what the best options would be, and what other things you would have to prepare for a worry-free retirement in the US.