There are an estimated number of 5 million British citizens who have decided to leave UK in order to have a more comfortable life abroad. The continued instability of the British pound and the rise of taxes are just some of the reasons why they leave their home country in search for a better place to live in and just use UK pension transfers for many good reasons. The United States is one of the most preferred destinations for British expatriates. And this is why UK pension transfers are getting more and more popular.
UK pension transfers have a lot of benefits. In April 2014, the British administration will pass a change in policy regarding the lifetime allowance of those with UK pensions. They will reduce the limit on the said lifetime allowance from 1.5 million British pounds to 1.25 million. This is definitely bad news especially for those who are earning high net income because this will in turn, lead to paying a lot more tax once they decide to take out their funds from their pension.
If you are a British expatriate in the US, you should look into UK pension transfers as a way for you to not be included or affected by this new policy. If you act now, just think about the money you will save or accumulate, because you have been saved from paying these high taxes bound by the UK government. Don’t suffer from this blunder that UK pensioners will have to face soon.