The short answer

Before you change any pension arrangement, make sure you can answer seven sets of questions: What exactly do I have — and does it include guarantees or protected benefits? What would I gain and lose by changing it? What will it cost, every year, in pounds? How will it be taxed in the UK and in Thailand? Will it give me the income I need? How does it affect my family and inheritance tax? And who am I dealing with — are they genuine, how are they paid, and did I ask them to contact me? If you can't answer any of them clearly, stop. Take your time, get everything in writing, and get a second opinion — Lawrence offers one free.

Why pension decisions deserve extra care

Three things make pension decisions different from most money decisions.

They're often irreversible

Giving up a final-salary pension, buying an annuity, transferring overseas or taking a large lump sum usually can't be undone. If it turns out to be the wrong choice, there's no way back.

The sums are large

For many people, pensions are their biggest asset after a home. Small differences — 1% a year in charges, a lost guarantee — add up to very large amounts over a retirement.

They attract the wrong people

Pension pots are a prime target for scammers and for high-commission sales, and expats are approached more than most. A good decision starts with knowing who you're dealing with.

None of this means you should never change anything. Many expats are much better off after reorganising their pensions. It means asking the right questions first.

1. What exactly do I have?

1. How many pensions do I have, and with whom? (Old employers' schemes are easy to lose track of.)
2. What type is each one — final salary, workplace pot, personal pension, SIPP, State Pension?
3. What is each worth, and what will it pay, and when?
4. What are the charges on each, and how is it invested?
5. Does any have special features — guaranteed annuity rates, protected tax-free cash above 25%, a protected pension age, or a guaranteed minimum pension?
6. What does my State Pension forecast show, and are there gaps worth filling?
7. Who are my nominated beneficiaries on each?
8. Can each provider still serve me while I live in Thailand?

Many expats discover pensions they'd forgotten, or features they never knew about, simply by asking these questions. The UK Pension Tracing Service can help find lost pensions from old employers.

2. What would I gain — and what would I lose?

1. What problem does this change solve? Lower cost, better investments, simpler income, access from Thailand?
2. What guarantees would I give up? A guaranteed income for life, a spouse's pension, yearly increases?
3. Would I lose protected benefits — tax-free cash above 25%, or a pension age below the normal minimum?
4. Could I lose loyalty bonuses or face exit charges?
5. Is the change reversible, and if not, am I certain?
6. What happens if I do nothing? Sometimes that's the best answer.

For final-salary pensions in particular, the guarantees are usually worth more than any flexibility you'd gain. If the transfer value is over £30,000, the law requires you to take advice from a qualified pension transfer specialist before you can transfer.

3. What will it cost?

1. What is the total yearly cost — product, platform, investments and advice — in pounds and as a percentage?
2. Are there set-up, transfer or exit charges?
3. Is there an establishment period or lock-in?
4. How does the total compare with what I pay now?
5. Is there a transfer charge — such as the 25% overseas transfer charge on most QROPS transfers from Thailand?
6. How is the adviser paid — a fee, commission, or both — and how much, in pounds?

Charges compound just like returns. On a £200,000 pension, growing at 6% a year rather than 5% because of lower charges makes a difference of about £110,768 over 20 years. That's why the cost question deserves a clear, written answer.

How much charges matter

£200,000 invested for 20 years, at two different returns after charges.

Illustration only. Returns are not guaranteed and can be higher or lower.

4. How will it be taxed — in both countries?

1. How much can I take tax-free — usually up to 25%, within the £268,275 Lump Sum Allowance — and should I take it now or in stages?
2. How will withdrawals be taxed in the UK, and does the UK–Thailand treaty change that?
3. Am I Thai tax resident, and how will money I bring into Thailand be taxed?
4. Would the change create a tax charge — such as the overseas transfer charge or tax on a large cash withdrawal?
5. Does flexible access limit my future contributions to £10,000 a year?
6. What records do I need to keep for both countries?

