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Is it easy to transfer your pension arrangement overseas?

As more and more people look to retire to foreign lands it is becoming evident that the transfer of your pension arrangements from the UK to your new home country may not be as straightforward as many had assumed. Differing pension regulations and pension systems are causing significant concern across the UK pensions industry although the April 2006 introduction of the Qualifying Recognised Overseas Pension Scheme has been of some assistance.

In effect the Qualifying Recognised Overseas Pension Scheme allows UK pension assets to be transferred outside the country to schemes which operate on a broadly similar basis to UK pension regulations. The subject of pensions is one that will hit us all at some stage as the ongoing demise in the real value of the state pension continues to hit home. Despite the fact that various tax changes over the last decade have substantially reduced many pension pots it is essential that you take pensions advice on a regular basis to ensure you are taking advantage of a various entitlements and are fully funded for the future.

It is even more vital that those looking to move overseas and potentially transfer their pension assets out of the UK take specialist advice at a very early stage so that the correct decision for their particular situation can be formulated.

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