When it comes to long-term financial planning, it’s easy for couples to divide and conquer.
One person might take the lead on day-to-day spending, while the other takes the lead on investments.
Sometimes, one spouse becomes the default “finance person” simply because they have more experience or confidence with money matters.
But when it comes to pensions – especially for expat couples – this division can lead to blind spots.
Why pensions deserve a joint strategy
Pensions aren’t just numbers on a spreadsheet. They’re about future choices: where you’ll live, when you’ll retire, and how much freedom you’ll have.
For expat couples, particularly those with a mix of British and non-British spouses, retirement planning can be more complex.
Unequal pension balances, differing state pension entitlements, and varying tax treatments across jurisdictions can all add layers of challenge.
Yet many couples fall into the pattern of only one partner (often the one with the larger UK pension) driving the planning.
That can leave the other feeling excluded, or worse, unprepared.
The uneven playing field
It’s common for the British spouse in an expat relationship to have more substantial pension savings. They may have:
- Accumulated UK pensions from earlier career stages
- Ongoing contributions to international or UK-based schemes
- Better awareness of UK state pension rules
Meanwhile, the non-British spouse – particularly if they’ve spent most of their working life in Hong Kong – may have smaller MPF balances due to contribution limits or career breaks.
This imbalance can lead to one partner managing the bulk of retirement planning, with the other’s role reduced, for want of a better word, to a footnote.
For example, we often work with couples in which the British spouse has 30 qualifying years on their UK National Insurance record and a mix of defined-contribution pensions. In comparison, the non-British spouse has just five qualifying years and a modest MPF.
Without intentional planning, this gap can lead to unspoken assumptions or missed opportunities. But that’s a mistake.
Even if a pension seems small, it’s still part of the bigger picture.
And more importantly, retirement isn’t just a financial exercise; it’s a shared future.
Three questions every couple should ask
When it comes to long-term financial planning, especially pension assets, it’s vital to engage with each other (and advisers) to ensure there is clarity for all parties:
1. What do we want retirement to look like?
It might sound obvious, but many couples haven’t discussed their retirement goals in detail.
Do you want to return to the UK, stay in Asia, or spend time in both? How do your timelines align? Are you picturing the same lifestyle?
2. How are our pensions structured and taxed?
UK pensions, Hong Kong MPFs, offshore schemes, state pensions, and QROPS can all be taxed differently depending on where you retire.
Coordinating how and when to draw these down – and in what order – can significantly affect your net income.
3. Have we both built enough state pension entitlement?
For British spouses, checking National Insurance records is a must. Thankfully, gaps in contributions can often be filled – sometimes at low cost – to increase state pension eligibility.
For non-British spouses, entitlement to a UK state pension depends on whether they’ve built up sufficient UK National Insurance contributions – typically through previous work in the UK.
Even if your time in the UK was limited, it may be possible to fill gaps with voluntary contributions, so it’s worth checking your record.
From financial planning to life planning
At Charlton House, we often see that the most productive conversations about pensions start with something softer: goals, worries, and hopes.
When both partners are in the room (or on the screen), the conversation tends to shift from:
“How much do we have?” to “What do we want this to do for us?”
And that’s where planning becomes powerful.
When couples plan together:
- They tend to make better, more informed decisions
- Financial roles feel shared rather than siloed
- The non-financial partner feels empowered, not left behind
It’s not just about the numbers
Even if most of the pension assets are held in one name, the retirement it funds will be shared.
That means both partners have a stake and a voice in how it’s managed.
We’re not here to change who pays attention to the spreadsheets.
But we are here to help couples have better conversations, ask the right questions, and build plans that work for both people – not just the one with the larger balance.
Whether you’re reviewing your UK state pension, figuring out how to integrate MPFs into the bigger picture, or just starting to talk about the future, we’re here to help.
Get in touch to start planning together, with clarity and confidence.
📩 Email us anytime: info@charltonhousewm.co.uk
📞 UK: +44 (0) 208 0044900
📞 Hong Kong: +852 39039004
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