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BLACKTOWER VIEW – Keith Littlewood in Murcia and Costa Cálida

New beginnings

Most commonly, Keith’s clients are new retirees who are between 60 and 65. Often Keith and his new clients sit down and discuss things over a glass of wine or a cup of coffee in the comfort of a home or café environment rather than in an office. After all, many of his clients are retirees who have just escaped offices and workplaces, what better than to enjoy your financial planning in a relaxed atmosphere.

Every new client relationship begins with a no-obligation conversation and this suits Keith just fine; he loves his job and he loves talking to people.

Keith’s clients all have one thing in common: they wish to get most out of their money so that they can enjoy their retirement to the greatest degree possible. As an international financial adviser and expat, Keith brings a uniquely informed perspective to help clients organise their investments and tax affairs.

Securing your financial future in Spain

Keith’s background in financial services encompasses a 25 year plus career working for firms such as Natwest, RBS and Royal London.

The skills and knowledge he developed are now enhanced by the years he has spent working for Blacktower Financial Management in Spain.

Issues that Keith now specialises in include:

  • Identification of long-term goals.
  • Overarching retirement financial strategies.
  • Planning for financial implications on the death of a partner.
  • Estate and inheritance tax planning.
  • Cross-border optimisation of assets and investment portfolios.
  • Currency exchange issues.
  • Pensions management including pensions consolidation and expat pension transfers.
  • Negotiating the Spanish fiscal environment.

Contact Blacktower FM in Murcia today

Keith Littlewood and the Blacktower teams across Spain can offer you advice on how to make the most of your money, including guidance on the many products that are available exclusively for British expats in Spain.

As an independent firm, we have access to the whole of the marked so are free to recommend whatever is best suited to you and your goals.

Contact Blacktower today, so that Keith can ask arrange an appointment with you. He will ask you the right questions, establish your individual needs, attitude to risk, capacity for loss and desired returns – all without obligation.

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

TOP TIPS – Review Your Finances for 2020

Ready for 2020The start of a new decade, and with it the beginning of a new era for Britain and its citizens in the form of Brexit, represents the perfect time to review your wealth management plans. From taking a look at the suitability of your asset allocation and your pension savings to reviewing your tax and estate planning, now is an especially pertinent time to develop a clear path into the future.

While Brexit is not quite a done deal yet, there is at least some clarity and although Boris Johnson might have been unable to get Brexit ‘done’ immediately, one thing is pretty clear: as of 31 January, the UK really will begin the process of leaving the EU.

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Final salary pensions – why now is a good time to cash in

Juicy lottery-sized sums are being offered to savers to tempt them out of gold-plated workplace pension schemes and into personal plans. We’ve explored whether you should consider taking a final salary pension, as well as the benefits and drawbacks of withdrawing.

What is a final salary pension?

A final salary pension, sometimes referred to as a gold-plated pension, is a special style of retirement fund that is based on your final or average salary.

The main difference between this and a defined contribution pension is that a final salary scheme gives you a guaranteed sum annually for the rest of your life when you retire.

To work out the value of your final salary scheme, consider a few factors: 

  1. Your final or average salary at your place of employment (confirm this with your employer)
  2. Your length of service
  3. The final salary scheme’s accrual rate (this is often 1/80th)

Your final salary pension will take each factor into account, and the resulting figure will be the guaranteed annual sum you are entitled to.

For instance, if you worked somewhere for ten years, and leave on a salary of £100,000, with an accrual rate of 1/80th, you will have a guaranteed retired annual income of £12,500.

It is possible to undertake a final salary pension transfer. Depending upon how long you expect to enjoy retirement, this could be a favourable choice. However, it’s important to consult a financial advisor to make your final salary pension transfer values work harder.

What are the benefits of transferring a final salary pension?

Assessing your final salary pension transfer value, you might consider it worthwhile to withdraw. We’ve outlined the main benefits of taking your final salary pension:

Receive the cash value of your final salary pension

Withdrawing from a final salary scheme allows you to receive a cash lump sum in return for forfeiting your guaranteed income in retirement. This final salary pension transfer value is the main reason to withdraw from a scheme, as it offers you financial freedom.

Remove ties with your employer

This is an especially important point if you’re concerned that your employer may not exist throughout your full retirement. For most, the pension protection fund (PPF) will cover your pension, but, for especially high earners, there is a PPF ceiling of £41,461 (as of April 2020).

Enjoy a flexible income in your retirement

A final salary scheme entitles you to a guaranteed annual income when you retire, but if you go down the route of transferring your final salary pension you will be able to enjoy a little more flexibility in how you receive your income. Usefully, by withdrawing from your final salary scheme, you can choose to take more out in your younger years.

Choose how you want to invest your pension

A final salary scheme is controlled tightly to accommodate all employees and their interests. When withdrawing from the scheme, however, you can take complete control over how your pension fund is invested.

The considerations you should make before transferring your final salary pension

While there are certainly benefits of going down the route of transferring final salary pension funds into various other pots, it’s important to consider what you’ll be giving up:

  • Entitlement to a fixed annual income for the rest of your life
  • A safe income that doesn’t fluctuate with volatile markets and share prices
  • Spousal and family benefits that come with a final salary scheme

 Example: Should I cash in my final salary pension?

An example is Mrs Dee (not her real name), 4 years ago she asked for her final salary transfer values, which came in at £250,000 – a nice sum, you may think. After reviewing all the facts and figures available, however, I advised Mrs Dee to leave her final salary pension where it was, which she duly did.

Towards the end of last year, because of favourable market conditions, I applied again to see the value of transferring her final salary . This one came in at just under £600,000.

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