Expat financial advice from the experts

Retirement Plans for Expat Teachers

expat teachers

Retirement planning for expat teachers

Retirement planning for expat teachers has always been something of a minefield. Whilst the joys of travelling the world teaching to a multicultural diverse group of young people can be great, there are many difficult factors to navigate. An expatriate will have to consider currency, country jurisdictions, ability to withdraw funds or simply tax advice.


If you were previously a teacher in the UK then it is likely you contributed to the UK teacher’s pension schemes. However, it is no longer possible to contribute to the UK TPS or transfer it whilst you are teaching abroad, unless your school is a member of the Council of British International Schools (COBIS).


With the state pension age of 65 (m) and 63 (f) now being linked to retirement age and the possibility of this being put back further which will then apply to Teachers pensions, it is a dubious time for the retiring expat teacher. Approximately 7% is the amount UK teachers contribute to the TPS. Without this contribution, it’s advisable to look at alternative schemes which allow you to continue to save for retirement.


So what does this mean for the expat teacher?

For most, making use of an ‘indigenous’ domestic pension scheme doesn’t allow access to the funds or transferring of money prior to retiring. The result is a build-up of small bits in various places and companies, totalling far less than the equivalent of having worked in one place for the same amount of time.

It can also become very complex managing these numerous pension pots under different country’s state and employer systems. Some expat teachers also find that they are unable to predict exactly where they will eventually retire. Whether they will remain an expat or return back home is often a difficult question to answer!


expat pensions

What is the solution for Expat Teachers Retirement Planning?

An International Private Retirement Plan to supplement your employer and state provision.

With no country restrictions on contributions or withdrawals, you can match your pension to your transient lifestyle
allowing for consistent medium to long-term retirement planning without having to open/close a pension every time you move country.


Offshore expat teacher retirement planning

Offshore expat teacher retirement planning offers a great solution to the transient expatriate who, just like their local counterpart, wishes to invest and make financial plans for his or her future. Rather than re-establishing a new retirement plan upon relocating, this geographically portable solution negates the need and inconvenience.

There is no restriction on country of contribution or upon retirement withdrawal or encashment. The plan stays in the same place while you move around. It grows tax-free the whole time in a tax efficient investment area.

This is the perfect solution to any expatriate’s long-term retirement investment need.

Are you an expat teacher looking at retirement planning? Contact Harrison Brook today and speak to an adviser. Harrison Brook are the leading online providers of expat advice. By coming to us for a free consultation, you can take the hassle out of retirement planning by taking professional expert advice from our skilled advisors, who can assist you every step of the way.

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