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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

Top tips for financial planning in Malta

Sunrise over Maltese HarbourMalta’s favourable residency schemes are likely to stay in place for some time after Brexit and this has propelled the Mediterranean archipelago to the top of the list for some UK citizens who are considering their options for relocation in the near future.

And it’s not just retirees who find this destination appealing. Career-movers will find a number of growth industries on the island; however, wage levels are fairly low when compared to the cost of living so you may be unlikely to make your fortune on the island if you are an unskilled worker. Financial advice in Malta is essential if you wish to make the most of your income and assets.

To help you make a start, we have compiled a list of top tips for financial planning in Malta if you have recently made the move or you are considering making it your main place of residence.

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Cost of education in Spain: how much should you save?

Students in SpainOne of the main concerns of parents when they are considering relocation to Spain, is of course the quality of the education available. Alongside questions around the type of employment opportunities available and the overall quality of life, education is one of the key factors in deciding where to eventually settle.

If, as is often the case, the family does not speak Spanish fluently, this often leads them to consider the option of an international school in Spain. There are no shortage of options in this regard. With a large, thriving community of expats already living there, those looking for a Spanish private school will find any number of options available.

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