Expat Pension Transfer News
Latest 10 news items tagged Pension Transfer
1 Aug at 6 PM 2014
Expat pensioners living in Asian destinations are enjoying far better exchange rates than they were a year ago, but is the trend set to continue?
Britain’s strengthening recovery, rumours that the Bank of England is close to raising the base rate after its six years in the doldrums, and the European Central Bank’s growth policy have uplifted pension
payments in Asia. However, expat pensioners are more at risk should a downtown occur than any other expatriate sector.
The 2008 financial crash and its resulting global recession...
30 Jul at 6 PM 2014
Crooks have conned pension
savers out of a total of at least five billion sterling, according to an urgent warning issued by the UK Pensions
Experts warn the full amount may be far higher, as many thousands of vulnerable pension
savers in the UK and overseas are continuing to fall victim to an ingenious variety of scams by unprincipled conmen. Cold calls, text messages, glossy UK-based websites, sales patter and the pushing of worthless investments are all part of the ammunition used to part pensioners from their savings....
30 Jul at 6 PM 2014
In spite of a massive online and media campaign to encourage UK citizens living overseas to register to vote in the EU election and local polls, the results were embarrassingly small.
The Electoral Commission’s campaign appeared on expat radio stations, online via expat forums and local English language newspapers and in various political parties’ overseas networks. The goal was to have 25,000 new registrations in time for the EU election, but the result was a sorry 7,079 votes.
An increased number of registration forms were...
29 Jul at 6 PM 2014
As complaints against the mis-selling of financial products soars across European states, a UK Parliamentary enquiry has been advised that an EU-wide mechanism for consumer redress is badly needed.
Although EU law on consumer protection has been updated since the 2008 crash, redress for consumers with mis-sold financial products has remained the responsibility of separate member states. At the present time, the UK Financial Ombudsman is handling a massive number of claims relating to both banks and FA firms accused of ignoring due...
28 Jul at 6 PM 2014
The 15 July official QROPS list published by the UK’s HMRC has suspended a total of 118 Qualified Recognised Overseas Pension
The mass cull is the third largest since the scheme itself was introduced in April 2006, and includes 99 Australian QROPS, one from Mauritius, 15 from India and two from Canada. The tax authority declines to explain the reasons for its decisions, but suspensions can be the result of pensions
no longer qualifying for inclusion, tax abuse, single member schemes losing members or reviews of a...
24 Jul at 6 PM 2014
With the casino culture which caused the 2008 crash still functioning at all financial levels and in most expat jurisdictions, expats could be forgiven for wondering how to choose a reliable advisor.
Many savers and investors, especially those choosing to retire overseas, have little experience of managing investments, and would prefer to talk with an advisor face to face when committing their pension
pot. However, this may not be necessary, as most are well-used to making financial transactions without actually visiting their high...
23 Jul at 6 PM 2014
Controversial changes to the UK state pension
due to affect millions have been slipped in just before Parliament’s summer break.
The changes apply to pensioners who decide to delay claiming their UK state pensions
and will come into force for those hitting pension
age on or after 6 April 2016. At present, a bonus of 10.4 per cent per unclaimed year is paid to those choosing to defer their entitlement.
Many UK citizens, especially those still in employment after the age of 65, have chosen to defer, with some waiting up to 10...
22 Jul at 6 PM 2014
The shocking results of a new study have revealed that retirement savers view the entire pensions
industry as incompetent, greedy and corrupt.
The research, undertaken by the UK’s National Employment Savings Trust, was intended to survey savers in the auto-enrolment workplace pensions
scheme, but has also clearly tapped into the justifiable dissatisfaction felt by users of on and offshore financial product providers. To put it mildly, customers have lost all confidence in insurers and pensions
According to the survey,...
21 Jul at 6 PM 2014
A recent warning from the UK’s Financial Conduct Agency concerns financial advisors who transfer clients’ occupational pension
funds to SIPPS containing risky assets.
In a recent article, CEO of the Financial Services Compensation Scheme (FSCS) Mark Neale noted the considerable increase in wrongful advice claims against FAs over the past year. He added that the FSCS strongly supports the FCA’s action in attempting to deal with the issue.
According to the FCA, advisors are still operating business models which restrict...
21 Jul at 6 PM 2014
For expats living overseas and fast approaching retirement age, investing their pension
pot in the most tax effective manner can be very confusing.
QROPS, QNUPS and SIPPS have been around for some years now, but many soon-to-be retirees could be forgiven for being totally confused as to which is more beneficial foe them. Basically, all Qualifying Recognised Overseas Pension
Schemes, (QROPS) are also Qualifying Non-UK Pension
Schemes (QNUPS), but a QNUPS may not necessarily be a QROPS. Got it?
Taking the better-known QROPS first,...