Expat Pension Transfer News
Latest 10 news items tagged Pension Transfer
14 Jan at 4 PM 2015
British expat pensioners in the Mediterranean nation of Cyprus are fighting tooth and nail to keep their winter fuel benefits after a proposal to take the allowance away from them due to the climate they live in was tabled.
The UK government is considering taking winter fuel allowances away from pensioners from 2015-16 if the country they live in has an average annual temperature than the proposed set level. This ruling would not only would affect expats in Cyprus, but also other European nations such as Spain, Portugal, France, Malta...
11 Dec at 3 PM 2014
British expats living in Cyprus are ready to campaign against the UK government’s proposal to stop their winter fuel allowance from next year.
Expats residing in the Mediterranean country have said the eligibility tests that UK citizens have to go through to see if they’re entitled to the winter fuel payments were “unfair and sneaky”.
The UK government announced last year that as of 2015, winter fuel payments would no longer be made to citizens living abroad unless they lived in countries that had an average winter...
5 Dec at 10 AM 2014
Brits working abroad received some good news on Thursday after it was revealed that they would still be allowed to claim their personal tax allowance.
Chancellor George Osborne said in March during his budget statement that the only people who may be able to retain their personal allowances in the future would be non-residents with strong economic ties to the UK, meaning how much income they could earn in the UK from a property or a pension
before tax had to be paid.
For the tax year of 2014/15, that level was at £10,000 per...
14 Nov at 2 PM 2014
The UK’s Department of Health has warned Spanish-based expats that they have to properly register with authorities in the country to make sure they have full protection in the state healthcare system.
“Moving to Spain? Think about Healthcare!” is the <a href="https://www.gov.uk/government/world-location-news/think-healthcare-when-moving-to-spain-or-it-could-cost-you-time-worry-and-money-warns-new-video">new video</a> produced by the department. The video, which informs would be expats that the process can...
14 Nov at 9 AM 2014
A British woman living in Portugal has been handed a 12-month prison sentence after falsely claiming the benefits of her deceased mother.
Maria Joao Ferreira Lucas claimed more than £73,500 by posing as her mother, who died in January 2008. Instead of informing the Department for Work and Pensions
(DWP) that her mother had passed away, she claimed all the benefits before transferring them into their own account.
The British Embassy in Lisbon issued a statement saying that Ms Lucas contacted the DWP in June 2008, posing as her deceased...
12 Nov at 6 PM 2014
providers are likely to see a massive increase in the number of 100 per cent drawdown applications following next April’s take-up of the new pension
One of the UK’s largest drawdown providers, Standard Life, fears that many thousands of pension
holders will decide to take full drawdowns, swamping its call centres and online site. The company and its competitors are planning to upgrade their facilities and allocate enough resources over the next several years to allow for a huge increase in new drawdown requests....
11 Nov at 6 PM 2014
The latest financial scandal to rock the expat world has resulted in massive losses due to the activities of commission-hungry rogue salesmen and greedy product providers.
Individual losses range between many hundreds of thousands to pension
pots of £100,000 or less, with the staggering total making the collapse of the unregulated LMIM fund one of the most damaging since the 2008 crash. Warnings about the instability of the investment had been circulating online since 2009, when long delays in honouring redemption requests first set...
7 Nov at 6 PM 2014
Expat investors who were mis-sold unregistered EEA Life Settlements Fund bonds have until December to launch complaints.
The Guernsey-based collective investment scheme, composed of traded US life policies, was wrongly marketed as low risk for some years to Europe and Asia-based expats by commission-hungry salesmen. Following the UK Financial Services’ 2011 ban on the sale and marketing to retail investors of such products, a rush of redemptions resulted in the fund’s suspension.
By then, 4,700 investors, many of whom were...
5 Nov at 6 PM 2014
The UK government’s reversal of the purchase of compulsory annuities signalled a welcome sea change for expats as well as UK retirees, but risks being derailed by intransigence between insurance companies and policymakers.
All sides in the increasingly volatile debate over the application of the new rules are protecting their own profits and interests and no single organisation is working on behalf of the consumer. The feared result is that rogue advisors and greedy product providers will win out, with pension
savers at more risk of...
4 Nov at 6 PM 2014
Scammed retirement savers whose cash was lost in the Harlequin property crash are now facing up to ten years’ continuing charges by their pension
Affected investors who were persuaded to take out QROPS and SIPPS-wrapped products have not only lost every penny of their savings, but are being charged £500 per annum by the pension
providers themselves. Ostensibly referred to as management charges, the totals taken by providers will add some £17 million to the estimated losses.
Thousands of pension
savers are affected,...