French resident? Transfer UK pension to stop LTA tax penalty

Learn how to protect your pension from tax penalties. Pictured: a ten key accounting calculator.
Learn how to protect your pension from tax penalties. Pictured: a ten key accounting calculator.

In this month's column: pensions, the UK lifetime allowance, and options available for protecting your pension from tax penalties.

The unprecedented circumstances this year have given all of us plenty of time for reflection. For those fortunate to be safe and healthy during lockdown in France, this has offered a chance to take on positive distractions, such as home improvements and learning new skills.

While the current situation is clearly still challenging, you may be looking for other productive ways to spend this time. Financial planning may not be top of your to-do list, but with the Brexit clock still ticking, expatriates in France can benefit from reviewing their pension options, including where they stand in relation to the UK lifetime allowance (LTA).

Read more: how to save money off holiday train travel

How much are your pensions worth?

The answer is not always clear. If you have had various employers and accumulated several pensions over your working life, it can be hard to keep track. Many even get forgotten – an estimated £20billion is sitting in “lost” UK pensions, with an average fund value of £13,000.

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