Expert advice needed for pension money transfers

UK Expats planning on retiring overseas should seek expert advice regarding money transfers to pensions, according to industry experts.

Financial Advice recently stepped forward to remind Brits that the pension system has become more complicated and warned that specialist help may be needed when deciding which schemes will receive international money transfers.

The company explained that the Qualifying Recognised Overseas Pension Scheme has been of assistance to those moving pensions overseas as it aims to safeguard investments.

However, not all countries come under the remit of the initiative and expats should be careful to contact experts before moving abroad.

"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," said the company.

Expats are currently taking court action against the UK government regarding the freezing of their pensions, which they claim contravenes their human rights.

Click here to make an International Money Transfer.

By Linsey Summers.