What should I do with my UK Teachers pension?

1967tazz

Contributor

Member since 31 January 2011

Sant Eulalia

1967tazz

17 May 2011 10:31:28

120

1967tazz

17 May 2011 10:31:28

120

Sant Eulalia

Hello all,
As I have said earlier when asking for advice, Both my wife and I are leaving the UK in the summer to move to Jeddah to teach. What do you know, or what experience do you have about the benefits of taking your pension pot out of the UK when you move. I think the scheme is known as QROPS. With all of the changes to the Teachers Pension Scheme, ie more contributions, the need to work more years prior to being able to retire, taking our pensions out seems to good an offer to miss. Any advice please.

SaudiUK

Serial expat

Member since 17 March 2010

Riyadh

SaudiUK

17 May 2011 18:53:26

544

SaudiUK

17 May 2011 18:53:26

544

Riyadh

Please check if you can take your pension out?

From my understanding you can take it out only in the first two years (and they take a 20% tax cut)

After 2 years they offer you the option to transfer to another pension fund...not get hold of the money.

Please do check (im not a teacher, am a chartered accountant but not upto date with pensions - been in Saudi for the last 18 months)