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
Keeping UK pensions and investments is not inherently a problem. If you become tax resident in Spain, worldwide income and asset reporting may apply regardless of where accounts are held.
UK wrappers like ISAs may not be recognised, pensions may be taxed differently by type, and wealth tax exposure can be affected. Early coordination avoids forced restructuring later.
Many British expats living in Spain retain:
- UK private pensions
- SIPPs
- ISAs
- Investment platforms
- Share portfolios
- Offshore bonds
But tax systems operate based on residency, not familiarity.
Our cross-border independent advisers help UK expats in Spain plan smarter. Fill the form to get in touch with an expert today.
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.
