Expat Pension Transfer News
Latest 10 news items tagged Pension Transfer
6 Dec at 6 PM 2013
Migrants leaving the UK for overseas jobs many never intend to return, but the final decision to stay or go may depend on whether they have a pension
in their host country.
It seems that deciding to make a permanent commitment to your host county at the end of a career is easier if you have opted into a pension
scheme in your overseas home. Taking this step tends to indicate that there’s enough which is good to encourage staying for the rest of your life.
The latest HSBC Expat Explorer survey indicated that, for UK citizens,...
4 Dec at 6 PM 2013
Much has been written about the desirability of transferring an expat retirement pension
to a QROPS, but what if you’re living in a country which has no listed providers?
Around 180 countries are not represented in the global QROPS market place with its over 3,000 pension
funds, giving rise to worries amongst retirement savers who wish to invest. The solution for many would appear to be a ‘third-party QROPS’, although the same care should be taken as regards checks and balances, small print and the legality of the FA who’s...
4 Dec at 6 PM 2013
The recently published results of a survey have revealed that the elderly who take up regular exercise later in their lives are three times healthier than their couch potato counterparts.
According to the study, published in the British Journal of Sports Medicine, pensioners who take up exercising can stave off the chance of dementia or serious ill health. After tracking the health of 3,500 volunteers averagely aged 64 for a period of eight full years, researchers concluded that, for the elderly, significant health benefits are...
25 Nov at 6 PM 2013
Although QROPs are still regarded as a good way to avoid expat currency exchange issues, there have been many changes since the 2012 clampdown by HMRC.
Experts in the field of QROPs are suggesting that the latest delisting of Malaysia and Bangladesh from the HMRC-approved countries list may be a hangover from the late 2012 policy shakedown. However, much has changed since then, although it’s not yet clear that investors have benefitted.
The 2012 new legislation put forward by HMRC saw pensions
advisors given clear-cut product...
20 Nov at 6 PM 2013
For many expat retirees, the purchase of an annuity with their pension
pot is seen as a practical way to guarantee a lifetime income, but being sold the wrong product can have disastrous consequences.
A shocking report from a former government advisor has revealed that insurance companies are pocketing the remaining balance of an annuity when holders die, leaving widows penniless. The blame, it seems, sits squarely with financial advisors who sell unsuitable products to retirees without explaining the complications and with the...
15 Nov at 6 PM 2013
Expats wishing to transfer their pensions
have been alarmed by increasing reports of pension
liberation scams operated by bogus financial advisors.
Consumers have been unable to identify whether the financial advisors they are using to liberate their pensions
are genuine or fraudulent, with many deciding not to take advantage of the schemes as a result. Experts working with the pension
regulatory body have now published a checklist of signs indicating a scam.
Questions directed at FAs should start with the time the recommended fund...
14 Nov at 6 PM 2013
As if the frozen pensions
scandal wasn’t enough, the controversy over the payment of winter fuel allowances for expat pensioners has ignited again.
Since they began, winter fuel allowances have been paid to pensioners in the UK, in the EU and in several other world countries. As part of the new Pensions
Bill, it now seems that those retirees living in countries deemed to have a higher winter temperature than most of Britain are to lose the benefit.
The method by which temperatures in European countries have been calculated has...
13 Nov at 6 PM 2013
According to a major investment bank, the traditional expat life for senior executives abroad is shrinking fast as assignment become shorter and perks are cut.
Investment experts at Coutts Asia and Middle East are having to deal with executive-level clients’ complicated tax planning as assignments diminish from decades to a few years and rewards are slashed. Shorter contracts are now the norm, with countries such as Singapore now preferring to employ domestic staff.
Expats working abroad are increasingly unable to commit to a...
12 Nov at 6 PM 2013
Currency fluctuations since the 2008 financial crisis have hit British expats all over the world, but retirees in Canada have been the worst sufferers from the falling pound sterling.
Taking the UK state pension
as it was in April 2007 as a benchmark, foreign exchange expert have calculated the losses to British pensioners in a number of worldwide destinations. At that point in time, sterling was strong against a range of currencies, and bought 2.29 Canadian dollars.
Six years later, the exchange rate has fallen to 1.65 CA$ to the...
7 Nov at 6 PM 2013
As options for British expat investors shrink further by the day, the latest offshore haven to sign up for the UK’s ‘Son of FATCA’ is the Cayman Islands.
The offshore islands join the Isle of Man, Guernsey and Jersey in agreeing to share information with the Inland Revenue about British taxpayers’ financial affairs, including earnings, assets and account details. The British Virgin Islands and Gibraltar are likely to be the next to fall as negotiations are already under way.
As with many unpopular schemes emerging from the...