The Pearson Pension Plan

If you are considering moving abroad after retirement, it may be worth getting specialist cross-border regulated advice on your pension and how it is taxed. Below are some of the areas to consider.

What happens to my Plan pension?

Your Plan pension can be paid to any account in your name, and you will be entitled to annual increases in the same way as if you were living in the UK. 

To pay your Plan pension into an overseas bank account, just complete our online Bank details form, which sets out all the additional information required for payment to an overseas account.

Please note: The Plan will pay your pension in pounds sterling. This does not change if the payment is to an overseas account and so the receiving bank may charge an administration fee to convert it to another currency.

Annual overseas declaration

When you live outside the UK, we will send you a declaration each year, asking you to confirm your current contact details. The easiest way to confirm your details is through our secure member website, which also provides you with access to your personal information, including your payslips and P60s, plus you can update all your personal details, quickly and easily.

You can register for the member website by visiting www.pearson-pensions-portal.com/Register. Once there, complete the instructions on screen to register for your account. You will need to have the following details to hand:

• Your introductory letter with personal activation code
• Your date of birth
• Your National Insurance number
• A personal email address

If you have any problems registering for the member website, or you are unable to find your introductory letter, you can contact us on:

Pensions Helpline: 0800 7811378 (Freephone)

Email: pensionportal@pearson.com

Frequently asked questions

• What happens to my State Pension?

  You can receive your UK State Pension in any country in the world, but you must tell the Department for Work and Pensions (DWP) of your move. Your State Pension will be paid in local currency, so the amount you get may change due to exchange rates.

  Your State Pension might not increase every year as it would in the UK as you will only get annual increases if you live in:

  • any European Economic Area country or Switzerland; or
  • any other country that is agreed to pass on cost-of-living increases to the State Pension.

  You can find a full list of countries that pay an annual increase in the State Pension on the GOV.UK website using the link below.

• Do I pay tax on my UK pensions if I live or move abroad?

  When you move abroad, you are likely to be classed as a non-UK resident. However, you might have to pay UK tax on your pension, because it is classed as UK income. Unless your new country of residence has a double-tax agreement with the UK in place, you could end up paying tax both there and in the UK.

• What if I return to the UK in the future?

  If you choose to return to the UK after living abroad, you will need to notify HMRC to make sure you pay the right amount of tax.

  The International Pension Centre will also need to be informed, so that your State Pension is paid correctly, and the right increases are applied.

  Please also contact us so that our records are kept up to date and that your pension payments are being paid into the correct account.