Skip to main content

I'm moving abroad, what happens to my Penfold pension?

Anelle avatar
Written by Anelle
Updated over a week ago

If you're considering leaving the UK while holding a pension here, there are a few options to explore:

  • Keep your pension in the UK
    You can leave the funds in your Penfold account and access them when you reach retirement age. However, please be mindful that Penfold might not be able to facilitate a withdrawal to a bank account outside of the UK.

  • Transfer your pension abroad
    Another option is to transfer your pension to a provider that can handle international pension transfers. It’s worth checking with different providers to see if they support this, as it can depend on the specific pension scheme you have.

  • Withdraw your pension before leaving the UK
    You can withdraw your pension if you are aged 55 or over. However, withdrawing the entire amount at once could result in higher tax charges, so it’s important to consider this carefully.

Did this answer your question?