Expat Pension Transfer News

Latest 10 news items tagged Pension Transfer

1 Aug at 6 PM 2014

Retired expats in Asia warned to monitor currency fluctuations

Expat pensioners living in Asian destinations are enjoying far better exchange rates than they were a year ago, but is the trend set to continue? Britain’s strengthening recovery, rumours that the Bank of England is close to raising the base rate after its six years in the doldrums, and the European Central Bank’s growth policy have uplifted pension payments in Asia. However, expat pensioners are more at risk should a downtown occur than any other expatriate sector. The 2008 financial crash and its resulting global recession...
30 Jul at 6 PM 2014

Pension Regulator warns of £5 billion pension unlocking scam

Crooks have conned pension savers out of a total of at least five billion sterling, according to an urgent warning issued by the UK Pensions Regulator. Experts warn the full amount may be far higher, as many thousands of vulnerable pension savers in the UK and overseas are continuing to fall victim to an ingenious variety of scams by unprincipled conmen. Cold calls, text messages, glossy UK-based websites, sales patter and the pushing of worthless investments are all part of the ammunition used to part pensioners from their savings....
30 Jul at 6 PM 2014

Expat Brits reject EC call to vote in local and EU elections

In spite of a massive online and media campaign to encourage UK citizens living overseas to register to vote in the EU election and local polls, the results were embarrassingly small. The Electoral Commission’s campaign appeared on expat radio stations, online via expat forums and local English language newspapers and in various political parties’ overseas networks. The goal was to have 25,000 new registrations in time for the EU election, but the result was a sorry 7,079 votes. An increased number of registration forms were...
29 Jul at 6 PM 2014

UK government inquiry told EU wide misselling redress needed

As complaints against the mis-selling of financial products soars across European states, a UK Parliamentary enquiry has been advised that an EU-wide mechanism for consumer redress is badly needed. Although EU law on consumer protection has been updated since the 2008 crash, redress for consumers with mis-sold financial products has remained the responsibility of separate member states. At the present time, the UK Financial Ombudsman is handling a massive number of claims relating to both banks and FA firms accused of ignoring due...
28 Jul at 6 PM 2014

HMRC issues third highest QROPS mass suspension since April 2006

The 15 July official QROPS list published by the UK’s HMRC has suspended a total of 118 Qualified Recognised Overseas Pension Schemes (QROPS). The mass cull is the third largest since the scheme itself was introduced in April 2006, and includes 99 Australian QROPS, one from Mauritius, 15 from India and two from Canada. The tax authority declines to explain the reasons for its decisions, but suspensions can be the result of pensions no longer qualifying for inclusion, tax abuse, single member schemes losing members or reviews of a...
24 Jul at 6 PM 2014

Should expat savers and investors use local or international FAs

With the casino culture which caused the 2008 crash still functioning at all financial levels and in most expat jurisdictions, expats could be forgiven for wondering how to choose a reliable advisor. Many savers and investors, especially those choosing to retire overseas, have little experience of managing investments, and would prefer to talk with an advisor face to face when committing their pension pot. However, this may not be necessary, as most are well-used to making financial transactions without actually visiting their high...
23 Jul at 6 PM 2014

UK government sneaks in controversial state pension changes

Controversial changes to the UK state pension due to affect millions have been slipped in just before Parliament’s summer break. The changes apply to pensioners who decide to delay claiming their UK state pensions and will come into force for those hitting pension age on or after 6 April 2016. At present, a bonus of 10.4 per cent per unclaimed year is paid to those choosing to defer their entitlement. Many UK citizens, especially those still in employment after the age of 65, have chosen to defer, with some waiting up to 10...
22 Jul at 6 PM 2014

New study reveals expats see pension industry as greedy and incompetent

The shocking results of a new study have revealed that retirement savers view the entire pensions industry as incompetent, greedy and corrupt. The research, undertaken by the UK’s National Employment Savings Trust, was intended to survey savers in the auto-enrolment workplace pensions scheme, but has also clearly tapped into the justifiable dissatisfaction felt by users of on and offshore financial product providers. To put it mildly, customers have lost all confidence in insurers and pensions firms. According to the survey,...
21 Jul at 6 PM 2014

FCA warns against FAs pushing risky SIPPS assets

A recent warning from the UK’s Financial Conduct Agency concerns financial advisors who transfer clients’ occupational pension funds to SIPPS containing risky assets. In a recent article, CEO of the Financial Services Compensation Scheme (FSCS) Mark Neale noted the considerable increase in wrongful advice claims against FAs over the past year. He added that the FSCS strongly supports the FCA’s action in attempting to deal with the issue. According to the FCA, advisors are still operating business models which restrict...
21 Jul at 6 PM 2014

When is a QROPS a QNUPs and vice versa

For expats living overseas and fast approaching retirement age, investing their pension pot in the most tax effective manner can be very confusing. QROPS, QNUPS and SIPPS have been around for some years now, but many soon-to-be retirees could be forgiven for being totally confused as to which is more beneficial foe them. Basically, all Qualifying Recognised Overseas Pension Schemes, (QROPS) are also Qualifying Non-UK Pension Schemes (QNUPS), but a QNUPS may not necessarily be a QROPS. Got it? Taking the better-known QROPS first,...