Expat Pension Transfer News

Latest 10 news items tagged Pension Transfer

26 Mar at 12 PM 2015

Neglected paperwork could result in expats losing their state pension

Pensioners from the UK who live abroad need to keep up to date with their paperwork or they will risk losing their state pension. Expats over the age of 75 regularly receive forms sent by the Department of Work and Pensions, requesting proof that they are still alive. They only have nine months to complete these forms and return them. If the deadline is missed then the government cuts off their pensions as they are assumed to have passed away. In December 2013, these forms were introduced to prevent people from fraudulently trying to...
18 Mar at 6 PM 2015

Spending Power Decreases for Expat Pensioners

According to a recent survey, two thirds of pensioners are now less financially well off compared to ten years ago. Equiniti, a pension payments firm, have looked into how pensions being paid in Sterling compare to other currencies. With the majority of the firm’s 60,000 clients living in the Eurozone, this is bad news although the growing pound enables people to enjoy a higher exchange rate in other countries. Over the past year, the pound has increased 10 per cent in value against the euro, yet the pensioners are worse off...
5 Mar at 9 AM 2015

Costa Rica increases in popularity among retirees

More and more people are looking to emigrate to Costa Rica after retiring with factors such as low cost of living and beautiful surroundings proving major draws among expats. Four out of the top five destinations for retirement are in either South or Central America, according to the International Living’s 2015 Retirement Index. This year Costa Rica has entered in at number five on the list, behind Ecuador, Panama, Mexico and Malaysia respectively. The report described Costa Rica as a “nature-lover’s dream”, adding that the...
27 Feb at 12 PM 2015

Nutmeg may offer expats its new pension scheme

After launching an online pension, investment manager Nutmeg has said it may consider offering it to expats living in certain jurisdictions. At present, the new initiative is only targeting UK-based people, but the firm has admitted it is open to the idea of making it available to expats in popular locations such as Australia, New Zealand, Hong Kong, Singapore and Luxembourg among other countries as well as the Isle of Man and the Channel Islands. However, anyone living in the US will not be considered because of the Foreign Account...
25 Feb at 6 PM 2015

UK: Changes to pension tax to affect expats

British retirees looking to cash in their pensions could benefit because of changes to the rules regarding withdrawing lump sums that will be introduced in April. The new regulations do not require a person to buy an annuity, while an added bonus for those wanting to take out large amounts before moving overseas is that there will be a reduction to the tax charge imposed – which currently stands at 55 per cent – when withdrawing cash from a pension pot. As of April this year, anybody aged 55 or above will have more freedom to...
25 Feb at 3 PM 2015

Expats see rise in pension income but it remains lower than a decade ago

Retired Brits overseas are currently feeling the benefits from the pound’s strengthening, but two-thirds are not as well off as they were 10 years ago. Pension payment firm Equiniti, which deals with more than 60,000 retired Brits abroad, said that expats are currently enjoying a boost in income due to the rise of the pound, but most remain worse off than they were in the mid-noughties. The majority of the 60,000 retirees that Equinity manages pension payments for are in the Eurozone, where even though the British currency has...
14 Jan at 4 PM 2015

British expat pensioners in Cyprus fighting to keep winter fuel allowance

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

UK expats in Cyprus to campaign for fuel allowance

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

Expats will not lose their tax breaks

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

British expats in Spain warned about healthcare registration

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...