British expatriates are waiting for some sense of direction when it comes to the question of Brexit and EU residency. Following the UK general election, we now have a little more clarity regarding Brexit. Theoretically, the UK could still leave on what has been termed a ‘hard’ basis. The new PM has promised to conclude […]
Malta QROPS
Significant changes to the Malta QROPS rules regarding investment management came into force on January 1st 2019. Malta QROPS providers are now legally required to ensure financial advisers are correctly regulated according to MiFID 2 (Markets in Financial Instruments Directive) rules. Providers were given 6 months leeway to work with advisers who were in […]
Sustaining pension income in retirement
Sustaining pension income in retirement is a common concern for most of us. We work hard to build up our pension pots, hoping that we can sit back and enjoy the fruits of our labour come the glorious day of retirement. However, for those in Defined Contribution (DC) plans, it’s still important to monitor and […]
The Spanish compliant investment bond
Thank goodness for the Spanish compliant investment bond! Each country’s tax code seems to have various ways of relieving us of our money. However, they also offer ways to legitimately avoid taxation if we purchase the correct financial products. In the UK, most people know the tax-saving nature of pension plans and ISAs. However, the […]
Pension freedoms are not free!
The advent of pension freedoms has altered the landscape for those planning their retirement. In an ideal world, everyone would be a member of a high-quality Defined Benefit (DB) pension scheme, whereby a sustainable retirement income is guaranteed for the lifetime of the individual. However, for those who are either self-employed or prefer a Defined […]
Brexit risks for pensions
There are a number of Brexit risks for pensions over the coming months. It’s a well-known maxim that investment markets and businesses crave certainty. Uncertainty creates problems in terms of where to invest, future income/expenditure projections and cash-flow management. No geopolitical issue in the last 70 years or so has created more uncertainty than Brexit. […]
Pensions and Brexit
There could be a showdown over pensions and Brexit at some stage in the near future. Pension providers and advisers have become accustomed to their clients being used as de facto cashpoint machines by the UK government treasury department. With each passing budget or spending review, the government seeks to raise funds. On too many […]
Pension transfer cost
As QROPS advisers, we are often asked how much a pension transfer costs and how long a pension transfer takes. It may come as a surprise for some, but the daily life of a financial adviser isn’t all fast cars, glamourous locations, and champagne lifestyles (Ho ho!). Pension transfers are a relatively complex administrative procedure, […]
Low cost QROPS
As we near the date of Brexit, there is a rising interest in UK pension transfers and also a demand for low cost QROPS solutions. The market for Qualifying Recognised Offshore Pension Schemes (QROPS) as a vehicle for UK pension transfers has developed significantly in the last few years. Changes in UK Government pensions legislation, […]
The Brexit QROPS dilemma
British expatriates could face a Brexit QROPS dilemma in the coming months. We are unlikely to know the full impact of Brexit on QROPS for at least another year, perhaps even longer. However, it is very important to consider what could happen and how the expatriate community might be affected. Recent developments In many ways, […]
Brexit and Pensions
The relationship between Brexit and pensions is not quite ‘top of the agenda’ in EU / UK discussions. We appear to be still in the early Brexit phase, where more questions than answers are being put forward. Even so, it is important to be prepared for a range of outcomes to avoid any unpleasant surprises […]
The collapse of Carillion and its defined benefit pension scheme
The collapse of Carillion has led to significant problems with the defined benefit pension scheme. Once again the politics of private enterprise providing public services has dominated the news. As it seems with everything politics-related, more heat than light has been produced with both main UK parties putting forward their points of view. The collapse […]
No changes for pensions in the UK budget
Successive chancellors have chipped away at pensions in the UK budget, with change after change being imposed on savers and retirees. More often than not there has been little room for discussion or debate with the industry. Whilst on one hand no change is a good thing, on the other some were hoping for an […]
What to do if you hold suspended funds in your pension portfolio
It can be extremely frustrating to have suspended funds in your pension portfolio. Illiquid funds were relatively rare before the financial crisis of 2007/8, as the alternative fund management industry was generally only available to wealthy and experienced investors, pension funds and large family offices. Most illiquid/toxic funds are categorised as Unregulated Collective Investment Schemes […]
When your financial advisers go bust
From time to time financial advisers go bust. Failure is a fact of life in business. Unfortunately, it can leave a trail of destruction in its wake. High-profile companies such as BHS caused stress and heartbreak for employees and retirees alike as their jobs, pension funds and benefits were suddenly at risk. Thankfully, as BHS […]