Transferring your pension when you’re moving abroad — Hoxton Capital Management
Jan 20, 2021
Transferring your pension when you’re moving abroad
The Financial Conduct Authority recently reported that between 2018 to 2020, advice was sought regarding £30.3 billion of Defined Benefit (DB) pensions. Of this, £20.1 billion was advised to transfer out of the scheme into a defined contribution (DC) scheme such as a SIPP, and £10.2 billion was advised to not transfer. The average fund size for those advised to transfer was £405,178 vs £267.814 for those advised not to. But what is a pension transfer and why is it still so popular, especially amongst those now living abroad?
To understand this, we first need to look at the difference between a Defined Benefit (Final Salary) scheme and a Defined Contribution scheme.
Originally published at https://hoxtoncapital.com on January 20, 2021.
