From time to time, you may decide to upgrade your possessions; why not modernise your pensions? Our computer software programs are upgraded automatically (even if we’re not quite sure why). We improve our homes, cars, golf clubs and wardrobe, but how many of us check our pensions to make sure we’re maximising opportunities and minimising […]
UK pension changes: reasons to be cheerful
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 UK […]
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 pensions and migration: 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 desperately try to modify their policies to reflect the variety of public opinion, whilst the EU stands firm on the founding principle of freedom of movement. Perhaps […]
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 involved in the legislation. A QROPS or Qualifying Recognised Overseas Pension Scheme is quite a mouthful, but it simply facilitates a transfer of an individual pension fund from one country to another. EU regulations enable these transfers, although individual countries can decide whether to […]
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 were 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 with different […]
QROPS and the Lifetime Allowance
Individuals considering the transfer of large UK pensions to a Qualifying Recognised Overseas Pension Scheme (QROPS) should be aware of the impact of the Lifetime Allowance (LTA) on their pension savings. The option of applying for LTA protection should also be examined. QROPS, Lifetime Allowance and Benefit Crystallisation A transfer from a UK registered pension […]
UK pension transfers to France
With UK pension transfers to France becoming ever more popular, expats need to stay abreast of developments in the marketplace. With over 3000 providers on the official QROPS list, there are many different jurisdictions to choose from. It is necessary to be sure, however, that your UK pension transfer is being handled by a provider/jurisdiction […]
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 returning to some normality. Along with la rentrée comes a desire to address matters that we have […]
QROPS: HMRC reporting changes
HMRC recently announced changes to the reporting system for Qualifying Recognised Overseas Pension Schemes (QROPS). These changes focus on the handling of information in the pension transfer process. An online filing system is to be introduced from December 2013, with a view to streamlining the process. This new electronic service can be used by QROPS […]
QROPS Netherlands
QROPS in the Netherlands: QROPS are increasingly becoming the pension planning vehicle of choice for British expatriates. Expats who benefit from the 30% ruling in the Netherlands can now also take advantage of the tax incentives of using QROPS in terms of their retirement planning. Read about transferring your UK pension to a QROPS when […]