What happens to my home country pensions while I am working abroad?

Besides your state pension, you may have a private pension scheme in your home country. Whilst you are working abroad, you can continue making contributions to your private pension, however you may not necessarily receive tax relief on these contributions (if you have no source of income in your home country, there is nothing to gain tax relief against). For advice on tax relief via a pension scheme in your country of work, you would need to speak to a local pensions adviser.

With some private or company pensions you may need to make them paid up for the period that you are working overseas. This means that you cease paying into them but the funds are frozen and will only grow at the investment growth rate for that particular pension, this depends upon the performance of the provider. On your return you can then continue payments.

For more specific pension advice, it is worth speaking with your financial advisor.  If you do not have one then please feel free to contact us.