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Teaching overseas, what is it best to do about pension payments?

Discussion in 'Teaching overseas' started by serendipity21, Apr 20, 2011.

  1. serendipity21

    serendipity21 New commenter

    Hi everyone
    I am heading overseas to teach in Hong Kong for 2 years, does anyone have any advice about whether its best to continue paying into the UK scheme or should I take the offer to pay into the overseas pension?
     
  2. 576

    576 Established commenter

    Assuming that the UK pension scheme you refer to is the TPS you'll find you can't pay into it when teaching overseas.
    In terms of an overseas pension I would look very closely at the details linked to getting your money out of the pension fund when you retire.
     
  3. nemo.

    nemo. Occasional commenter

    You can for 6 years so it seems but I can't find excat details as I prefer to invest direct via a SIPP when out of UK (you can contributions for 5 full tax years upto 3,600 gross pa)

    What the tps allowance might be are avc's. Does anyone know for sure? You should also consider NI contributions in some cases
     
  4. 576

    576 Established commenter

    That must be a recent change as I spoke to TPS 18 months ago before I left the UK and they told me I couldn't pay anything in whilst teaching abroad.
    This depends on how many years conts you have. Contact HMRC and ask them to send you a statement. If you take a break from payments and then change your mind you have 5 years in which you can make the payments
     

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