Client snapshot
David was a British expat who had spent several years working overseas after building up pensions through four previous UK employers.
The pensions had been accumulated at different stages of his career and were held under separate arrangements. He no longer had complete paperwork for all of them and had lost track of some of the providers and policy details.
His main priorities were to find the pensions, understand their combined value, review how the money was invested and create a clearer plan for accessing retirement income while living abroad.
Once all four pensions had been traced, their combined value was approximately £200,000.
The situation
David knew he had paid into workplace pensions during his UK career, but the arrangements had gradually disappeared from view.
Some correspondence had been sent to old addresses. Employers had changed pension providers or administrators. Policy documents had been misplaced during international moves.
He could remember roughly where he had worked and when, but not every scheme name or policy number.
The uncertainty had become frustrating.
He did not know how much he had saved, whether the pensions were invested appropriately or how easily he would be able to access the money in retirement. He was also unsure how UK pension withdrawals would be taxed while he remained overseas.
Because each pension appeared relatively small on its own, reviewing them never felt urgent. Collectively, however, they represented a meaningful part of his retirement wealth.
The problem was no longer simply finding some missing paperwork. David needed to understand whether the four pensions worked together as a retirement strategy.
The risk of doing nothing
Pensions remaining unclaimed or overlooked
Without tracing the old arrangements, part of David’s retirement wealth could have remained disconnected from his wider financial plan.
Investments continuing without review
The pensions could have remained invested in default or legacy funds that no longer reflected David’s retirement objectives, risk tolerance or time horizon.
Charges going unnoticed
Each pension had its own charging structure. Without reviewing them together, David could not assess whether he was paying reasonable costs across the combined portfolio.
No coordinated retirement strategy
Four separate pensions could have produced fragmented decisions about investment, withdrawals and income rather than one joined-up retirement plan.
Avoidable tax being deducted
Without reviewing the tax position and completing the appropriate process, UK tax could potentially have continued to be deducted from withdrawals even where different treatment may have applied.
Restricted access options
Some older pension arrangements may offer fewer drawdown or withdrawal options than David expected, depending on the relevant scheme rules.
Beneficiary details becoming outdated
Old pension nominations and personal information could have remained incomplete or out of date after years living overseas.
Feel familiar?
Old pensions are easy to ignore when you are working overseas, especially when the paperwork is missing and each individual pot seems relatively small.
The issue is that several forgotten pensions can add up to a meaningful amount, while charges, investment decisions and beneficiary details continue in the background.
If you have lost track of previous workplace pensions, book an introductory call and we can work through what needs to be found and reviewed.
What Josh found
The first challenge was identifying all four pension arrangements and obtaining current information from the relevant schemes and providers.
Once the pensions had been traced, they could be reviewed as one combined retirement portfolio rather than four unrelated policies.
The review showed differences in charges, investment options, administration and retirement access. The existing investment strategies had not been designed around David’s current circumstances as an expat or his intended retirement income needs.
There was also no clear plan for how the pensions would eventually be accessed.
David needed to understand whether the arrangements should remain separate, be consolidated where appropriate or be managed differently. That decision could not be made purely for administrative convenience. It required a comparison of charges, guarantees, safeguarded benefits, investment flexibility, withdrawal options and any consequences of changing the existing pensions.
His overseas tax position also needed attention. Depending on residency, the applicable double taxation agreement, HMRC requirements and his individual circumstances, it may be possible for certain UK pension payments to be made without UK tax being deducted.
The appropriate NT tax code process was therefore reviewed and completed as part of the wider pension planning.
The planning work
Tracing the missing pensions
Josh helped identify and contact the relevant schemes and providers using David’s previous employment history and the information that remained available.
Obtaining current pension information
Updated valuations, charges, investment details, scheme rules and retirement options were gathered for each of the four arrangements.
Reviewing the pensions together
The pensions were assessed as one combined retirement portfolio rather than being considered separately based only on their individual values.
Checking for important benefits
Each arrangement was reviewed for guarantees, safeguarded benefits, exit terms or other features that could have been lost or affected by a change.
Reviewing the investment strategy
The underlying funds and asset allocation were assessed against David’s risk tolerance, retirement timeframe and future income requirements.
Improving access and flexibility
The available pension access and drawdown options were reviewed so David could understand how the money might be used during retirement.
Completing the NT code process
Josh helped David complete the relevant process to apply for an NT tax code, subject to his residency position, applicable tax rules and HMRC approval.
The outcome
David went from knowing that he probably had several old pensions somewhere to having a clear view of four arrangements worth approximately £200,000 in total.
He understood where each pension was held, what it cost, how it was invested and what options were available at retirement.
The investment strategy was updated to reflect his wider financial plan, risk profile and retirement objectives rather than allowing the pensions to remain in arrangements that had not been reviewed for years.
He also had a clearer framework for pension access and drawdown while living overseas, including the relevant steps taken to address the UK tax deduction position.
Most importantly, the pensions were no longer forgotten policies operating independently in the background. They had become a visible and coordinated part of David’s retirement plan.
Who this may help
Former UK employees
You worked for several employers in the UK and are no longer sure where all your workplace pensions are held.
British expats with multiple pensions
You have several pension pots but no clear view of their combined value, charges, investments or retirement options.
Expats planning pension withdrawals
You are approaching retirement overseas and want to understand pension access, drawdown and the potential UK tax treatment of withdrawals.
Still scrolling? It is probably time to book a call.
If you suspect you have old UK pensions but do not know where they are, how much they are worth or what they are invested in, putting the review off will not make the position clearer.
The first step is to establish exactly what you have. From there, the pensions can be reviewed properly before any decision is made about investment, consolidation or retirement access.
Book an introductory call with Josh Clancey and let’s work through the missing pieces.
Important information
This client story is provided for general information only. It is based on a real client scenario, but the client’s name and identifying personal, employment and financial details have been changed to protect confidentiality.
Nothing on this page constitutes personalised financial, tax, legal, pension transfer, investment, insurance, estate planning or retirement advice.
The suitability and tax treatment of any financial arrangement will depend on individual circumstances, residency, jurisdiction, applicable legislation, double taxation agreements, scheme rules, policy terms and the advice process. Tax rules and their interpretation may change.
An NT tax code is not automatically available to every person living overseas. Eligibility and the correct application process will depend on individual tax residency, the relevant pension income, applicable treaty provisions and HMRC approval.
Pension transfers, pension consolidation, pension drawdown, investment decisions, tax planning, protection planning and estate planning decisions should be reviewed carefully before action is taken. Consolidating pensions may result in the loss of valuable guarantees, safeguarded benefits or preferential terms.
Investing involves risk. Pension and investment values can fall as well as rise, and you may get back less than you invest. Past performance is not a reliable indicator of future results.
Insurance and protection claims are subject to policy terms, underwriting, medical or financial evidence and the insurer’s assessment. A claim is not guaranteed to be accepted.
