Expat Pension Transfer News

Latest 10 news items tagged Pension Transfer

7 Dec at 6 PM 2018

New warning estimates hundreds of thousands of returning British expats will wreck the NHS

Government officials are warning a no-deal Brexit will result in hundreds of thousands of British expats flooding back to the home country. According to the UK’s Office of National Statistics, some 800,000 British citizens are living in European Union member states, with 25 per cent over retirement age and around 60,000 aged 15 or younger. A recently-released policy statement from the UK’s Brexit department stated all returnees would be entitled to welfare payments, schooling and housing as are all British citizens living in the...
7 Dec at 6 PM 2018

FCA to take action over unsuitable pension transfer advice

According to the UK’s financial watchdog, less than 50 per cent of pensions transfer advice given to Britons is suitable for individuals’ circumstances. The findings of a Financial Conduct Authority study of advice given on pension transfers were released yesterday, giving cause for concern amongst Britons looking to spend their retirement years as expats living outside the UK. Just 48.1 per cent of advice given was considered by the FCA to be suitable for those considering a pension transfer. The watchdog examined 18 firms and...
6 Dec at 6 PM 2018

Is medical tourism worth the hassle for expats?

Given that private healthcare almost anywhere is far cheaper than in the USA and often a deal cheaper than in the UK’s failing NHS, is it really worth shopping around for necessary operations? In the USA, commonly-performed operations such as knee transplants cost between $35,000 and $50,000, with the UK equivalent costing from around £12,000 to £15,000, still a hefty charge for pensioners and those earning basic wages. Websites offering medical tourism at a far lower price are tempting, but often the hype doesn’t match the...
29 Nov at 6 PM 2018

May’s Brexit deal ignores British expats’ state pension arrangements

Close to a million UK expat pensioners living in the EU are still in pension limbo. British PM Theresa May’s Brexit deal fails to guarantee British expats’ state pension arrangements, leaving up to a million British citizens living in Europe afraid for their future pension payments. In her address to parliament last Monday, May said negotiators still need to work on the details of arrangements related to benefits including pensions in respect to the UK’s future trading relationship with the European Union. The controversial deal...
28 Nov at 6 PM 2018

To stay or go – the expat dilemma in Spain

Although many British expats in Spain are beginning to believe the only way forward is to reluctantly return to the UK, is this really necessary? As Britain’s Prime Minister attempts to sell her controversial deal to Parliament, a strategy which seems likely to fall flat on its face, the numbers of British expatriates in Spain who’ve finally decided to give up and go home are on the increase. However, long-stayers and retirees may not have realised how much the UK has changed since they chose a life in the sun against the country...
27 Nov at 6 PM 2018

UAE long-stay expats to get defined contribution pensions

The UAE’s end of service benefit is a useful and welcome lump-sum bonus for expats who’ve worked in the emirates for a while, but is it enough? Expats in the UAE are entitled to this gratuity once they’ve worked for a company for one year, and those working in the same job for more than five years receive an amount increased to 21 days’ pay based on the final salary. Thus, the amount received depends on the actual duration of employment. In contrast, emirati employees leaving their jobs are paid in a different manner as...
26 Nov at 6 PM 2018

Olive Press now in 10,000 most popular Spanish website lists

The English language expat newspaper The Olive Press now features in the 10,000 best websites in the whole of Spain. For British expats living, working and retiring in Spain, the Olive Press English language newspaper has long been a consistent source of information covering all Spanish regions and ranging from breaking news to advice through articles, local news and breaking stories. In addition, the paper’s staff conduct campaigns, run appeals to find missing expats and report real news relating to everything their readers need to...
23 Nov at 6 PM 2018

Free post-Brexit healthcare for Brit expats now on the cards

Whilst the word ‘Brexit’ has become a source of worry and fear for British expatriates living, working, retiring or even studying in EU member states, one concern is the most scary – that of continued healthcare. UK expat state pensioners have been the hardest hit by the possibility that post-Brexit healthcare will no longer be free or, in most cases, even affordable on a paying basis for those who’ve higher levels of savings. Reassurances, reports on progress, firm answers or even breakdowns of possible options have not been...
23 Nov at 6 PM 2018

Brit expat state pensioners on benefits worried over continued entitlement

British expats in EU member states who’re in receipt of UK benefits are afraid they will no longer be eligible post-Brexit. A number of Brit expats living in Spain and other popular expat hubs are receiving disability, illness and other benefits from the UK’s Department of Work and Pensions. The crucial benefits allow British citizens living in the EU to preserve their independence, remain safe and take care of their personal needs with dignity. Should these essential benefits be withdrawn post-Brexit, the vast majority would be...
21 Nov at 6 PM 2018

QROPS overhaul to clarify overseas transfer charge repayments

QROPS procedures are undergoing yet another overhaul as the British government publishes a draft of new regulations. The government’s document lists two new regulations, referring to them as technical consultations, the first of which proposes adjustments to the manner in which UK expats with QROPS offshore pensions can claw back the controversial overseas transfer charge should they prove it was either paid in error or should not have been levied due to changing personal circumstances. The second ‘technical consultation’...