Moving Gold-Plated Pensions To QROPS Is No Longer Taboo

Switching a final salary pension to an offshore Qualifying Recognised Overseas Pension Scheme (QROPS) is a taboo topic for many IFAs for no good reason. A final salary pension is undoubtedly one of the most generous pensions any retirement saver could expect. Offered by a dwindling number of employers, the pension offers a retirement income … [Read more...]

Private School Fees In A Class Of Their Own

Britain's private school fees are racing up at almost four times the rate of inflation and average earnings. Expats with children receiving a private education have seen the cost spiral by 21% in five years. Someone on an average UK gross salary of £35,148 a year needs to hand over 39% of their earnings to pay the day fees of £13,000 for one … [Read more...]

SIPPs For Expats Explained

SIPPs are ideal for expats away from the UK for a year or two who want to carry on retirement saving with all the tax advantages of staying at home. An important rule about SIPPs is pension savers do not have to stay in Britain to gain all the benefits of a UK pension – they must retain residence. Residence is a matter of fact, not choice, … [Read more...]

Move To Make QROPS Transfers Easier For Expats

The British government suspects strict rules about transferring pensions worth more than £30,000 to a Qualifying Recognised Overseas Pension Scheme (QROPS) are putting some expats at a financial disadvantage. The Department of Work and Pensions is considering whether to scrap the need for expats to seek advice from an adviser regulated in the UK … [Read more...]

Gold-Plated Pensions Tarnished By Failure

History is littered with stories of the rise and fall of civilisations but we do not expect to apply these lessons to our own lives. As proud empires return to dust, we should expect the same from our biggest businesses. The brands that dominated their markets a century ago are no longer remembered and those on everyone’s lips today will … [Read more...]

Don’t Read Too Much Into Our Forecasts, Says Watchdog

Britain’s newest financial navel gazer is urging politicians and businesses not to make important decisions based on economic forecasts as they are rarely accurate. Although Sir Charlie Bean is taking over one of the top jobs at the independent Office of Budget Responsibility (OBR), he claims predicting the future comes with a ‘wide range of … [Read more...]

Want A £1m Plus Pension Without Any Tax Penalties?

Expats can beat the lifetime allowance rules by switching from a UK pension to a Qualifying Recognised Overseas Pension Scheme (QROPS) – but the window of opportunity may soon close. The government has recently opened a consultation aimed at aligning the tax treatment of QROPS with onshore pensions for expats who move back to Britain. But the … [Read more...]

QROPS Can Ease Workplace Pension Worries

Millions of savers are worried that their workplace pensions are spinning out of their control and that they do not know what to do about it, according to financial experts. More than 2 million workers have concerns about what may happen to their pensions that deter them from saving more, research by financial firm Portus Consulting … [Read more...]

How To Check The Credentials Of Your QROPS

Checking out if your preferred Qualifying Recognised Overseas Pension Scheme (QROPS) really is a pension that follows HM Revenue & Customs (HMRC) rules is a vital part of due diligence in moving a pension overseas. Retirement savers have to ask some direct questions of the QROPS provider to make sure they are sticking to the … [Read more...]

HMRC Fires Angry Warning To QROPS Savers

If an expat transfers their cash to an offshore pension scheme that’s not a Qualifying Recognised Overseas Pension Scheme (QROPS), the tax man will have little sympathy. In a sharp notice published in the latest HM Revenue & Customs (HMRC) Pension Schemes Newsletter for providers and advisers, the tax man talks about ‘numerous requests’ … [Read more...]