The latest speech from Secretary of State for Work and Pensions David Gauke has confirmed he is unlikely to sanction any moves to cut pension contribution tax relief any time soon. Speaking at an industry conference, he told delegates that he will not shy away from making changes, but is keen not to alter the current tax relief … [Read more...]
Retirement Articles
September 7, 2018
86% Of Retirees Depend On State For Their Income
Spend today without worrying about saving for tomorrow is a state of mind undermining pension saving. Millions of people make no effort to save for their retirement while working and expect the meagre state pension of around £7,000 a year to cover their bills. Instead of saving to give a safety cushion between paying day to bills and the … [Read more...]
August 17, 2018
What Happens To Your QROPS When You Die?
The question is uncomfortable for many expats, but prudent financial planning means looking after your family and loved ones when you die. Qualifying Recognised Overseas Pension Schemes (QROPS) fall under the same inheritance rules as UK pensions – plus an extra tax-free boost for expats who are left a share of any unspent pension money. The … [Read more...]
August 17, 2018
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...]
March 15, 2018
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...]
December 26, 2017
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...]
October 17, 2017
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...]
July 3, 2017
Does Your KiwiSaver QROPS Invest In Weapons?
A public outcry has broken out in New Zealand after revelations that Kiwisaver pension funds were breaking laws by investing in arms companies. KiwiSaver pensions are forbidden by law from backing firms that make weapons. Over the years, many of these KiwiSaver pensions have taken in expat pension transfers from the UK as Qualifying … [Read more...]
June 29, 2017
Company Pension Solutions All Mean Savers Taking A Hit
Companies are looking for solutions to plugging their £459 billion pension black holes, but whatever way they decide to go, retirement savers will lose. Direct benefit or final salary pension schemes offer savers a guaranteed pension rising in line with the cost of living for life. The trouble is these pensions have become too expensive for … [Read more...]
June 4, 2017
What will a Brexit vote really mean for your pension?
Trying to figure out how Britain leaving the European Union will affect pensions is one of the referendum issues for retirement savers. Both the Leave and remain campaigners have tried to paint the answer in black and white. Both sides seem to agree a Brexit would probably lead to a much weaker pound that will trigger both higher interest … [Read more...]