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Pension freedoms are being compromised

Now there is possible relief in sight. The Financial Conduct Authority (FCA) is poised to clamp down on greedy managers by insisting they cannot charge more than one per cent of the value of the pot, but the change will not come into force until next March at the earliest.

So, anyone cashing in or transferring out of their pension today could still have their pocket picked. The move will make it easier for people to drop their pension if they are getting a poor deal or make full use of their new pension freedoms to cash in their pot without penalty.

Before you take any action on your pension you should seek advice from a financial adviser to see how you may be affected.  This could help you avoid the pitfalls of being overcharged for moving your money to a better position.  You will also receive advice on the most tax-efficient position you can achieve.  A simple review will also allow you to compare the benefits you are likely to receive from your current plan and the other options that are available to you.  

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

The advantages of buying a Spanish property in 2018

Spanish villa and poolBuying property, whether in the UK or abroad, is rarely straightforward, so it’s important to find out which countries and regions will suit you best and to look into property prices so that you can be as certain as possible that you’re making a good investment.

Luckily, there’s a lot of information out there, and according to current reporting, it seems as though now may be the perfect time to buy property in Spain.

Several property industry commentators are, once again, urging those who have been hesitant about moving abroad, to do so now because the favourable property market has turned Spanish houses into a worthwhile investment.

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QROPS in France – Still a Suitable Scheme Post Brexit?

Pensions are integral to retirement planning, but what does uncertainty around Brexit mean for expats in France and their options regarding a QROPS or SIPP pension transfer.

Despite the uncertain climate, one thing is clear: QROPS or SIPPs still offer plenty of attractive possibilities for British expats residing in France.

As ever – Brexit or no Brexit, deal or no deal – the best thing to do is to sit down with your wealth manager or financial adviser to discuss your retirement objectives, your legacy plans, your current financial circumstances and your attitudes to investment risk and investment growth.

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