Transferring your pension to the UK
In our financial education blog, we told you that you should make sure you're saving for your pension as early as possible (preferably as soon as you start working!), so we thought we would expand and share some more pension tips. In this blog, we will be walking you through how to transfer an overseas pension to the UK.
Whether you're moving back to the UK after spending time abroad or you've been working overseas, you might be able to move the pension you saved back with you! Not all pensions will have the capability to be transferred; it depends mainly on the overseas pension provider and the type of pension you had. You may also need to meet certain conditions, for example, most UK pension schemes will only accept a pension transfer from a ROPS (Recognised Overseas Pension Scheme).
Familiarise yourself with your pension scheme; their rules vary from country to country, which could complicate your transfer. After that, you'll want to do the same with the pension scheme you want to transfer your retirement savings into. This is where having a ROPS comes in handy; you should only need to contact your UK pension provider and confirm the ROPS and follow your UK pension provider's transfer process.
Taxation and the exact process will vary depending on your precise pension scheme, so you might want to get in touch with an expert pension's adviser if you're unsure
If your UK pensions provider isn't willing to accept the transfer, then there are other options, so don't lose hope just yet!
You can arrange to have your payments made to a bank account in the previous country you worked in; then, you can have it transferred into your UK account. This is slightly more work than directly transferring the pension, but there are ways to make this process as easy as possible!
Make sure to choose an account that won't overcharge you for your transfer or currency conversion. We offer accounts that are 9x cheaper than the average high-street bank, and we have competitive conversion rates so that you're not losing money by transferring your pension.
Transferring your pension with KiyanPay:
1. Open a secure KiyanPay account which will give you access to local account details for several different currencies. This includes SWIFT/BIC and IBAN codes or a routing and account number for US accounts.
2. Use your relevant account details to accept your overseas pension in the local currency. Doing so will save you money on conversation fees.
3. Whenever you need to or want to, you can convert your pension into GBP using our competitive currency exchange rates. (TIP: check when the rates are particularly low and convert then to save even more money.)
Depending on how much you've put aside, you could save a small fortune!