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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

Spanish Tax Office’s Gibraltar crackdown

50 Euro NoteSpanish newspaper ABC has reported that tax authorities in the country are cracking down on expats who fraudulently claim Gibraltar residency for the purposes of wealth management.

Apparently the measures have already led to the collection of €20 million from 160 high-net-worth individuals (HNWIs) claiming residency in Gibraltar when in fact they lived in nearby Andalucía. This meant that, on average, €125,000 was collected from each HNWI.

Jorge Ramírez, a representative of the Tax Agency in Andalucía, told the newspaper, “A tracking system was used to collect verifiable documentary evidence, and we found some Gibraltarians whose primary financial interests were actually entirely situated in Spain.”

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Food for expat thought: Takeaway anyone?

Fish and ChipsWhat do you miss most as an expat?

Of course, there will be no shortage of new experiences available to you in your expat environment, especially if you are moving overseas to retire, but sometimes, it’s the smallest things that might bring a lump to your throat…or a rumble to your stomach, maybe.

Perhaps this was the case for one group of British expats who chartered a plane to fly in a large delivery from their favourite curry house in Portsmouth.

James Emery, an aviation assessor for trainee pilots in France, piloted the small aircraft which flew 89 meals from Solent Airport all the way to Bordeaux.

“I’m a chilli addict, “he said, “and an aviation geek, so I thought I would combine my two hobbies to get my favourite meal to me in France.”

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