But what is the reality? It appears that blocks are being put in the way by large pension providers to people trying to access their money. Companies are concerned that the amount of money that could be potentially drained from their holdings would make them vulnerable to collapse.
In response the providers are putting in place restrictions that prevent savers from having bank account like access to their money. These restrictions include long delays, high charges, misinformation or just saying to no to that type of service
Mr. Osborne’s proposals are now in danger of being sunk by the pension industry’s commercial interests. While some companies are clearly keen to capture business and compete in the new world of accessible, flexible pensions, other providers, mainly the large insurers that for decades profited under the old regime, are dragging their feet. If you are feeling trapped by what is happening with your pension, Blacktower can help you. We have enormous experience in dealing with providers and can offer ways of transferring your money, in lots of cases to other providers which are tax efficient and with the freedoms you would hope for. We can plan for you an individual response that suits your needs.
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.
One of the best pieces of semi-financial advice I ever received was about buying clothes: buy good quality (obviously) and then have the garment altered to fit me specifically; sound financial and sartorial sense. Of course, this means going a little further than one might normally when buying a new outfit, but it’s a little extra that I think is more than justified in the end. Ready-to-wear clothes are great without doubt, but having something that fits you perfectly gives a continued feeling of satisfaction with every wear, it’s so worth it. There are parallels to be made in my professional life as well; it’s such a pleasure to be able to offer clients advice and products that are tailormade to their requirements and fit their circumstances perfectly.
Here, we look at some dos and don’ts for anyone planning a move to Spain: