A guide to assessing the financial implications of a relocation overseas, including issues such as pensions.

Any relocation abroad brings with it a number of important considerations. It is advisable to seek expert assistance on a range of issues from property searches to quality of education.

But how much consideration do we give to something as fundamental as finance?

If a company require you to move abroad the initial excitement can often cloud your judgement on the issue of ‘quality of life’.

It is important to figure out if your current pay will sustain you in the same way as it does currently. Every country has a different approach to certain key financial issues.

For example, in non-EU countries such as USA and Australia (notorious relocation hotspots) British citizens’ pensions are frozen as soon as they retire.

Even if you are not close to retirement age, an issue such as pensions should be given due consideration as part of any relocation. It could play a critical role in your long term future.

David Kerns, Private Client Dealing Manager at Moneycorp, suggests that although a number of Britons are content once they relocate overseas, they are suffering from a steep rise in living costs in many cases and need to educate themselves more about finances.

“Speak to currency specialists to guard against adverse fluctuations. By locking into favourable exchange rates for up to two years, expats can protect themselves against the pound losing further value, as well as avoiding potentially costly transfer fees.

Over a series of payments, these savings can run into thousands of pounds,” suggests Kerns.
Money is just one of the many factors to consider as part of any relocation.

When the time comes, the whole prospect may seem daunting considering what you will have to organise.

International relocation services can assist with a range of issues, from advice on tax laws to immigration necessities.