Expat Pension Transfer News

Latest 10 news items tagged Pension Transfer

14 Nov at 2 PM 2014

British expats in Spain warned about healthcare registration

The UK’s Department of Health has warned Spanish-based expats that they have to properly register with authorities in the country to make sure they have full protection in the state healthcare system. “Moving to Spain? Think about Healthcare!” is the new video produced by the department. The video, which informs would be expats that the process can take weeks, also points out to Brits that the European Health Insurance Card (EHIC) will not act as cover as it is only meant for short-term visitors to the Iberian country. The...
14 Nov at 9 AM 2014

Brit expat in Portugal gets 12 months for benefit fraud

A British woman living in Portugal has been handed a 12-month prison sentence after falsely claiming the benefits of her deceased mother. Maria Joao Ferreira Lucas claimed more than £73,500 by posing as her mother, who died in January 2008. Instead of informing the Department for Work and Pensions (DWP) that her mother had passed away, she claimed all the benefits before transferring them into their own account. The British Embassy in Lisbon issued a statement saying that Ms Lucas contacted the DWP in June 2008, posing as her deceased...
12 Nov at 6 PM 2014

Threat of easy access strikes fear into UK pension providers

UK pension providers are likely to see a massive increase in the number of 100 per cent drawdown applications following next April’s take-up of the new pension rules. One of the UK’s largest drawdown providers, Standard Life, fears that many thousands of pension holders will decide to take full drawdowns, swamping its call centres and online site. The company and its competitors are planning to upgrade their facilities and allocate enough resources over the next several years to allow for a huge increase in new drawdown requests....
11 Nov at 6 PM 2014

Expat investors worldwide lose £400 million in Oz Ponzi scheme

The latest financial scandal to rock the expat world has resulted in massive losses due to the activities of commission-hungry rogue salesmen and greedy product providers. Individual losses range between many hundreds of thousands to pension pots of £100,000 or less, with the staggering total making the collapse of the unregulated LMIM fund one of the most damaging since the 2008 crash. Warnings about the instability of the investment had been circulating online since 2009, when long delays in honouring redemption requests first set...
7 Nov at 6 PM 2014

Deadline December for toxic death bond misselling complaints

Expat investors who were mis-sold unregistered EEA Life Settlements Fund bonds have until December to launch complaints. The Guernsey-based collective investment scheme, composed of traded US life policies, was wrongly marketed as low risk for some years to Europe and Asia-based expats by commission-hungry salesmen. Following the UK Financial Services’ 2011 ban on the sale and marketing to retail investors of such products, a rush of redemptions resulted in the fund’s suspension. By then, 4,700 investors, many of whom were...
5 Nov at 6 PM 2014

Insurer greed and self interest may wreck UK pension revolution

The UK government’s reversal of the purchase of compulsory annuities signalled a welcome sea change for expats as well as UK retirees, but risks being derailed by intransigence between insurance companies and policymakers. All sides in the increasingly volatile debate over the application of the new rules are protecting their own profits and interests and no single organisation is working on behalf of the consumer. The feared result is that rogue advisors and greedy product providers will win out, with pension savers at more risk of...
4 Nov at 6 PM 2014

Harlequin pension saver victims hit with financial double whammy

Scammed retirement savers whose cash was lost in the Harlequin property crash are now facing up to ten years’ continuing charges by their pension providers. Affected investors who were persuaded to take out QROPS and SIPPS-wrapped products have not only lost every penny of their savings, but are being charged £500 per annum by the pension providers themselves. Ostensibly referred to as management charges, the totals taken by providers will add some £17 million to the estimated losses. Thousands of pension savers are affected,...
4 Nov at 6 PM 2014

Brit expat silver surfers top internet user survey

UK retirees living overseas are the new digital nomads, using the latest internet technology to make new friends and stay in touch with families. Nat West Bank’s annual Quality of Life Survey released some surprising comparisons between internet usage by retirees resident in the UK and their counterparts in favourite expat destinations across the world. It seems that the process of leaving Britain’s shores to start a new life has been hugely impacted by pensioners’ use of the latest communication and information technology....
3 Nov at 6 PM 2014

Advisors fear HMRC plans suspension of India QROPS jurisdiction

Financial advisors providing QROPS pension transfers to expat investors are fearful that the UK’s HMRC is planning to suspend India’s position as a QROPS jurisdiction. Alarms were raised in the sector after the authority rushed out a revised list of QROPS just days after the regular list was issued. On the new list, five previously authorised India-based QROPS were shown as suspended. Since the beginning of 2013, 19 India QROPS have been marked as suspended, leaving just seven of the original 26 pensions still able to accept UK...
31 Oct at 6 PM 2014

Windfalls waiting for thousands of missing Standard Life expat customers

Tens of thousands of former Standard Life customers have been missing out on a share of the huge cash pile distributed by the company when it went public eight years ago. The former mutual insurance and pensions company has tracked down the vast majority of the 2.5 million customers who were entitled to a part of its massive multimillion payout in 2006. However, 73,000 are still untraceable, with Standard Life believing that many are expats who didn’t inform the firm of their change of address. The average amount due to each of...