Expat Pension Transfer News
Latest 10 news items tagged Pension Transfer
4 Mar at 6 PM 2014
In a bid to curb pension
liberation scams by rogue advisors, the mainstream financial services industry is forming a trade body to regulate QROPS, SIPPS and SaSS transfers.
Made up of lawyers, trustees, trade bodies and providers, the new Pension
Liberation Industry Group is to issue a set of standards intended to regulate switches between occupational pensions
. The initiative has received the UK Pension
The industry-wide code of conduct aims to establish fraud-free pension
transfer practices, with the group...
3 Mar at 6 PM 2014
Following an investigation on a UK expat saver’s behalf by This is Money.co.uk,
a financial intermediary has admitted advice to the saver in Alicante was wrong and has re-established his lost pension
The unnamed expat had been persuaded in 2010 by a representative of financial intermediary deVere to invest 80 per cent of his pension
pot in a single fund, the Strategic Growth Fund (SGF). His county council final salary scheme had netted him £150,000 and he had requested a medium risk investment following his transferring of...
3 Mar at 6 PM 2014
British pensioners who emigrated to be with grandchildren or for health reasons are being forced to return to the UK because their pensions
are frozen in their host countries.
An example of the desperate decisions being taken by many elderly Brits who moved abroad to be with loved ones or to take advantage of warmer weather for their healths’ sake is a 90-year old grandmother who moved to Canada in 2001. An IT lecturer during her working life, she made the move to be close to her daughter and grandchildren who’d emigrated a few...
27 Feb at 6 PM 2014
The number of QROPS now on the market has hit a record high of 3,230, with a new product being released almost every day and more legislation enquiries than ever before.
The increase in enquiries about the legislation pertaining to QROPS is believed to be due to a lack of incentives to keep pension
pots in Britain as well as a need to protect funds from changing legislation. Modifications to the industry initiated by HMRC over the last several years have been aimed at restraining fraudulent abuse in the marketplace as well as stopping...
26 Feb at 6 PM 2014
Figures disclosed to a UK newspaper earlier this week have proven that a high number of pension
savers have been mis-sold annuities by their insurance companies.
Although government regulators are aware of the rip-offs, it’s estimated that it will take several years to reform the system. Ten international insurers offer higher pension
payout rates to clients in poor health or with negative lifestyle habits such as smoking or excessive drinking.
The reason for the payout differential is that such savers are unlikely to live as...
25 Feb at 6 PM 2014
The surge in the £ sterling over the last few months has seen the currency bounce upwards by more than 10 per cent, in contrast to a good number of other currencies seen to have moved in the opposite direction.
The gloomy outlook at the beginning of 2013 has slammed into reverse, with the pound faring better by far than the dollar and the euro. Reasons include an overall expectation that rates will rise in the near future, the booming housing market and improving retail sales figures.
On the negative side, employment data is...
21 Feb at 6 PM 2014
Expat investors tired of searching for fixed rate investments at above their host countries’ current inflation rates are turning to retail bonds for comfort.
Bonds as such are not just the province of the extremely wealthy, as investments can start at the low thousands or ever low hundreds of pounds. Retail bonds are relatively new kids on the investment block, and have gained plenty of fans over the last several years.
Put simply, retail bonds are fixed-term loans to an established company at the offered interest rate, with...
21 Feb at 6 PM 2014
Less than three months from now, Britons will vote in the European Parliament elections, with the 5.5 million British expats living overseas urged to register and make their views known.
At present, a tiny minority of overseas British citizens are registered to vote, according to the UK’s Electoral Commission, which has launched an online social media campaign to encourage more to sign up. It’s hoped that next Wednesday’s overseas registration day will result in at lest 25,000 downloads of the registration forms available at...
20 Feb at 6 PM 2014
The UK’s consumer watchdogs and various financial regulators are attempting to outlaw pension
liberation to the extent that they are describing a legal right as fraud.
Retirement savers are allowed to access their pension
funds as a pension
liberation exercise before their 55th birthdays should they wish to retire earlier, although they will then be liable for tax penalties and other charges. Recently, the Pensions
Regulator won a court case brought against certain pension
liberating schemes resulting in their being outlawed as...
19 Feb at 6 PM 2014
Questions are being asked about the future of QROPS offered by Guernsey after two new QROPS were opened in Gibraltar.
Concept Group, one of the sector’s largest providers of Qualifying Recognised Overseas Pension
schemes, has opened two new pensions
on Gibraltar aimed at getting back into the lucrative QROPS marketplace. Concept was effectively shut out of the market in 2012 after HM Revenue and Customs (HMRC) excluded 300 of its Guernsey-based offerings.
The new QROPS are being marketed via Concept’s Aurora offshore pensions