People who now live in the USA and built up private or company pensions whilst working in the UK often face several challenges when accessing information, obtaining advice and transferring their plan to something more appropriate to their residency status. So, what UK pension options are available to ‘US-connected’ citizens, and can better outcomes be […]
Pension transfer regulation
The UK government introduced new pension transfer regulation in November 2021 to combat pension scams. A traffic light flag system was created to help Trustees and administrators of pension schemes identify and reject transfers that might result in the policy owner being scammed. Individuals and the pension industry welcomed this. Not before time, some would […]
Abolition of the LTA in the UK Budget
No one expected the abolition of the LTA in the Budget. Rumours always abound within the industry the week before, but major structural changes rarely happen. The industry expected the limit to be restored to £1.8m, but the Chancellor went even further, with the abolition of the LTA completely. The rationale was to encourage highly […]
Solving the mobile employee pension conundrum
I recently talked with a Human Resources professional about providing mobile employee pension benefits for their overseas workers. It went a little like this. Caller – “Hi, I’m enquiring about an International Pension Plan for our non-UK employees. I suspect we’ll have a nice chat; then you’ll tell me it’s impossible!” Me – “I’m sure […]
Investment options
Not long ago, shareholders were limited to a narrow range of investment options. Employing a stockbroker was only open to the very wealthy; Unit Trusts were in their infancy and considered too risky for most, and With-Profit funds dominated the pension and endowment market. With-Profit funds were ok up to a point. However, they fell […]
Personal pensions and IHT
Countries worldwide are battling the financial consequences of Covid and the cost of living crisis. The UK is no different, with government resources struggling to provide services to the public. Into the fray stepped the Institute for Fiscal Studies (IFS), a leading independent economic research institute, with proposals for personal pensions and IHT (inheritance tax). […]
Looking for low volatility investments
The fall in global stock markets in 2022 has resulted in many people searching for low volatility investments. We haven’t seen markets behave this erratically since the financial crisis of 2008/9. To make matters worse, fixed Interest investments and property funds have also suffered; it appears there is nowhere to go to protect ourselves from […]
Wealth Tax in Andalucia eliminated
The much despised Wealth Tax in Andalucia has been eliminated following Juanma Moreno’s recent election victory. Great news for Andalucian taxpayers! QROPS relationship with Wealth Tax has always been a contentious issue; at least we now know that they are definitely outside the scope of Wealth Tax for Andalucian (and Madrid) taxpayers, albeit by default. […]
How to avoid unnecessary investment management fees
Trying to understand investment management fees can be a challenge for investors. There’s an old saying about buying cars: no matter what the bodywork looks like, you should always look under the bonnet before committing to the purchase. The same applies to investment fund purchases. Marketeers are experts when describing their particular fund offerings’, the […]
Sustainable Investments
Sustainable investments have come a long way since the days of simply excluding shares in funds that invest in ‘Bombs, Booze and Baccy’. However, environmentally friendly funds still exist and have been around for longer than we realise. Some were founded in the 1980s. Most early versions of sustainable investments are now categorised under the […]
Best SIPP for EU residents
The best SIPP for EU residents is an International SIPP. Sometimes referred to as a ‘non-resident SIPP’, it can be a useful retirement planning tool for expatriates. Many of us live, work or retire in an EU country and have a long ‘to-do list’ that needs ticking off before we can settle into everyday life. […]
The truth about pension fees and charges
New disclosure regulations for investments into financial products have obliged providers to make major changes to how pension fees and charges are presented to investors. These rules apply to all investment funds, pension plans, and QROPS trustee fees. Not only must pension fees and charges be disclosed before an adviser can complete an application, but […]
Pension scams and new QROPS rules
The UK government recently published a paper on regulations designed to combat pension transfer fraud, including new QROPS rules. Pension scams are the scourge of the professional financial services industry. Unfortunately, too many consumers have lost some or all of their funds to unscrupulous, so-called advisers. The idea behind the legislation is to stop scams […]
Lifetime Allowance changes
This week saw the Westminster ‘Rumour Mill’ in full flow. Commentators and political pundits have been speculating on how the government will pay for the massive spending related to the Covid crisis. Taxes, and in particular the Lifetime Allowance, may be about to change. The cost of Covid is estimated to be around £360bn. The […]
Retire in Italy
If you are planning to retire in Italy there are some interesting options available to you. Many EU countries are considered relatively high cost from a tax perspective. However, things have been changing as Member States realise that lower tax rates are a great way of attracting wealthy individuals who provide much-needed income to local […]