Thailand Qualifying Recognised Overseas Pension Scheme (QROPS) rarely register on the radar of expats because they think they are financially well-off in this low-cost country already.
If they thought for a second, they would realise they could be even better off if they switched their pensions to a flexible and tax-efficient QROPS.
Living a good life is great in retirement, but living a great one is best and that extra cash could buy an improved lifestyle and relieve any money worries.
Thinking about what financially might be among the hustle and bustle of the capital Bangkok or while lazing carefree on a beautiful beach is difficult.
But expats owe themselves a comfortable, stress free retirement and if they can make their pension work just that little bit harder to raise their income a few notches, then it seems sensible to at least consider the option.
Whether looking for a QROPS in Bangkok or elsewhere in Thailand, expats failing to maximise a pension because they are already comfortable with what they have are missing an opportunity for themselves, their families and loved ones.
The cost of living may be low, but might not stay down there for ever.
Change is inevitable and other countries in the Asia Pacific have seen blistering economic development along with rising prices, so why not Bangkok and Thailand?
One drawback is that Bangkok or any other city in Thailand has a QROPS provider, but that’s a small issue when 45 financial centres offer more than 3,700 offshore pensions, according to HM Revenue & Customs (HMRC) QROPS List.
Some of these financial centres offer to host a QROPS for offshore residents, so British expats or international workers with UK pension rights in a financial jurisdiction without a QROPS provider can still access the benefits.
More money to spend
A QROPS offers supercharged benefits compared with a UK onshore pension.
The range of investments is much broader and payments can be dispensed in any major currency.
US dollars is probably a good bet in Thailand as the baht is languishing low against the dollar.
In foreign exchange terms alone, switching from payments in Sterling to US Dollars already increases spending power for expats in Bangkok.
A good place to start short listing suitable Thailand QROPS is Malta, which as a European Union country, can offer QROPS with the new British pension freedoms which allow drawing down up to 100% of the fund in one go.