Hoxton Life Financial Adviser Explains: What You Need to Know About Transferring Your UK Pension Abroad - with Jess Rooney
Jul 30, 2025
In this engaging discussion, Jess Rooney, a Chartered Financial Planner known for her expertise with expats, shares vital insights on transferring UK pensions abroad. She demystifies the complexities of defined benefit pensions, emphasizing risks like currency fluctuations and tax implications. Jess stresses the importance of seeking tailored, regulated advice to avoid costly mistakes. She also discusses the emotional toll of investment volatility and offers strategies for balancing guaranteed income with the need for flexibility, crucial for anyone planning their retirement.
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Currency Risk for Expats
- Currency risk is a major concern for expats with UK pensions paid in GBP while living abroad.
- The income in foreign currency isn't guaranteed due to fluctuating exchange rates.
Value of Defined Benefit Pensions
- Fixed defined benefit pensions offer guaranteed lifetime income often linked to inflation.
- Transferring out sacrifices this certainty for investment risk and irreversibility.
Consider Local Tax Implications
- Incorporate tax impacts from the country of residence when considering UK pension transfers.
- Collaborate with local qualified advisors to understand foreign tax rules.