Here’s a guide to Expatica’s information on pensions and insurance in Portugal.
Understanding overseas insurance is essential for expats, whether it be medical, work-related, life insurance, insuring your house or car, or taking out special insurance relevant to your lifestyle. Some countries require self-employed expats to insure themselves. Expatica’s Pensions and Insurance channel provides an overview of Pensions in Portugal and a guide to selecting insurance. The bottom line is: insure yourself, your home, car and any other valuable property. Make sure you understand the intricacies of the local insurance system, or you might find yourself out of pocket in the event of a crisis.
More guidance can be found in ‘Expert tips: How to protect your family against unforeseen events” and “Private health insurance – which policy?”
If you are a country-hopper, make sure you are aware of your pension rights as an expat, if you are eligible for pension transfer, if your company has a pension plan or if you need to take out a private plan. One Expatica article, ‘How changes to UK pension law can benefit expats’, looks at legislation that allows those with UK-based pensions to move their benefits overseas into a Qualified Recognised Overseas Pension Scheme (QROPS), while ‘Retirement planning for American expats‘ (parts I and II) looks at the proper use of retirement accounts for Americans living abroad.
Pan-European company pensions
The EU is working to ensure that supplementary pension entitlements are not lost when people move within and across borders. Although the Pan-European Pension, or the IORP Directive, was signed in 2003, many companies are still not using a pan-European scheme. Expatica’s article ‘European portable pensions plans‘ looks at how the EU is trying to facilitate pension transfers.