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Good news on pension exit fees

There is already the facility in place for the FCA to cap excessive penalties, but following the recent announcement commentators are suggesting that the rate could be set to zero which is excellent news for ex-pats considering taking advantage of transferring to a QROPS. 

Some providers are moving to scrap the fees before the FCA intervenes, preferring a form of self-regulation rather than official intervention.  An interesting side effect of this is that, potentially, the net could be widened to halt exit penalties on life insurance and endowment products.  Such exit penalties were written into millions of pension and other policies sold in the 70s, 80s and 90s. 

Meanwhile, evidence is also mounting that insurers’ record-keeping is so poor that savers’ exit charges will have to be wiped because they cannot be calculated accurately. Experts are now warning pension savers in their 50s and early 60s to check the value of their pensions as widespread erroneous records mean there is a high chance of miscalculation.

If any of the above strikes a note with you, given that you will be relying on your pension for long term provision, you should seek advice from a reputable Independent Financial Adviser before taking any action.  An hour’s discussion could significantly alter your future lifestyle for the better. Fill in a contact form to get in touch with Blacktower today.

 

This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.

Other News

Finding Old Pensions Before Making a Pension Transfer Overseas

Man with binocularsThe days of the “job for life” with a single employer are, for most of us, long-gone and we are now far more likely to have multiple jobs paying into a number of different pension schemes. This means tracing old pensions when you retire – whether defined benefit, defined contribution or private stake holder. In order to get an accurate and full idea of your pension wealth it is essential that you begin finding lost pensions to factor every single one into a total valuation.

Pension transfers are a hot topic at the moment, especially if you’re an expat and want to transfer pension pots overseas. And if, like many, you have lost track of the various pension pots you have amassed throughout your career, it can be hard to gather together all the information you need to decide whether a pension transfer would be in your best interests.

Read More

Banks competing for ex-pat money

I had a little laugh to myself this week reading some news from the UK. It appears that the banks may have developed a bit of a conscience.

Despite base rate remaining stagnant, there are signs that banks are competing for savers’ money by trumping deals offered by rivals. I have outlined some of the offerings below, read it and weep.  We at Blacktower would be ashamed if we were only offering the sadly low returns that the Banks are.

Read More

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