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Expats urged to check status of pension funds

options instead of using a bank

People in the UK who are planning to relocate overseas have been urged to take a look at their finances before moving.

According to Kimberley Millhouse, senior move manager at Crown Relocations, prospective expats must check the status of their current pension funds.

Britons who are moving abroad were urged to find out if they will be able to access this money from another country, as well as enquire as to whether making "incremental increases" to their UK pension is worthwhile.

"It is best to seek help from a financial adviser or pension specialist to find out what financial products and pension schemes are best for you," Ms Millhouse commented.

Future expats may then wish to look at how to make the most of their money by carrying out a currency comparison, as this could help them get the best rates during the money transfer process.

Ms Millhouse then recommended that Britons who are relocating inform their electoral registration unit and council tax department they are going abroad.

Banks and financial institutions also need to know their plans, she stated, while the postal service must be advised of where their mail should be redirected to.

In addition, prospective expats were told that they must know about their tax liability if they plan to live in another country.

Ms Millhouse stated that HM Revenue & Customs can be a good source of advice and information on this subject, while government websites should also contain useful details.

She added that Britons who are heading overseas should then contact their insurance provider and mortgage lender if they intend to retain their property in the UK.

This, she stated, is necessary because they will need to know what will happen to the building, such as whether it will be used as rental accommodation or left unoccupied.

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