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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

End to 15-year-rule for expats

Great news for the clients of expat financial services: the government has announced proposals to abolish the 15-year time limit on the right of expats to participate in UK general elections.

The policy statement, which was published as part of document entitled “A democracy that works for everyone: British citizens overseas”, details the government’s idea of ensuring rigorous checks on the identities of expats so that they can register to vote without suspicion of fraud.

Furthermore, cost analysis performed by the government predicts that ending the 15-year rule and implementing an expat voting registration scheme will actually cost only a six-figure sum; far less than the millions of pounds some experts have previously claimed it would require.

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AROUND THE BRANCHES: Living and Working in the Netherlands

Girl with Netherlands flagThe United Kingdom finally left the European Union on 31 January 2020. As such, the two jurisdictions are now in the process of implementing the Withdrawal Agreement, with the transition period ending at the close of 31 December 2020.

This means that in the short-term, nothing really changes for UK expats in the Netherlands – they will continue to enjoy the protections and freedoms of EU regulations, including, crucially, freedom of movement and the right to work and study in the country. Find out more about how Blacktower can help you during Brexit, here.

However, following the end of the transition period – i.e. after 31 December 2020 – UK nationals and their family members who live in the Netherlands will require a residence document. This should be arranged through the Immigration and Naturalisation Service (IND), which, in theory, will be sending letters to all UK nationals in the Netherlands detailing how they can apply online.

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