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.
The Spanish government has supported the idea of a reciprocal deal with Britain over expats during Brexit negotiations.
It has said that, in principle, it would support an agreement allowing British expats in Spain to retain all existing benefits, including access to healthcare and pensions (which has been a particular concern among the elderly expat population residing in the Costas).
Cyprus, June 2020 – In the latest stage of its global growth plans, the Blacktower Group has announced today the complete licencing of its Cyprus entity, Blacktower Financial Management (Cyprus) Limited.
Previously, Blacktower’s EU operations have been based solely from Gibraltar, however following the vote for the UK to leave the EU back in 2016, the business sought to gain regulatory approval and licencing for both IDD and MiFID business in Cyprus.