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As state pension systems slip, investment advice becomes paramount

In the study, pensions were marked on their sustainability, adequacy, and integrity. The Dutch system scored well in all categories, but the report suggested that the Netherlands could improve its system by raising the level of household savings, increasing labour force participation at older ages as life expectancy rises, and strengthening the protection of pensions against fraud and mismanagement.

However, while the pension system in the Netherlands was of a relatively high standard, the overall outlook was not so positive. The main concern drawn from the Melbourne Mercer Global Pension Index is that no country had a pension system that was worthy of an “A” grade. Despite coming at the top of the table, Netherlands (as well as Denmark) was downgraded from the A- grade it received in 2016 to a B+.

Senior partner at Mercer, David Know believed that increasing life expectancies as well as low investment returns mean that pension systems are no longer able to provide an adequate amount of income for retirees. However, those with UK pensions have had a small piece of good news as 2017 saw the UK improve on its previous score, rising from a C to C+ (but thanks to new entrants, it dropped three places in the overall table).

And further studies have given yet more reasons to be worried over pensions. We reportedlast week that research from Swiss Bank UBS highlighted how many countries’ state pensions do not match even the basic cost of living.

So, it is evident that to be secure in your retirement planning you need to take control of your money at the earliest opportunity and with the right professional guidance.

For instance, one solution is moving your pension pot into a self-invested personal pension (SIPP), which will give you a variety of investment opportunities and increased control over your money. Alternatively, a Qualifying Recognised Overseas Pension Scheme (QROPS) and a Qualifying Non-UK Pension Scheme (QNUPS) are other effective ways of achieving greater flexibility over your retirement savings, which can be very advantageous. But whether you choose to move money into a QNUPS, QROPS, or SIPPs, pension advice from a professional is an essential part of the process.

Recent studies have shown that many savers have a poor understanding of their type of pension. That’s why receiving QROPS, QNUPS, or SIPPs pension advice is a must. A financial adviser can ensure you’re getting the most out of your pot and that you’re investments will serve your personal goals adequately.

Get in touch with Blacktower today. We can take you through all your options and, if you wish, talk you through the process of transferring your money to an international pension scheme. Our advisers are experts in providing customers with pension advice on SIPPs, QROPS and QNUPS, so you can rest assured your retirement investing will be in safe hands.

Other News

Former Chancellor’s comments on French residency spark expat indignation

As an expat financial services specialist, Blacktower is always keen to hear about Britons who are making the decision to live permanently abroad, but one recent news story has left us, like many others, feeling a little perplexed, to say the least.

Permanent expats in France will soon be able to count leading Brexiteer Nigel Lawson amongst their number as the former UK chancellor of the exchequer has applied for his carte de séjour (permanent residency card).

The former Conservative cabinet member and one-time chair of the “Vote Leave” campaign has been branded a hypocrite by many in the British media, as he seeks full resident’s rights while he lives, as he has done so for many years, in his Gascony mansion in south-west France.

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Spotlight On … Peter Button – International Financial Adviser

Peter ButtonHow / why did you get into your line of work in the financial services sector?

I actually entered the financial services sector by chance. In 2012 I was studying my Masters in Finance when I was cold called to meet with a financial advisor (back in the days when cold calling was normal). I frankly answered that I had no funds to invest, but if they had a job for me then we could continue the conversation. Two weeks later I was employed as a junior assistant in the team and the rest, as they say, is history.

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