News & Insights

Advice requirement question in pension transfers for expats

“As this represents a significant step, government would need to carefully consider whether the potential benefits and risks of changing the requirement for one group of safeguarded members is in their interests, including whether any alternative can in fact offer the same consumer protections,” stated the Department for Work & Pensions consultation paper.

One problem facing the DWP is that pensions transfers for expats have only been available since April 2015, so there is only limited historical data detailing the overseas pensions transfer process.

It is also worth remembering that the advice requirement exists to offer pension savers safeguards so that they do not suffer financial loss when transferring from a defined contribution scheme.

This safeguard is particularly important in relation to pensions transfers for expats as they may be at more risk of rogue operators conducting their business outside of the UK.

Professional and regulated advice on pension transfer helps those undertaking overseas transfers to ensure they do not fall victim to unscrupulous advisors.

The DWP reports that there are around 700,000 UK expats with private sector, salary-related pension schemes that are not yet in payment, so the issue has the potential to affect a large number of people.

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

QROPS in France – Still a Suitable Scheme Post Brexit?

Pensions are integral to retirement planning, but what does uncertainty around Brexit mean for expats in France and their options regarding a QROPS or SIPP pension transfer.

Despite the uncertain climate, one thing is clear: QROPS or SIPPs still offer plenty of attractive possibilities for British expats residing in France.

As ever – Brexit or no Brexit, deal or no deal – the best thing to do is to sit down with your wealth manager or financial adviser to discuss your retirement objectives, your legacy plans, your current financial circumstances and your attitudes to investment risk and investment growth.

Read More

Saving for education fees – new factors to consider

Man holding piggy bankToday’s long term savers face many challenges. At Blacktower, we want to help you through all financial planning adversity, whether you need advice on regular savings in Grand Cayman or help with inheritance tax planning in France.

One major savings goal that many parents wish to work towards is having enough money to send their children on to higher education. This goal became harder to attain when university tuition fees were increased back in 2012, some by as much as three times. Now, a new proposal may further shake things up in terms of how much money parents will need to save.

Read More

Select your country

Please select your country of residence so we can provide you with the most relevant information:

You are currently viewing the Blacktower Financial Management EU website.

You may be looking for the Blacktower United States website.

Blacktower United States > X Stay on this site

Or choose your country.