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Why not spring clean your pension ?
WELL ANOTHER Budget has come and gone and the usual rumours about the new government changing the legislation as it relates to QROPS prove once again to be ill founded.
So perhaps now is the time to dust off your UK private pension and to look to maximise its value to you both now and in the future? So far as ‘now’ is concerned, many of us chose to live outside the UK at a time when the financial environment was much more favourable. At a time when perhaps the exchange rate was €1.40 or more to the pound as opposed to about €1.13 today. Or at a time when the outlook for the business venture you decided to set up was based on ‘normal’ economic conditions. So to be blunt, many expats find themselves short of cash.
It can be frustrating to be in that position when you have an asset that conventional wisdom says you are unable to access any value from until age 55 at the earliest. Alternatively, although you may be accessing value now by drawing income from your pension fund you would like the flexibility to have access to capital. We can help you with these requirements. One possibility is by a transfer to a QROPS whilst another possibly uses a different solution altogether.
FEES ARE NOW MUCH LOWER
If you looked at transferring your UK pension fund to a QROPS in the past and were put off because the fees were too expensive them we have some good news for you: fees are now much lower than they were this time last year - and in some instances considerably so. There is also now a wider choice of QROPS jurisdictions to choose from.
GUERNSEY, MALTA AND ISLE OF MAN
Malta is now firmly on the QROPS ‘map’ as is the Isle of Man with its new pensions legislation. The Isle of Man in particular has become a serious competitor to Guernsey with a robust regulatory framework and new legislation which for long term pension investors offers a more favourable lump sum than is available elsewhere. One IOM provider is about to break the mould regarding Trustee fees with a market beating structure.
HOW MUCH IS YOUR PENSION POLICY WORTH?
So perhaps now is the time to check that pension policy or ‘frozen pension’ statement and find out how it can be used to your benefit. Many clients we encounter have a starting point of having little idea as to what their pension fund is worth. Sometimes finding out can be a pleasant surprise; on other occasions less so. If, however, you are rather better organised and know what your fund is worth, when was it last reviewed - if ever?
As an expat there are pension planning opportunities available to you which are not available to UK residents.
TIME FOR A SPRING CLEAN ?
To find out more about these opportunities why not contact us today for your free, no obligation proposal by clicking on our company logo (above) ?
More Blogs By Robert Burns BA (Hons), FCCA , Cert PFS
- QROPS – All Change From April 2012
- QROPS : Stop press - major changes on their way!
- Do you have a UK pension fund? How secure is it?
- Quantitative Easing - good or bad (or both) for your UK Pension Fund?
- Did Your Pension Fund Fall By 15 Percent in August ?
- New Zealand QROPS : Only Available For A Further 12 Months ?
- QROPS Jurisdictions in Focus : New Zealand
- QROPS Jurisdiction in Focus : Guernsey
- QROPS - the realities of giving and receiving advice
- QROPs - Choice of adviser and choice of jurisdiction
- NIE Number
- What is a Funeral Plan and Why would I need one ?
- How can I claim my Winter Fuel Allowance ?
- Claiming a Spanish or UK Pension in Spain
- Claiming Unemployment Benefits in Spain
- Claiming Child Benefits
- Common-Law Partnerships In Spain - 'Pareja de Hecho'
- Making a will in Spain
- Benefits in Spain and 'La Ley de Dependencia'
- Employee rights & working conditions in Spain
- Transfering your UK National Insurance Contributions to Spain
Blogs From Premier Pension Solutions SL
- QROPS – HMRC Introduces changes that create havoc in the market place
- The Economy : What can we look forward to in 2012 ?
- Beyond the tipping point - where next ?
- New Zealand QROPS - good news for all concerned
- Pensions and Politicians
- Changes re New Zealand QROPS - Things are becoming clearer
- QROPS Jurisdictions in Focus : A Round-Up
- QROPS Jurisdiction in Focus : Isle of Man
- QROPS for the UK Expat in Spain
- Could this happen to your UK pension fund?
- Maximising the outcome from your UK Pension fund
- UK Moves Towards Pension Flexibility - But QROPS Still The Expat Choice
- HM Treasury Propose Early Access To UK Pension Savings
- A Hidden Gem In The World Of Pensions
- QROPS - New Zealand in focus.