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NEWS WRAP – Shadow Foreign Secretary’s Plan for Public Sector Pensions

Her solution? Giving former public sector workers with less than two years of established pension rights the ability to immediately access 75% of their fund as a lump-sum.

She further suggested a staggered expansion of the proposed scheme. If the initial programme proved successful, it could be extended to those who had four years of service, then six years, and then eight years, finishing at ten years by the end of the Parliament.

Ms Thornberry stated that the scheme should be tax-neutral and provide no tax advantage. She acknowledged that although it would prove relatively costly in the short-term, it would make economic sense in the long-run.

Such a scheme may make economic sense for a future government, but if it were to be taken up, recipients of the potentially only small to medium pension pots would need pensions advice in order to make the right choices in respect of their savings.

There is an obvious danger that offering lump sum payouts may see that money removed from individual retirement strategies and this could deplete retirement income in the future.

Blacktower for expert, regulated pensions advice for expats

Blacktower Financial Management has more than three decades of experiencing helping its clients reach their retirement financial goals. This includes ensuring that their pensions are suitably aligned with their circumstances and objectives.

Whether you need guidance on consolidating several small pension pots, transferring a defined benefit pension or if you just want to review your options, we can help.

Our bi-lingual independent financial advisers work from offices across the UK and Europe providing local knowledge and industry expertise for cross-border pension and retirement concerns. Contact us today for more information.

* https://www.politicshome.com/news/uk/political-parties/labour-party/opinion/house-commons/109907/emily-thornberry-mp-government Accessed 21-02-20

Other News

Comparison website ‘misleading’ savers into buying low rates

A leading comparison website’s customers were directed to savings accounts that could leave them £500 worse off than the best possible rates, according to an investigation.

Savers who compared ISA’s and bonds on the site were not offered the best rates on the market. Thousands of savers who used the website to select a savings account were misled, costing them potentially up to £500 a year in lost interest, according to a recent investigation. Channel Four’s Dispatches said that the comparison website advertised poor-value savings. 

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Tax and the Big Decision – Buying a Property in Spain

Puerto BanusAs I sit in my back garden, in “good ol’ Blighty”, I often watch the planes flying overhead. My house is on several major flight paths which cross the country and the Manchester to Marbella flights are a regular feature in the blue skies of June.

As the summer holidays kick in, I wonder how many passengers on these flights will fall so in love with their destination that they take a sneaky look at property for sale, and how many will dream of retirement in Spain or even make it a firm plan?

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