ReAssure Pension Transfer For Expats
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IN THIS ARTICLE, YOU WILL LEARN THE FOLLOWING:
Your ReAssure pension options as a non-UK resident
How to transfer your ReAssure pension
How the International SIPP works as a pension pot
The cost of transferring your ReAssure pension
This article is intended for British Expats who hold ReAssure pension plans.
If you have a ReAssure Pension Plan and require flexible access as a non-resident, you will need to transfer out of the scheme.
The majority of ReAssure Pensions Policies are legacy schemes dating pre 2010. As such, they offer very few, if any, of the benefits of a current UK SIPP. Matters are not helped by their poor customer service and additional compliance requirements for simple valuation documents.
Upon leaving the UK, this is only exasperated. Combined with their inability to allow flexible access, the complaints against ReAssure are numerous.
Should you wish to make a formal complaint due to issues in accessing or transferring your pension, the best route is via the Financial Ombudsman who can be contacted here and on:
+44 800 023 4567 or complaint.info@financial-ombudsman.org.uk
The Pension Ombudsman is an independent organisation setup by the UK government to deal with pension complaints.
How Can I Cashout My ReAssure Pension
If you are age 55 or older and wish to access the money in your ReAssure Pension Scheme, you have two options.
Encash the full amount - 100% of the pension pot in one go
Withdrawing the full pension pot should only be considered if the value is small. Under UK pension legislation, 25% of the value will be paid to you free of UK tax. (note this is likely to incur tax in your new country of residence)
As such, the remaining 75% of the withdrawal value is taxable. The tax brackets fall in line with UK tax bandings, with tax held back at source for HMRC. You will then need to claim the tax back.
Transfer To Another Recognised Pension Scheme
You can transfer your UK pension to another UK pension scheme such as an International SIPP. This is a UK pension for Non UK Residents.
Alternatively, you can transfer your ReAssure UK Pension Pot to a QROPS Qualifying Recognised Overseas Pension Scheme.
ReAssure Pension Transfer for Non-UK Residents
To transfer to an International SIPP or QROPS you will need to take financial advice. An expat financial adviser can discuss the investment options available for both types of pension schemes. Assessing your retirement income needs and making recommendations on the most suitable investment choices.
QROPS
Following the removal of the Life Time Allowance Limit LTA in the chancellors budget of March, 2023, the majority of benefits no longer apply. The key benefit is removing your pension from UK IHT.
International SIPP
An International SIPP is the best option for the majority of expat ReAssure Members wanting to transfer their pension. A comparison of the best international SIPP providers currently available can be found on our International SIPP page.
Transferring your ReAssure Pension to an International SIPP will allow you to:
Access your pension pot as and when required. This includes one off lump sums and regular monthly draw-downs
Invest and be paid out in all major currencies. Thus mitigating the risk of having your key pension provisions in a foreign currency
Receive ongoing advice on product selection and fund allocation in line with your needs
Further information on an International SIPP can be found here.
Transfer My ReAssure Pension
You can set up a call and discuss your requirements regarding your ReAssure Pension using the button below.
The Wealth Genesis provides flat fee expat financial advice. We specialise in wealth management assisting our clients with their retirement planning needs.
FAQs
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You can either encash the full amount directly with ReAssure.
Alternatively you can transfer to another pension scheme that will allow flexible access.
This means you can withdraw as and when required including the tax free lump sum and regular income. -
You can contact ReAssure here.
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Yes, you can transfer your pension to an overseas scheme held outside the UK.
Often it will be more suitable to transfer to an International SIPP.
In such case, your money does not leave the UK but the product is for those who live internationally. -
Any withdrawals from your ReAssure pension will have tax held back at source.
An International SIPP allows you to avoid tax withholding at source by obtaining an NT Code, thanks to the tax treaties.
You will then need to declare the income taken on your annual tax return.
