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QROPS pensions transfer rules debate

The effect of this is that expats who seek advice abroad regarding their pension must also seek advice from a UK professional authorised to do so.

Now the Association of British Insurers, together with a number of wealth management professionals, has called for the government to abolish the advice rule and instead replace it with a guidance session, saying that any such move would also reduce the fees burden on consumers.

The survey questioned nearly 300 advisors from across Europe, Asia, the Middle East and Africa and discovered significant resistance to the new rules, which require consumers to pay an additional fee to a UK adviser, while also raising concerns that having two advisors could muddy any potential liability issues.

“A surprisingly high number of overseas advisers [69%] have already successfully linked up with UK adviser firms but the number of advisers who have faced challenges is alarming,” commented a spokesperson with Old Mutual.

“It is imperative that clients are not detrimentally impacted, so we would welcome a review by the Department for Work and Pensions.”

If you are unsure about QROPS rules, contact Blacktower for bespoke advice regarding your personal situation.

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However, with Brexit looming there is currently an added layer of concern, with the UK’s imminent separation from the EU undoubtedly relevant to certain components of any British expat’s wealth management strategy.

Fortunately, and despite a constant deluge of disturbing headlines that could easily have you believing otherwise, there is little chance that British citizens living in Sweden will need to make any fundamental changes to their outlook.

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TOP TIPS – Review Your Finances for 2020

Ready for 2020The start of a new decade, and with it the beginning of a new era for Britain and its citizens in the form of Brexit, represents the perfect time to review your wealth management plans. From taking a look at the suitability of your asset allocation and your pension savings to reviewing your tax and estate planning, now is an especially pertinent time to develop a clear path into the future.

While Brexit is not quite a done deal yet, there is at least some clarity and although Boris Johnson might have been unable to get Brexit ‘done’ immediately, one thing is pretty clear: as of 31 January, the UK really will begin the process of leaving the EU.

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