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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.

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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

NEWS WRAP – Lost Pensions Worth £37 Billion

Woman searching for documentsMany British retirement savers could retire two years earlier than they realise, according to a new piece of research from pensions advice firm Profile Pensions*.

This, says the firm, is because one in four over 55s have lost track of their pension funds, a fact that helps to account for a significant proportion of the UK’s approximately 1.6 million unclaimed pension pots. It is estimated that these funds have a combined value of around £37 billion.

The situation is even worse for younger retirement savers, with three in ten 25-34 year-olds saying they have lost track of a pension. One in ten respondents were not sure whether they would be able to account for all their pensions.

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Eight out of ten cats prefer mitigation

Tax avoidance and tax evasion have received substantial media attention in recent years, with reports on the tax avoidance strategies employed by wealthy individuals and corporations hitting the headlines.  

In 2012, it was revealed that comedian Jimmy Carr was one of many high net worth individuals involved in the Jersey-based K2 tax scheme, which sheltered a portion of his income from HMRC. In the ensuing public backlash he issued an apology and withdrew from the scheme. 

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