{ "media_type": "text", "post_content": "Does it make sense to opt for pension if you're not going to stay in UK life-long? Are there different types of pensions (guessing some might pay my entire invested amount prematurely if I leave country unlike national insurance)?", "post_id": "60ff909c7e0515002a55d7de", "reply_count": 13, "vote_count": 9, "bowl_id": "58f81907c1ca28001625d527", "bowl_name": "Londoners in Consulting" }

Does it make sense to opt for pension if you're not going to stay in UK life-long? Are there different types of pensions (guessing some might pay my entire invested amount prematurely if I leave country unlike national insurance)?

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Regardless of where in the world will you be when you retire, that pension money will be yours to access.. so in my opinion, why lose the additional money Accenture is going to give to match your pension contribution?

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Yep anything going into pension is accessible only later.. you will have to find out more about how much is accessible (if any) before retirement and how.. I am not so sure about that but I know for sure that’s not a lucrative option

You should read up standard blogs such a money wise or as such. They do a decent job of covering major aspects It depends on various factors. Key ones: 1. Would you need the money anytime soon? 2. How long do you plan to stay in the U.K.? 3. What company contribution are you giving up? What tax rate are you getting charged at? Pension is literally one of the only income tax related benefit in this country. I fall in the bracket where: 1. If it’s initial pension matched by my company, for every pound I give up in take home I roughly save/get 3-4x into the pension pot 2. Even for level above company contribution, I get 40% to 60% back as tax relief (which is a great return) Personally I think it is hard to find some investment that will help get returns above that level Regarding ability to withdraw there are government rules. Currently you can opt for a lump sum at 55 but it’s not 100% All pension providers have to give all government mandated options so no major differences there

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Don't forget you can transfer your UK pension to some other markets - e.g. I am moving to Switzerland and AFAIK you can transfer it there.

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Contribute to your UK pension, you’ll either be able to: 1. Transfer it out to your new country when you leave if you can find a QROPS approved pension scheme and jump through some hoops 2. Have it paid out to your UK bank account when you’re 57 and then transfer it to your local country at that age. International transfers are now super easy, they’ll be even easier in a couple of decades

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I wonder about this too, but have been blindly contributing to my UK pensions for 5+ years.

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