Let’s Talk Pensions, SIPPS, QROPS & Financial Planning

If you have recently returned to the UK after years spent living or working abroad, it's natural to feel some uncertainty—especially around pensions and financial matters. You're not alone in asking questions like:

• Will my QROPS (Qualifying Recognised Overseas Pension Scheme) still be suitable now that I am back in the UK?   
• Should I review all my pensions now I am back in the UK?
• Do I need to adjust the investments in my pension?
• What are the tax implications now I am in the UK?
• Will I still be able to retire comfortably in the UK?

These are important and often complex considerations. Finances can be difficult to navigate without the right guidance. But it doesn't have to be overwhelming.

That’s where speaking with a UK-qualified, Chartered & regulated financial adviser becomes invaluable.

Helping You Navigate Offshore Pensions Back to the UK

With over 23 years of experience in the financial services industry—nearly half of that spent advising clients offshore—we bring specialist knowledge to expatriates who have worked overseas and returned to the UK. We understand how offshore pension schemes, like QROPS, operate. We also understand the fees, the structures commonly used, and—most importantly—the pitfalls to avoid.

If you are reviewing your pensions and are  unsure about the tax efficiency of your current arrangements, now is the right time to seek expert advice.

Here’s How We Help Expats who have returned to the UK:

   Once you have moved back to the UK we can support you with:

• Reviewing all your retirement provisions.
• Understanding UK tax treatment on foreign pension withdrawals
• Assessing the suitability of your SIPP or other investments in a UK context
• Ensuring any pensions structures aligned with your retirement goals
• Building a realistic UK-based retirement budget
• Navigating the complexities of UK financial regulations

Here are five key things to consider in financial planning when you have returned to the UK after working overseas:

1. Tax Residency & UK Tax Obligations

• Understand your residency status under the Statutory Residence Test (SRT), as this determines your UK tax liabilities.
• Be mindful of possible exposure to both UK tax and overseas tax (depending on whether you still have income/assets abroad).
• Check if double taxation agreements (DTAs) apply, so you don’t pay tax twice on the same income.

2. Pensions & Retirement Savings

• Review your overseas pension arrangements – some may be transferable to a UK pension scheme (e.g. such as a QROPS), while others may need to be managed in their existing jurisdiction.
• Consider how your UK State Pension entitlement has been affected by your years abroad, and whether making voluntary National Insurance contributions would boost it.
• Integrate overseas and UK pensions into your long-term retirement plan.

3. Savings, Investments & Currency Issues

• Reassess any overseas investments and whether it makes sense to repatriate funds to the UK.
• Be aware of currency risk if you still hold assets in foreign currency. Exchange rates can impact the value of your wealth.
• Review UK tax wrappers such as ISAs and pensions, which may now be available to you again and any growth is very tax efficient.

4. Estate & Inheritance Planning

• UK Inheritance Tax (IHT) applies to your worldwide estate once you are deemed domiciled in the UK.
• If you’ve acquired property or assets overseas, check how they’ll be treated under both UK IHT and local succession laws.
• Consider updating or creating a UK will, and potentially a separate overseas will if you own assets abroad.

5. Practical Financial Housekeeping

• Rebuild your UK financial footprint: open UK bank accounts, check your UK credit score, and review mortgage/borrowing options.
• Review protection needs (life cover, income protection, health insurance) as international policies may not be valid back in the UK.
• Ensure your financial plan reflects your new cost of living, lifestyle goals, and timeframe to retirement.

The value of an investment with St. James's Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up.  You may get back less than you invested.