Pension Review
UK Pension Changes - A Brief History
Carla Smart - Group Head Of Pensions at Skybound Wealth Management takes a look at some of the changes to UK pensions since 1980.
October 1, 2024
UK Assets Stay “UK” Until Residency Changes the Rules
Becoming a Spanish tax resident changes everything about how your UK pension, investments and savings are treated - and most people only find out when it's too late to act.
If you hold any of the following, you may have an urgent planning gap:
- UK private pensions or SIPPs
- ISAs (not recognised under Spanish tax law)
- Investment platforms or share portfolios
- Offshore bonds
Spain taxes worldwide income. That includes your UK State Pension, private pension withdrawals, and investment returns - regardless of where the accounts are held.
The good news: with the right advice at the right time, most of this is plannable. The damage happens when people wait.
How Skybound Wealth Can help
UK State Pension in Spain
Understand how Spain taxes your UK State Pension, what the annual uprating means in practice, and whether your income is being treated correctly across both jurisdictions.
Private Pension & SIPP Planning
Navigate the complex rules around UK private pensions, occupational schemes, and SIPPs when you are a Spanish tax resident, including lump sum options and ongoing income planning.
QROPS & Pension Transfer Strategy
Clarify whether transferring your UK pension to a QROPS structure makes sense for your situation, the implications involved, and the right timing to consider a transfer.
UK–Spain Double Tax Treaty Advice
Understand how the treaty between the UK and Spain determines where your pension income is taxed and how to avoid being taxed twice on the same income.
