Pension Choices Pensions In The Uk And Overseas Pensions

By | February 14, 2019

Submitted by: Jasmineww Lowery

To an individual a long way from retirement, considering one s pension my seem a little pre-emptive; but Guardian Wealth Management can tell you from hard won experience that too late is often truer than too soon. Whether you re looking at a pension here, within the UK, or an overseas pension, putting your financial affairs in order sooner rather than later is the only way to be sure of healthy finances in later life.

You earn your way through physical or mental graft; and you want to enjoy a good lifestyle on what you take home each month; but have you considered what you will do when you retire? Possibly you are already paying toward a pension through your employers, or maybe you have thought of other private pension schemes. Regardless of your mindset, the less time you spend procrastinating over saving for your retirement, the more you will be able to enjoy your time after work.

British Pensions A Brief Guide

In the current society, we have come to expect that the State will provide a basic pension that will give us some funding in our later years but if greater financial freedom appeals to you, it might be time to talk to a financial advisor about other types of British pensions.

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If your financial wellbeing is a priority, now is the time to see a financial advisor with regards to securing a British pension, and ensure that you have as much financial security as possible in your golden years.

One type of British pension scheme is an occupational pension. These are put in place through your public or private sector employer, and can be both contributing and non-contributing; with employers often contributing equivalent to employees contributions.

Personal pensions are plans in which an individual contributes through either as a single, sizeable deposit or in smaller, regular ones. These plans are invested on your behalf by the provider usually a bank, building society or insurance company.

A third pension plan available in the UK is the Self Invested Personal Pension Scheme (SIPPS), which allows a wider range of investment choices such as property, unit trusts and shares.

Overseas Pensions Considering QROPS

However, maybe none of these are right for you with regard to investing in a British pension and you re considering a new lifestyle in a different country, then you may want to consider moving your pensions abroad. Transferring your pension abroad could prove to be the better investment, with additional benefits that may well set you and your family up for a better retirement.

Transferring pensions abroad isn t right for everyone and will entirely depend on your individual circumstances. Just as with a pension scheme in the UK, if you are giving thought to reinvesting your pension abroad, prior to any transfer of monies, ensure you have availed yourself of all current pertinent information from a reputable financial advisor with experience in your planned method of investing in your pension.

One overseas pension scheme you might want to look at is a Qualifying Recognised Overseas Pension Scheme, often simply referred to as a QROPS. If you want to move your pension abroad, a QROPS can provide some fantastic advantages, including greater flexibility of investment, lower taxation rates, improved inheritance for your family, the choice of which country s currency you would like to withdraw your pension funds as and it also means that you don t have to take an annuity, as is compulsory with a pension plan in the UK.

To enable the transfer of your pension abroad and into a QROPS however, you must be living overseas for minimally five years (otherwise, you will face big tax penalties on your return). You cannot move your pension abroad if it is a state pension, it must be a private, personal, stakeholder or occupational pension to be transferrable into a QROPS. Guardian Wealth Management only advise clients to transfer occupational pension when our in depth calculation and analysis show this is appropriate advice.

Guardian Wealth Management fully-trained financial advisors to be found worldwide, each with experience in handling British pensions and clients wishing to invest their pensions abroad and into a QROPS. We have dedicated pension transfer specialists, all with FSA-recognised qualifications in this field; and we cannot stress firmly enough that all clients review the bona fides of other so called pension specialists . On any pension related matter, if you would like the expert help we can offer or on any other wealth management and financial planning matter, contact our financial advisors now.

About the Author: Isobel works with entrepreneurs and avid savers alike to ensure they get the most from their wealth in the future.

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