Our tax residence guide explains the rules in both countries, and our guide to international pension transfers covers the overseas transfer charge.

Where to start

A second opinion before you sign, and the right way to bring pension money to Thailand.

5. Will it give me the income I need?

1. How much income do I need each month, in baht — and at what exchange rate?
2. Will my essentials be covered by secure income such as the State Pension or a final-salary pension?
3. Is the withdrawal rate sustainable for a retirement of 25 or 30 years? (Research suggests around 4% a year, rising with inflation, or more if you're flexible.)
4. How will the frozen State Pension and rising Thai costs affect me in 15 years?
5. Will my income meet my visa requirements comfortably?
6. How will the money reach Thailand, and at what cost?

Our guide to drawdown and other retirement income explains how to build a sustainable income.

6. How does it affect my family?

1. What happens to the pension if I die — before and after I start taking income?
2. Would my spouse or partner receive anything? (Final-salary schemes and joint-life annuities often provide for them; other options may not.)
3. Are my beneficiary nominations up to date, including a Thai partner or children?
4. How will inheritance tax apply to unused pensions from April 2027?
5. Does my will — in the UK and in Thailand — fit with my pensions?
6. Would a trust help pass money on more smoothly?

7. Who am I dealing with?

1. Did I ask them to contact me, or did they approach me?
2. Who do they work for, and how long have they advised expats?
3. What qualifications do they hold — and for a final-salary transfer, are they a qualified pension transfer specialist?
4. How are they paid, and how much, in pounds?
5. Where will my money go — directly to a well-known provider, in my name?
6. Will I get their recommendation in writing, with reasons and all charges?
7. Will they review it with me every year?
8. Can I speak to existing clients?

A good adviser welcomes these questions. Lawrence is happy to answer every one of them — and suggests you ask them of anyone you're thinking of working with.

8. How will my money be invested?

A pension is only as good as the investments inside it. A transfer into a modern, flexible pension can be wasted if the money then sits in expensive or unsuitable funds — and some of the worst pension outcomes for expats have come from transfers into high-risk, hard-to-sell investments.

1. What will the money be invested in, exactly?
2. How much risk is that, and does it match my age, income needs and capacity for loss?
3. Is it diversified across the world, or concentrated in one market, sector or asset?
4. Can the investments be sold quickly if I need the money?
5. Who manages them, and who reviews them each year?
6. What do the investments themselves cost, on top of the pension charges?

If the answer involves unusual assets — overseas property developments, storage units, forestry, unlisted bonds — or a return that sounds too good, treat it as a warning sign. Our guide to investment risk and capacity for loss explains how to judge the right level of risk.

9. What about currency?

For expats, every pension decision has a currency angle. Your pension is in pounds; your life is in baht. Ask:

1. Which currency will my pension be held in, and can I hold more than one?
2. How will income reach Thailand, and what will the conversion cost?
3. Will my income still cover my spending and visa if the pound weakens?
4. How will a lump sum be converted — all at once, or in stages at a good rate?

Our guide to currency risk on overseas pension income covers the options.

Questions to ask your current pension provider

Before moving anything, it's worth asking your existing provider some questions of your own — the answers can change the decision completely:

• What is my pension worth today, and what is the transfer value?
• Are there any exit charges or penalties for transferring?
• Does my plan include any guarantees, protected tax-free cash or a protected pension age?
• Can you pay income to me while I live in Thailand, and in which currency?
• Can I switch investments or access drawdown as a non-UK resident?
• Who are my nominated beneficiaries, and how do I update them?

Sometimes the best answer is to stay put. If your current provider serves you well from Thailand, has low charges and holds valuable features, leaving things as they are may be the smartest move.

Good answers — and red flags

What you'd hope to hear from a genuine adviser, and what should make you walk away.

If any answer falls in the red-flag column, stop and get a second opinion.

The warning signs to stop and walk away

Any one of these is a reason to stop. UK pension schemes now carry out checks on transfers and can stop or delay those that show warning signs — that protects you, so don't let anyone persuade you to get around it. Our guide to investment scams and due diligence explains the checks in more detail.

