Whether you live in France, Spain, Canada, Australia or some other far flung region of the world, there are reasons to be cheerful for British expats about changes in the UK pension system. As we start the new UK Tax year, let’s take the opportunity to recap on some of the reforms and see how […]
Lifetime Allowance: £1.25 million doesn’t go as far as it used to!
Lifetime allowance gets squeezed again! The recent UK budget was the usual mish-mash of the Chancellor giving with one hand and taking back with the other. The perceived success of a budget often revolves around who spots which measures and how they are subsequently affected. So, if a tax ‘giveaway’ such as the increase in […]
Tips on how to transfer funds abroad
No such thing as a free lunch, or is there? From time to time we all find ourselves having to transfer funds abroad. I myself had to transfer a fairly modest amount recently and decided to check the many specialist currency exchange companies to see if I could better the rate quoted to me from […]
Latest developments in QROPS legislation
It is important to keep up to date on the latest developments in QROPS legislation. Nothing seems to stand still in the world of UK pensions. The new flexible pension regime announced in the 2014 Budget has had a ‘knock-on’ effect on another area of the UK pension industry i.e. Qualifying Recognised Overseas Pension Schemes […]
Pension changes in 2015 – Unintended consequences or a lack of foresight?
There’s nothing a politician loves more than to surprise the electorate with ‘good news’. We’ve become accustomed to so much bad financial press over the last few years that anything appearing to be good news tends to lift the spirits of grass-roots supporters and suppresses criticism from the opposition. Pension changes in 2015 The new […]
European migration and pensions: the revolving door
Few current political issues attract as much controversy as immigration. Previously little known political parties have sprung up all over Europe voicing their concerns on the subject. Established parties are desperately trying to modify their policies to reflect the variety of public opinion, whilst the EU stands firm on the founding principle of freedom […]
The impact on pensions of a yes vote on Scottish independence
Much has been written about Scottish independence, however, no aspect of financial planning is more important than the impact on pensions of a yes vote. As the deadline approaches, uncertainty abounds, with one side seemingly keeping their fingers crossed that everything will be alright, and the other predicting a doomsday scenario. As ever, the real […]
QROPS case example
This article looks at a QROPS case example, and examines the technical aspects of such a vehicle. A QROPS or Qualifying Recognised Overseas Pension Scheme is quite a mouthful, but put simply it is a transfer of an individual pension fund from one country to another. EU legislation exists which enables these transfers, although individual countries can decide for themselves […]
UK pensions: eggs in a basket
It is welcome news that under new UK pension legislation we are no longer obliged to purchase an annuity upon retirement. It is important therefore for expats to consider alternative ways to access their UK pensions? Greater choice Rather than buy an annuity, individuals can opt for either a ‘capped drawdown’ or ‘flexible drawdown’ of […]
UK budget pension legislation – Everyone’s a winner!
The recent UK budget pension legislation changes in particular was full of surprises. The changes affect the benefits that can be taken from a registered pension scheme as drawdown pension income and also as taxed lump sums. They amount to a radical reform of pensions in that they will offer much greater flexibility to individuals […]
QROPS and the reduction in the Lifetime Allowance
Individuals considering the transfer of their UK pensions to a QROPS should be aware of changes in the Lifetime Allowance (LTA) as the end of the tax year approaches. The current LTA of £1.5m is the maximum amount of pension saving you can build up over your life that benefit’s from tax relief. If you build […]
QROPS Malta – the dilemma
QROPS are designed to pay out benefits to members at the age of 55. They were structured in such a way so as to reflect the UK system, wherein 55 is also the earliest date that individuals are permitted to begin receiving their pensions. However, pension fund trustees in certain jurisdictions at […]
QROPS in France – Happy New Regime!
January is a good time, for those with a QROPS in France, to recap on recent developments in UK pension legislation. Things are always changing in the world of QROPS Let’s consider how these changes will affect those living in France. QROPS in France – legislation developments On 17 June 2013 the French law, Loi de […]
UK pension transfers to France
With UK pension transfers to France becoming ever more popular, it is important for expats to stay abreast of developments in the marketplace. With over 3000 providers on the official QROPS list, there are quite a number of jurisdictions to choose from. It is important to be sure however that your UK pension transfer is being […]
Qualifying Recognised Overseas Pension Schemes
Qualifying Recognised Overseas Pension Schemes (QROPS) are increasingly becoming the pension planning vehicle of choice for British expats living in France. It’s that time of the year again, la rentrée. The summer vacation is over; we are back to work and a return to some sort of normality. Along with la rentrée comes a desire to address matters […]