Expat Pension Transfer News

Latest 10 news items tagged Pension Transfer

16 Sep at 6 PM 2014

US renounce citizenship fee soars as thousands leave to avoid FATCA

The fee payable to the State Department by US citizens wishing to renounce their citizenship has soared by over 400 per cent since the introduction of the FATCA reporting system. Originally just $450, the charge for renouncing US citizenship now stands at $2,350. State Department officials claim the new amount represents the actual cost of the procedure and are admitting that demand for the service is at an all-time high. In some regions, the US Consular waiting list for the required expatriation interview is now six months or...
15 Sep at 6 PM 2014

How to avoid losing your pension savings pot in Qatar

Many expats living and working in the Gulf States are becoming concerned about UK-based pension savings plans and pension transfers. Qatar is fast becoming the most popular of all the Gulf States for expats, with its capital Doha attracting a large number of foreign professionals due to its recent expansion and improvements. The oil and gas, education and construction sectors are booming right now, with international companies opening local offices and seeking qualified expat talent eager to earn more and enhance their career...
12 Sep at 6 PM 2014

UK pension reforms in a nutshell for retirement savers

The continuing fallout from the bombshell of the March 2014 Budget Speech pension reforms has confused many retirement savers as to their rights and the best way to plan for their future financial lives. A fact sheet recently issued by the UK Treasury department is aimed at clearing the fog surrounding the new rules, even although some detailed decisions have yet to be made by Westminster. Eight major points which every retirement saver should know are noted. Firstly, pensioners can do whatever they please with their pension pots,...
12 Sep at 6 PM 2014

Is private health insurance really necessary in Thailand

Most expats arriving in Thailand have been used to paying for private heathcare in their home countries, but is the expense of an international healthcare plan really necessary in Thailand? Due to its recent Westernisation, low cost of living and great weather, Thailand is an ever-popular destination for expats from Australia, the UK and the USA. As a result, heathcare, access to Western foodstuffs, Western-style restaurants and the latest in consumer comforts are easily accessed. Along with massive shopping malls and Thailand’s...
11 Sep at 6 PM 2014

UK government confirms QROPS ban on public sector and civil service pensions

Workers in the UK’s civil service and public services hoping to retire overseas via a QROPS have had their hopes dashed by a government ban on unfunded defined pension transfers. UK Chancellor George Osborne has announced that, from April 2015, some transfers from civil service and public pensions will be banned. Although the news wasn’t exactly unexpected, it’s yet another blow for retirees hoping to emigrate. The announcement is part of a raft of pension rule changes presented for parliamentary discussion and is expected to...
8 Sep at 6 PM 2014

Expats in Spain looking to face LMIM and Axiom crooks in court

Expat victims of two massive investment scams, LMIM and Axiom, are targeting the product providers and salesmen whose greed has resulted in the loss of millions-worth of retirement savings. Rogue FAs operating in Spain as well as the product providers themselves are to be named and shamed in court actions. Groups representing the victims of both Ponzi schemes are requesting that the estimated thousands of other victims join in the fight for justice. The LM Investor Victim Centre (LMIVC) has representatives in Spain already working...
5 Sep at 6 PM 2014

Expat and UK resident investors slate life companies over LMIM losses

As lawyers in the UK and Australia prepare court cases on behalf of victims of the largest financial scandal to hit Australia in decades, many are accusing life companies of a lack of due diligence. The failure of LMIM and its Managed Performance Fund (MPF) has devastated savers and investors in expat locations such as Hong Kong, the UAE, Thailand and the rest of Southeast Asia as well as many in the UK, Europe and Australia. Total losses are running at around AU$369 million, and investors have been warned to expect no more than five...
5 Sep at 6 PM 2014

UK expats urged to join campaign against bank account closures

UK expatriates facing the closure of their UK bank accounts or refusals to open an account are being urged to join a new campaign aiming to change the rules. During the last several months, Santander and other high street banks in the UK have begun a crackdown on expat account holders and those wishing to either change or open accounts. The reason given is that UK banks are only obliged to provide services to British residents. The move has provoked anger amongst expats living overseas, many of whom have held accounts in the UK for...
4 Sep at 6 PM 2014

UK pension revolution sees annuity sales fall by 50 per cent

The biggest change in UK pension legislation in almost a century, slated to result in significant losses for product providers and FAs, is already triggering a massive fall in annuity purchases. The new rules won’t come into effect until April next year, but a huge slowdown in annuity sales is already being reported. Previously, retirees forced by law to convert their pension pots to annuities were unwittingly locked into unsatisfactory deals, bringing accusations of rip-offs and mis-selling. The product and its compulsory...
3 Sep at 6 PM 2014

Special Fraud Squad targets failed Axiom legal financing fund chief executive

The news that the CEO of the failed Axiom litigation fund is finally being investigated by the UK’s Special Fraud Squad may come as encouraging to victims, many of whom are also caught up in the LMIM Ponzi scheme. Nowadays, awareness of the risks of investing with rogue salesmen is at its highest level ever in the worldwide expat community, along with the inescapable fact that home country regulators and enforcers rarely, if ever ,do anything to help defrauded expat investors. Axiom’s suspension in 2012 took with it £120 million...