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NEWS WRAP – Lost Pensions Worth £37 Billion

The firm calculated the average value of missing pensions at around £23,000 per pension saver and estimated that those who have a missing pension would be able to retire, on average, two and a half years earlier, in the event that they were able to locate all their funds.

Tracing a pension

Pensions form the bedrock of most peoples’ retirement strategies; it is vital, therefore, that savers are able to locate their savings so that they can plan appropriately and, if suitable, transfer and consolidate their pensions into a cheaper and more effective SIPP or QROPS plan – a strategy that may be particularly effective for those seeking expat pensions advice.

It is hoped that the impending introduction of the Pensions Dashboard will help to reduce the incidence of missing pensions by allowing savers to see all their funds in a single online platform location.

The dashboard was due to be introduced by 2019 but has been delayed by various factors, not least government preoccupation with Brexit and the temporary suspension of the Pensions Bill during last month’s general election.

Expat pensions advice

Blacktower Financial Management has offices throughout Europe and North America. It also retains its original office in the UK.

As a fully regulated and independent firm we are able to offer expat pension advice to our clients to help them ensure that their pensions are invested in the way that best aligns with their situation and goals.

For more information about how we may be able to help you, contact your local office today.

Disclaimer: The provision of information in this communication is not based on your individual circumstances and does not constitute investment advice. Blacktower makes no recommendation as to the suitability of any of the products or transactions mentioned.

* https://www.profilepensions.co.uk/infographic/lost-pension-treasures/   Accessed 17-02-2020

Other News

Discretionary Fund Management – The Choice of the Savvy Investor

Blackboard with business planning ideasDiscretionary fund management (DFM) is an increasingly important component of the expat financial advice offering.

There are many reasons for this; from the way it frees time for the adviser to focus on wealth management, to the flexible, bespoke and client-focused level of service offered by the DFM firm. It is all about providing solutions that work for the client, and by allowing a trusted, expert third-party to make decisions related to asset allocation and fund selection, clients can have increased confidence that they will achieve their financial goals.

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Spain Axes Expat Mortgage Tax

Euro coinsSpanish property ownership is a fairly common part of many expat wealth management strategies. However, Spanish taxes have been known to present obstacles to some expats in this regard and the uptake of both home ownership and property investment in Spain has suffered as a result.

Previously, the law held that expat buyers must pay mortgage tax out of their own pockets, which, as well as being an administrative annoyance also left many expats feeling a little like second-class citizens; however, with changes recently introduced by parliament, the tax will instead be paid by the bank financing the mortgage, with the new rules taking effect immediately.

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