Questions to ask yourself

Some of the most important questions aren't for an adviser or a provider — they're for you, and perhaps your partner:

• Where do I expect to live in ten and twenty years — Thailand, the UK, somewhere else?
• How would I feel if my pension fell by a quarter in a bad year?
• Do I want certainty or flexibility from my retirement income?
• What do I want to leave to my partner and children?
• How involved do I want to be in managing my money?
• Am I rushing this — and if so, why?

Your honest answers shape every other decision. A pension arrangement that suits someone planning to return to the UK may be wrong for someone settling in Thailand for good.

What a good written recommendation contains

Whoever advises you, the recommendation should come in writing, and it should be clear enough that you could explain it to a friend. A good one includes:

1. Your situation and goals, as you described them.
2. What you hold now, including any guarantees or protected benefits.
3. What is recommended, and why it suits you better than the alternatives — including doing nothing.
4. What you would give up, stated plainly.
5. Every charge, yearly and one-off, in pounds and percentages.
6. The investments and their level of risk.
7. The tax position in the UK and Thailand.
8. What happens next, including ongoing reviews and how they're paid for.

If anything is missing or unclear, ask. A genuine adviser will be glad to explain.

Timing: when to ask these questions

The best time to review your pensions is before you need to. Some moments make it especially worthwhile:

• Before leaving the UK — providers may help more while you're resident, and you can plan residence and tax together.
• A few years before retirement — to plan income, tax-free cash and investments.
• Before 6 April 2028 — if you're near 55, as the minimum pension age rises to 57.
• Before April 2027 — to plan for unused pensions coming into inheritance tax.
• When a transfer value arrives — final-salary guarantees usually last three months.
• After a life change — marriage, divorce, a new grandchild, a health diagnosis.
• When someone contacts you about your pension — that's exactly when to slow down.
• Every year — a short review keeps everything on track.

Three real-world examples

Andy: the questions that saved £60,000

Andy, 59, in Pattaya, was urged by a caller to move his £240,000 pension to an overseas scheme "before the rules change". Asking the questions in this guide — and a free second opinion from Lawrence — showed a 25% transfer charge of £60,000 would apply. He consolidated into an expat SIPP instead.

Margaret: a guarantee worth keeping

Margaret, 61, in Chiang Mai, received a generous-looking transfer value for her final-salary pension. Working through the gain-and-lose questions showed she'd give up a rising income and a spouse's pension for her Thai husband. She kept it.

Phil: the hidden protected cash

Phil, 57, in Hua Hin, planned to consolidate four pensions. The "what do I have" questions revealed that one carried protected tax-free cash of more than 25%, which a standard transfer would lose. He moved the other three and left that one where it was.

Your before-you-sign checklist

• I know every pension I have, its type, value and features.
• I know what I'd gain and lose — including any guarantees.
• I have the total yearly cost in writing, in pounds.
• I understand the tax in the UK and in Thailand.
• My income plan is sustainable and covers my visa.
• My family is protected and beneficiaries are up to date.
• I asked for this advice, and I've checked who I'm dealing with.
• I've taken my time and had a second opinion.

Keeping your pensions secure

• Contact providers yourself, using details from your own statements.
• Never share security details or one-time codes with anyone who calls you.
• Use strong passwords and two-factor sign-in on every pension account.
• Use a private, protected connection on hotel, café and condo Wi-Fi.

How we researched this guide

This guide draws on our pension guides in this section and their sources: GOV.UK on the overseas transfer charge, J.P. Morgan Personal Investing on pension allowances (September 2026), Aberdeen's technical guidance on defined benefit transfers and the money purchase annual allowance, Pensions Age on inheritance tax from April 2027, and Morningstar's 2026 UK retirement income research. The charges illustration is a simple calculation, not a forecast. Checked 14 October 2026. This guide is general information, not personal financial advice.