Expat Pension Transfer News

Latest 10 news items tagged Pension Transfer

24 Aug at 6 PM 2016

Uncovered data reveals top world locations for financial scams

As the UK’s Financial Conduct Agency continues to warn retirees of pension transfer frauds, recently uncovered data reveals the worst world-wide locations for expat financial scams. The data shows UK retiree pension savers are now at even more risk of being scammed out of their savings by unscrupulous, often illegally working financial advised lurking in favourite expat destinations. Global scams are now big business for fraudsters, egged on by pension liberation and even by Brexit’s predicted financial uncertainties. One...
24 Aug at 6 PM 2016

UK pensioners in cooler parts of Spain cheated out of winter fuel allowance

Newly discovered data has revealed British pensioners living in colder parts of Spain may have been entitled to the UK state pensions’ Winter Fuel Allowance. The winter fuel allowance was cancelled in 2014 for all UK pensioners living in Spain, depriving many thousands of an extra few hundred pounds with which to supplement the ungenerous British pension. The reason given was that Spain’s average winter temperature was ‘too hot’ to justify the payment.The country’s average winter temperature came out at just above the...
23 Aug at 6 PM 2016

Expat private healthcare costs soaring beyond affordable levels

Insurers offering private healthcare policies are sitting pretty as regards revenue, whilst expats living overseas are struggling to find funds for the swingeing annual increases imposed. As with just about everything else in the 21st century, the cost of private healthcare has more to do with profits than with service. Providing a safety net for unexpected illnesses or accidents is especially important for expats, many of whom are retired and don’t have a relocation package covering the ever-rising costs of private heathcare....
23 Aug at 6 PM 2016

Retired expats in Spain caught in free heathcare trap

Due to recent tough new rules in Spain as well as within the failing British National Health Service, expat retirees are being left with no free heathcare options. Many elderly UK expats living in Spain are now unable to access Spain’s formerly free heathcare services, and the National Health Service is now refusing to treat returning expat pensioners until they have lived in the UK for at least six months. This is despite the fact that the majority have paid National Insurance during their entire working lives. Hardest hit are...
19 Aug at 6 PM 2016

EU based retirees fear loss of UK state pension increases

Many thousands of UK state pensioners living in the EU fear losing their rights to regular pension increases due to the post Brexit fallout. The expat communities of Spain and, to some extent, France, are crammed with UK citizens who’d made the choice between poverty in Britain and comparative comfort abroad. Many sold their UK homes in order to buy an apartment in one of the Andalusian coastal resorts, and have been living within their means on just their UK state pension. With the advent of Brexit, their financial security may...
18 Aug at 6 PM 2016

Are offshore QROPs at risk following Brexit

Perhaps more than any other sector of British society, UK expats are likely to feel the effects of Brexit in most aspects of their lives, especially those related to money. Many British retirees now domiciled in EU member state companies will have paid into private or work-related pensions in order to ensure a comfortable retirement with little in the way of financial worries. At present, transferring a pension pot overseas is straightforward, but it’s possible that the Brexit negotiations may change the rules. The Qualified...
18 Aug at 6 PM 2016

UK expats lose a billion in fraudulent investment scam

In spite of multiple warnings from the UK Financial Conduct Agency and other concerned financial experts, pension liberation has proved to be a pot of gold for scammers. Expat advocacy group Pension Life has announced that increasing numbers of FCA-regulated financial advisers are endorsing pension liberation products which are clearly scams. British expats living in Dubai and Spain are estimated to have lost a total of at least one billion pounds sterling to fraudulent investment schemes. Yet another FCA warning issued in early...
15 Aug at 6 PM 2016

Expats hitting a brick wall over cashing in pension pots

Pension savers living overseas are being denied access to their pension pots due to a Financial Conduct Agency stipulation that egulated financial advice must be taken before monies are released. The pensions revolution has become a chaotic nightmare for expat pensioners wanting to access their savings in British employers’ pension schemes as the FCA is now insisting on evidence of having consulted a UK registered IFA. Given that most holders of smaller pension pots know exactly what they are planning to do with their money, the...
12 Aug at 6 PM 2016

Spain still hub for expat financial fraud

Despite all the recent publicity about unlicensed, unqualified IFAs scamming expats out of their savings, fraudsters are still targeting Brit retirees in Spain. A warning from Britain’s Financial Conduct Authority about the growing trend of pension scamming by unqualified IFAs overseas has highlighted a number of incidents in Spain. The danger of losing a lifetime's worth of savings has escalated since the change in UK law made it possible for savers to access their pension pots at age 55. Expats in popular Spanish retirement...
11 Aug at 6 PM 2016

Companies offering big money to buy out final salary pensions

Soon-to-be-retirees with final salary pensions could be in line for huge windfalls as companies attempt damage limitation measures. Expats and other employees worried about their final salary pensions are about to be thrown a tempting lifeline in the form of company buy-outs for their gold-plated schemes. The golden goodbyes are already being offered by a number of companies eager to get rid of retirement savers. The high sums on offer are being seen by employers as the only way to reduce the ever increasing liabilities caused by...