Moving to a different country could be a great way for UK citizens to retire, especially once you’ve counted how many years you have spent working to realize your dreams one by one. Now that you have retired and have almost nothing else to think about, it’s time to explore the rest of the world and enjoy the pension you have worked so hard for to accumulate. However, certain UK laws can actually affect the way your UK pension works once you move abroad, sometimes causing your pension to be frozen.
Here are a few facts that you should know about frozen UK pensions:
• You still get your money. Yes, you still get your money even if you’re abroad. The term “frozen” does not mean that they hold it in the UK unless you go back. It is only a term used when you move to certain countries where your pension will be frozen at the rate they were first paid. However, there are still a number of countries you can move to where you still enjoy the rise in the value of your pension.
• There are many countries you can move to. If you want to maximize your pension’s growth potential, there are so many countries you can move to. Moving to the United States, the Philippines, Jamaica, or Guam, for example, will still allow you to get your pension in full, indexed on an annual basis. You can ask an expert like Tim Carroll UK Pension Transfer LLC to find out if the country you’re moving to is part of the list.
Although several measures are being taken to contest the laws that cause pensions to be frozen in 150 countries, these arrangements are due to reciprocal agreements with different countries, making it difficult to change the situation just like that. However, Tim Carroll UK Pension Transfer could give you a number of alternatives that would allow you to enjoy your pensions just the same.