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What have you done with your pension money?

Aegon regulatory strategy director Steven Cameron says providers need to do a better job of explaining what can be done within pension products or with pension funds.

“People think if it’s in their bank account they have ready access to it when they need it, where as they probably don’t think that’s the case within their pension.

“Investing in a bank account is hardly an investment strategy apart from that your money can’t go down in value in nominal terms.”

If you have very small pensions and require a cash amount then cashing in your pot, taking the money and putting the rest in a bank account isn’t too much of a problem. But for bigger pots above £30,000 the tax consequence, impact of inflation on cash, and the lowering of bank deposit guarantees need to be made absolutely crystal clear.

That´s where Blacktower can help you –  we work hard with all our clients to find the best and most tax efficient investment plan to suit your individual needs. We are completely independent so can offer you products from various providers from across the financial market place.

Other News

Expats expected to seek HMRC QROPS transfers amid Brexit uncertainty

There is a feeling among some financial advisors that expats should be rushing to ensure their pensions are switched to a recognised HMRC QROPS (Qualifying Recognised Overseas Pension Scheme) before Britain begins to formalise its exit from the EU.

Of course, it is natural that expats should look to make their wealth management decisions, including the possibility of a valid HMRC QROPS, at a relatively early stage so that they can have confidence and clarity regarding their financial arrangements; however, it is also worth remembering that the new British Prime Minister, Theresa May, has said that she does not intend to invoke Article 50 this year, meaning that there is still plenty of time to receive the right financial advice and to make a prudent decision

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FAQ: How will Brexit affect my pension and should I look at alternatives?

EU and UK FlagsAt the moment, no one can say with complete certainty what will happen in the near future regarding Brexit and pensions.

However, one thing is clear: uncertainty about the future should not be a pretext to doing nothing about your UK pension; it is not automatically the right idea to think to yourself “Will Brexit affect my pension? I’ll just leave it where it is and wait to see”.

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