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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

LEADER IN THE FINANCIAL SECTOR

Manuela RobinsonManuela Robinson – Joint Country Manager, was interviewed by the magazine “Revista Pontos de Vista” for their 21st November edition.

Blacktower Financial Management (International) Ltd (BFMI) is made up of experienced consultants who offer an excellent service in wealth management and tax planning. With more than 30 years’ experience in the market and with offices on both sides of the Atlantic, whose differentiating aspects have marked the company’s path, making it a leader in the financial sector?

All aspects are summarized in the ability to respond, with pragmatism, rationality and professionalism to the demands of the sector and customers’ expectations. BFMI is a leader in the financial sector due to the whole team being interconnected and ponders on the challenges and risks faced when operating in a complex context, within an international dimension. BFMI services differentiate itself from the others, by striving to guarantee investor confidence and not considering separately the national and international dimension; on the contrary, there are two sides to the same coin in a globalized world – take for instance the effects that the North American elections have on the global markets.

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Pondering Pensions for Marbella Residents Post-Brexit

Puerto Banus, MarbellaAt the moment it there is only the slimmest possibly of a sudden and dramatic Brexit u-turn, with the consequences of the June 23 2016 referendum set to be formalised on March 31 2019. That’s why if you live in Marbella now is the time to ensure that your financial advisers in Marbella are fully attuned to all the issues that might affect you once Brexit becomes final.

Inevitably for many expats this will involve a discussion about their pension arrangements. Yes, expats already settled in the EU should continue to receive yearly inflation-accounting increases to their pensions, but as this is only guaranteed for three years, it is a quite significant caveat.

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