Expat Pension Transfer News
Latest 10 news items tagged Pension Transfer
10 Jun at 12 PM 2015
Seven in 10 British expats do not understand newly-introduced pension
flexibilities, according to a study by financial advice company AES International.
The firm surveyed 170 expats, finding that 70 per cent did not know their freedoms, and that of the 30 per cent that did, only six per cent knew in what way it would affect their retirement funding plans. Furthermore, of the 30 per cent who understood the regulations, 70 per cent were of the mindset that the changes were positive.
The study also showed that 30 per cent of Brits...
29 May at 9 AM 2015
Roughly 250,000 British expat pensioners have lost out on pensions
benefits worth in the region of £850m due to the fact that UK pension
scheme trustees have lost trace of them since they emigrated.
The estimate arrives after data gathered by FindMyLostPension.com showed that expats in Europe, North America, the Caribbean, Australia, South Africa, the Middle East and other regions across the world have pension
pots that remain unclaimed.
The average pensioner is owed anything between £2,000 and £30,000 per year, while tax-free...
26 May at 4 PM 2015
Expats in Spain could see their estates handed out against their intentions and their families having to fork out more tax than they should if they have not made a will.
Spain is the most popular destination among emigrating British retirees, with thousands relocating to the Mediterranean nation each year. However, many remain completely unaware that the inheritance laws in the two countries are entirely different, and are all set to change once more.
Spanish laws determine who the inheritor should be when a person who has not made...
23 Apr at 12 PM 2015
An estimated five million Brits reside abroad and many of them are retirees who are claiming UK pensions
; however, the Department of Work and Pensions
(DWP) has the problem of knowing whether the correct person is drawing the funds as some countries do not share certain information.
Around £45m is said to be paid out to Brits who have retired to other countries but have since died, and it is their family members who are continuing to cash in pension
cheques that should have been stopped immediately after the death.
20 Apr at 6 PM 2015
With the new pension
reforms in the UK, British retirees are cashing in and heading to pastures new in foreign lands.
Among the main investments pensioners are making after withdrawing substantial sums of money from their savings are holiday homes abroad with, unsurprisingly, Spain being the most popular destination.
Chancellor George Osborne introduced reforms earlier in April that enable people over the age of 55 to make unlimited withdrawals from their pensions
. Although the majority of people in this bracket are not looking for...
8 Apr at 9 AM 2015
Chiang Mai, Thailand is one of the greatest places to be an expat according to Iona Proebst, the Executive Director of The Branch Foundation, a charity focusing on providing renewable energy, education and income generation for marginalised communities in South-East Asia.
With the city’s colourful and vibrant life, there are always surprises to be had. Chiang Mai, Thailand’s second biggest city, boasts great food and drinking venues at very low prices with meals starting at only NZD$1 and a beer at around NZD$2.
Not only does...
26 Mar at 12 PM 2015
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
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
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
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...