If you have worked in the UK, built up a UK pension either personal or via the company you were working for, there are options available to transfer your UK pension to the Netherlands. Within this blog, we will be looking at:

• Options available for transferring a UK Pension to the Netherlands
• A QROPS and the suitability for residents of the Netherlands
• International pensions
• Retirement planning

Background UK Pension

Any pension built up in the UK falls under UK pension legislation. Some may continue to let you access them or use them upon relocating abroad whilst others may not. By leaving your pension in the UK there are certain risks that you open yourself up to.

Risks of leaving your pension in the UK

There are a number of risks associated with leaving your pension in UK when moving to the Netherlands or elsewhere such as:

• Currency Risk – Having your pension invested in GBP when you will be living and withdrawing in Euro is a real concern
• Ongoing Management – Your existing pension will be managed in line with the rest of the pension scheme, either personal or company. This creates the problem of, as your requirements change (i.e entering drawdown and wanting to access your money or withdraw an income), the pension portfolio is not invested in a strategy to match your requirements.
• Accessibility – As mentioned above the majority of pension providers will not let you access your pension once you live abroad

UK Pension Transfer Options

Any UK pension can only be transferred to another recognised scheme by HMRC. There are in essence 2 options available to you for a UK pension transfer to the Netherlands.

1. Transfer to a QROPS (Qualifying Recognised Overseas Pension Scheme)
2. International (|Non-Resident) SIPP

There are pros and cons of both pension schemes depending on pension size and your own unique requirements and objectives. As with all pension transfers, a strict process is required and you should always speak to a qualified regulated adviser.

Benefits of Transferring a UK Pension

There are numerous benefits upon transferring a pension such as:

• Flexi access – ability to access your pension from the age of 55 as and when required
• Negate currency risk
• Greater control
• Ongoing management

Where do I start?

Before doing anything, we would recommend speaking to a qualified regulated adviser. All pension transfers need to comply with UK pension legislation and protection through regulation and quality of financial product chosen is vital.