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Will I still get my pension if I move to Spain?

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Will I still get my pension if I move to Spain?

Your state pension will rise annually, even if you live in Spain as it is within the European Economic Area (EEA).

What happens to my state pension if I move abroad?

Provided you’ve paid enough national insurance contributions to qualify for it, you can still claim your state pension if you live abroad. You can get your state pension paid into a bank in the country you’re reside in, or into a UK bank or building society.

Can you transfer your retirement annuity?

Coming to the question of transferability to another retirement annuity provider; if fund rules allow, you are free to transfer your paid-up retirement annuity to another retirement annuity provider, but you cannot switch out of the tax-efficient retirement annuity and buy unit trusts.

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What happens to my pension if I move abroad?

If you have a defined contribution pension, you have two options for what you can do with your pension if you move abroad. You could: leave your pension in the UK and draw down your money in the country you reside in, or move your pension to an overseas pension scheme.

Could raising Overseas Pensions save the UK money?

The ICBP also claims raising overseas pensions could save the UK money. It suggests that the current system stops pensioners moving overseas to join family who have emigrated, or merely because they just want to retire abroad.

Can I claim a UK pension if I work in another country?

If you live or work in another country, you might be able to contribute towards that country’s State Pension scheme. If you’ve lived or worked in another country in the past, you might be eligible for that country’s state pension and a UK State Pension.

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What happens to my UK pension if I leave the UK?

Initially, your pension will be unaffected if you leave it in the UK. If you stop paying into your UK pension, it will remain active and will continue to grow depending on the performance of its investments. If you’ve got a defined contribution pension, you can leave it with your UK pension provider.