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QROPS transfers to get cheaper

The chancellor says he hopes that pension firms will make it easier for retirement savers to switch funds; however, one important side effect of this is that it will be easier to make QROPS transfers, whether they are in France or other countries inside the EU. Those looking to make the most of the situation though are likely to have to wait around two years before Osborne’s vision becomes law.

News of the developments follow announcement of Financial Conduct Authority investigation into pension exit charges.

Perhaps as a response to the investigation and associated government pressure, a number of providers, including Standard Life and Prudential have agreed to put a cap on exit fees of 5% of the fund value; LV and Royal London have also said that they will be capping fees.

“Only 3% of our customers paid exit fees between April and December 2015,” said a spokesman. “We constantly keep this under review and will only make a deduction to recoup underlying costs when the amount is fair and the company does not profit from the charges.”

The Financial Conduct Authority has said that by its calculations around 670,000 over 55s could be hit with exit charges of more than 5%.

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

UK budget 2023

Chancellor Jeremy Hunt has unveiled his first Budget in the House of Commons today, revealing the focus for the year will be on incentivising individuals who have left their jobs to return to the workforce, while boosting business investment. At the same time, Hunt revealed that the UK will not be facing a technical recession […]

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New tax changes could cause problems for expat landlords

£20 notes in shape of a houseWhen you move abroad to a popular expat destination, whether that’s to France, Italy, Spain, or Grand Cayman, good wealth management is key to ensuring you’ll enjoy your life abroad to the fullest.

Proper financial planning should ensure you have enough saved for retirement, but some people are always looking for ways to boost their pension pots. One of the key methods used by many expat retirees to accomplish this is by owning a UK property and renting it out.

However, expats who rely on rental profits from buy-to-let properties back home for a steady stream of income may face issues thanks to new tax changes, which apply to all landlords letting out UK property regardless of where in the world they themselves reside.

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