Expat Pension Transfer News
Latest 10 news items tagged Pension Transfer
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...
25 Feb at 6 PM 2015
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
As of April this year, anybody aged 55 or above will have more freedom to...
25 Feb at 3 PM 2015
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.
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 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...