Moving abroad: loose ends

Lesson 11 of 12 in our free Life Events guide: a 5-minute money game with the key points below.

This lesson is in the full version.

Free with a code from your uni, college, council, landlord or employer (worth £600/year). Lesson 1 of Life Events is free for everyone.

Questions you'll answer

Mo is moving abroad and has a UK credit card with a £300 balance. Best plan?

You're leaving the UK for more than 3 months → Student Loans Company. You'll need to fill in an overseas income assessment so they can set your repayments.
You're stopping work in the UK mid-tax-year → HMRC. You might be due a tax refund. HMRC can also tell you about your UK tax position.
Your new address abroad → Your UK bank/providers. Keep them updated so you don't miss letters about your accounts.
A 24-month phone contract with 10 months left → Your UK bank/providers. Leaving the country doesn't end a contract. Check exit fees.
Fact: “If you don't tell the Student Loans Company you've moved abroad, you could be charged fixed repayments based on assumed income.” — If they don't hear from you, they may set higher repayments. Keep them in the loop.
Myth: “Workplace pensions you've built in the UK disappear when you leave.” — They stay invested in your name. Keep your details updated so you can track them.
Fact: “You may be able to pay voluntary National Insurance contributions while abroad to protect your State Pension record.” — It depends on your circumstances. Check before deciding.