Expat Pension Transfer News

Latest 10 news items tagged Pension Transfer

18 Apr at 6 PM 2014

When is a third country QROPS the best expat choice

Since 2006, expats planning to emigrate and those already living abroad can transfer their pension pot in to a QROPS, with pension savers allowed to base their investment outside the UK. As long as the product provider has complied with HM Revenue and Customs’ regulations, savers can base their QROPS in a choice of worldwide financial jurisdictions. Once the transfer has been made, and the member has resided overseas for five years, the fund follows its base country’s legislation, rather than the UK’s. As a result, QROPS...
17 Apr at 6 PM 2014

Strong pound boosts expat spending power in South Africa, Turkey and Thailand

As the pound strengthens along with the recovery in the UK, a newly-introduced online currency index will help travellers and expats to select the countries with the most favourable rates. Fluctuating currency rates are an endless worry for most expats on UK pensions or with investments paying interest in sterling. Over the last year, the winners have been those living in South Africa, Turkey and Thailand, with the strong pound and weakness of local currencies granting them between 20 and 30 per cent more spending power. In...
15 Apr at 6 PM 2014

FCA warns insurers to treat clients fairly on pensions advice

In yet another move to protect savers at home and abroad from mis-sold investments, the FCA has warned insurers, IFAs and pension providers against disadvantaging clients when advising on the recent changes in annuity law. The regulator is to issue a set of guidelines telling pension providers and financial advice firms how to handle customers who wish to cash in their pension pots. According to the FCA, if the guidelines are not followed, sanctions or fines will be imposed. A spokesperson for the regulator said that providers and...
10 Apr at 6 PM 2014

Good news on tax for savers reversing annuity decisions

Following the shake-up of pensions announced in the UK’s 2014 budget speech, many thousands of savers who changed their minds about annuitising as a result have voiced their concerns about tax penalties. The good news that a number of product providers have extended their cooling- off periods, giving savers time to get professional advice, has now been followed by the even better news that Her Majesty’s Revenue and Customs will not demand tax penalties from those who have reversed thier decisions.The radical budget changes, due...
8 Apr at 6 PM 2014

Fight for unfrozen expat pensions attracts international support

Following David Cameron’s somewhat half-hearted and decidedly unofficial support for unfreezing 5,600,000 British state pensions paid to expats overseas, the word seems to finally be spreading. Leading overseas pension provider Pryce Warner International has thrown its hat into the fray, stating that the British pension system is flawed in its bias towards over half a million retirees living in 120 countries without UK reciprocal arrangements. The firm’s director of operations, David Retikin, believes that retirees are being...
4 Apr at 6 PM 2014

Osborne to go ahead with taxing expat pensions

After a brief mention in George Osborne’s recent 2014 Budget speech of a plan to tax expat pensions spurred concerns in many migration destinations, it seems taxing those not considered resident or domiciled in the UK is on the cards. The Chancellor is now making it clear that expats must decide whether they are out or in the UK’s tax systems. They cannot, he said, expect to rely on the British government for favours concerning financial matters. A consultation aimed at examining the possibility of scrapping personal tax...
3 Apr at 6 PM 2014

Expats to lose out on new top up pension scheme

Over half a million UK state pensioners living in 150 world countries will get a worse deal than their UK-based counterparts if they buy into the government’s top-up pension plan. Those retiring before 6 April 2014 will be unable to take advantage of the higher state pension of £155 per week payable from April 2006. Instead, they will be able to buy up to an extra £25 per week by giving the government £890 for each £1 weekly increase. However, the 46 per cent of all expat pensioners living in countries where the state pension...
3 Apr at 6 PM 2014

Over 20,000 UK pensioners desperate to leave Spain

A hard-hitting study has revealed that 20,000 UK retirees are desperate to relocate back home, but are finding it difficult to sell their properties. According to the survey, the main reasons for heading home are the rising cost of living when set against the low UK state pension, the strain of being apart from families in the UK and a lack of care homes for physically challenged pensioners unable to manage on their own. The survey also showed that, once those wishing to return have done so, the resulting strain on local authorities...
2 Apr at 6 PM 2014

UK Budget may cause problems for expat savers and QROPS industry

The rewriting of many pension rules unveiled in the UK’s recent budget could result in troubled times for QROPS providers as well as expat savers. Experts are stating that the Budget pension reforms may well threaten the future of the profitable QROPS industry, with reduced tax restrictions likely to dilute the appeal of the product. QROPS have been seen as especially useful for expats wishing to transfer their pensions to their new countries of residence. Interestingly, a little-noted new restriction announced by the chancellor...
2 Apr at 6 PM 2014

UAE expats benefit from UK passport cost cuts but others may not

The news of a cut in passport renewal costs is good for UAE expats, but those living elsewhere may not be overjoyed. The 33 per cent cut in UK passport renewal costs is supposedly due to savings to be made on the cost of processing overseas. In future, all expat passport renewals will be dealt with in the UK. For UAE-based expats, it’s all good news, with many surprised that government fees are actually going down. Renewals are required every 10 years and, for most expats across the world, the renewal process is still...