Personal pension advice

[samuraiwig]

I've been paying into the Japanese national pension scheme for a couple of years, but don't have anything else sorted out apart from a few years worth of contributions to the UK state pension.

I'm interested in starting a personal pension, but don't really know where to start looking for one or how to tell the advantages/disadvantages of each. I've done a search, but can't find anything on this. Any tips and pointers would be appreciated.

I don't plan to leave Japan in the near future, but I may leave at some point. If I do leave I would not necessarily go back to the UK.

Thanks for any help.

[Mulboyne]

You can still make National Insurance contributions in the UK (I think you can backdate seven years) to maintain some state pension entitlement. Since you are not a resident there, any money you put into a private pension scheme cannot be offset against UK income tax.

There are expat financial advisors around in Tokyo and many more in HK and Singapore. These firms are brokers which means they are salesmen first and foremost who will prefer you purchase investments which earn them a high commission. They still remain largely unregulated by financial authorities so you have no real comeback if you buy something inappropriate. If you go in with your eyes wide open, though, you can still get some good advice and maybe even products from them. Whatever you hear, try to confirm it in writing and crossreference that with information on the web. What you first need guidance on, though, is tax rather than the actual investment since you need to be clear on how portable your plan needs to be and what tax it will attract in different countries if you are not based in Japan.

[samuraiwig]

Thanks Mulboyne. I'll investigate the tax situation.

[Blah Pete]

I have money invested in the Isle of Mann keeping it away from the tax man until retirement and not relying on any government scheme.