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 […]
The impact of Sterling on pensions
The impact of Sterling on pensions becomes more evident as the Brexit situation unfolds. Currency markets have been turbulent since the UK voted to leave the EU. Sterling fell by around 18% against the Euro and US$ in the immediate aftermath; pundits have been having a field day ever since. Some say Sterling is doomed […]
The end of cold calling for pensions
Could this be the end of cold calling for pensions? Way back in the early 1980s we saw the emergence of a new breed of financial adviser; the cold calling direct salesman. Eager new recruits were handed a telephone directory and told to call as many unsuspecting victims they could in order to secure appointments […]
Brexit impact on the city of London
Ever since the UK voted to leave the EU, there has been speculation about the Brexit impact on the city of London. Latest research from Reuters suggests that up to 9,000 jobs may be relocated. Dublin, Frankfurt and Paris are considered to be the most likely destinations. Relocating abroad Moving to a new house and/or […]
Election 2017: What’s in store for pension legislation?
Just when we thought that electioneering was the favourite pastime of politicians on mainland Europe, up pops Theresa May with her shock announcement of a UK general election to be held in June. Should we be concerned about changes to pension legislation? The answer is probably yes. If the Tories win as predicted, I expect them […]
Tax on pension transfers overseas
I’ve been scratching my head and trying to think of the benefits of the new UK tax on pension transfers overseas to the UK exchequer. Almost everywhere I look I see either exceptions to the rule, unfair taxation and future financial insecurity. To recap, the Chancellor recently introduced a UK tax on pension transfers overseas; this […]