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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.

Other News

As state pension systems slip, investment advice becomes paramount

Golden piggy bankWhen an expat is faced with the question of what to do with their pension, there are several options available to them. And it’s important to understand everything that could be beneficial for your pension pot because very few countries offer their citizens high standard pension systems, as shown by the latest Melbourne Mercer Global Pension Index, which ranks the pensions provided by the governments of 30 countries.

The good news is that the Index’s ranking had a few standouts. Near the top of the table, coming in at number two (beaten only by Denmark), was the Dutch system, which is great for any expats in the Netherlands who are eligible to receive the country’s state pension. If you’ve lived or worked in Netherlands, then you would have built up a Dutch state pension. The longer you have lived in the country, the larger your Dutch pension will be (you can combine it with a state pension accumulated in another EU and EEA member country).

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An Interview with Associate Director,  Antonio de Andrade Rosa

Founded in London in 1986, the Blacktower Financial Management Group provides wealth management consulting and a tailored service for individual and corporate clients. In this interview, António Rosa, Associate Director, delineates the role of Blacktower inside and outside Portugal. Introduce Blacktower Financial Management Group to our readers. The Blacktower Group, as we know it today, […]

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