UK Pensions in UAE
Until recently, UK pensions have had to remain under UK rules although thanks to new legislation in the UK, it is now possible for British expatriates to export their pension fund out of the UK, thereby avoiding the various restrictions that the UK imposes on how you take your pension benefits. Therefore, if you have moved permanently to the United Arab Emirates or are planning to do so, relocating your current pension scheme into a QROPS is something that you should seriously consider.
The United Arab Emirates is made up of 7 states and the state of Dubai in particular is becoming one of the most significant international cities of the 21st century. Here many UK and European people have permanently moved to or are thinking of making the move to in the near future and it is estimated that less than 20% of the population are national Arabs which suggests that Dubai may well be becoming the expat capital of the world.
It is wise to invest in the currency that you will be spending the money in. Therefore, if you are going to live in Dubai and spend your money there, it is advisable to receive your pension benefit payments in the local currency and transfer your pension into a QROPS. This will then remove 2 major risks which are currency fluctuations and the worry of leaving your pension in sterling and hoping the exchange rate will improve.
For further information on QROPS transfers and for a qualified QROPS adviser to contact you, simply fill in your details in the contact a QROPS adviser page to receive free QROPS advice.
