Contact

News & Insights

Private Pension – Options Explained by Keith Littlewood, International Financial Adviser Costa Blanca

In your 60’s? Then this is another critical time for checking your pension funds. Are they invested correctly? Are you taking the most tax efficient route in withdrawing? The list is too extensive for me to point out everything you should be looking at in this short article.

A raft of changes have taken place recently. In Summary:

  • Full access to UK pension pots now available from age 55
  • Flexible drawdown now available from most providers (you choose your own income levels)
  • Company pension schemes can be transferred to take advantage of flexibility (unless they were public funded e.g. Armed Forces, Police)
  • Not compelled to take annuity
  • Pension pots can be inherited, providing fantastic succession planning opportunities

Receiving advice on retirement planning before deciding on what you will do with your pension pot has become more important than ever before.

Questions to ask yourself: Where will I live? What lump sum should be taken? What are the tax implications? What about my partner? How much income will I need in five, 10, 15 or 20 years time? What happens if the pot is empty at age 80 and I am still alive?

If you feel like this and think you need some advice, or you would just like a helping hand to review what you have, why not contact me and I will sit down and go through your portfolio with you.

I have been a fully Qualified Financial Adviser for 28 years and also understand the needs of ex-pats and the rules that apply to ex British living and retiring in Spain. So, if you need to talk through your own situation then please feel free to call me and we can have a no obligation discussion about the best way forward for your investments.

If you need advice or if have any questions regarding the above you can contact me at: info@blacktowerfm.com

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

What’s Your Retirement Income Outlook?

RainbowThe pension freedoms of 2014 radically altered the way many expats are now able to access their retirement funds. The changes, which came into force in April 2015, ended the age of annuity-by-default and allowed people to take multiple tax-free sums, have flexible options regarding income drawdown and provided more scope for expat pensions and transfers into schemes such as SIPPs and QROPS.

However, although these changes have been empowering, they do place a greater emphasis on the need for trusted expat financial advice, particularly for those who wish to maintain the same standard of living they have enjoyed while working once they are retired and have to live entirely of the retirement income generated by their pensions and other assets.

Read More

Defined Benefit Plan Deficit Raises Questions

Piggy bankA pension transfer is not for everyone and there will be many factors to weigh up before making the decision to transfer from an existing scheme into a QROPS, SIPPs or other structure.

However, a great deal of doubt remains about the long-term viability of the nation’s defined benefit plans, with the high-profile collapse of a number of such schemes leading many to question their reliability and suitability.

And these doubts have only been increased by the recent revelation from Mercer that during 2017/18 the accounting deficit for the defined benefit plans of the UK’s top 350 FTSE organisations increased by 28% to £41 billion, mainly because of a £19 billion drop in asset values (from £766 billion to £747 billion).

Read More

Select your country

Please select your country of residence so we can provide you with the most relevant information: