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Retirement Planning

Of all the areas of personal finance, retirement planning is potentially the most important and probably the most complex. UK legislation surrounding pensions and investments has changed dramatically since 2006 and is about to change even further following announcements made in the 2014 Budget. The laws surrounding retirement plans affect not only those who retire within the UK but also an ever increasing number of expatriates who look to convert their UK entitlement into a QROPS retirement plan. Further with an ever increasing number of people engaged in working offshore for a period of their career, retirement planning for individuals during this period of their lives needs to be taken into account.

Our specialist financial planners have an in depth knowledge of UK pensions legislation and for those wishing to move abroad or already living outside of the UK we are able to compare the merits of leaving your retirement plans in the UK or considering the potential tax advantages of transferring your benefits into QROPS and the tax treatment of your pension income in your country of residence.

Certified financial planners can advise on all aspects of your retirement planning wherever you are resident and have solutions available for you that will enable you to maximise any tax reliefs available on contributions whilst at the same time minimising the cost of taking income benefits and lump sum payments from your retirement plans. Retirement planning dovetails with our investment management service where our carefully constructed portfolio and fund recommendations are designed to help you build and maintain your retirement plans in line with your individual attitude to risk.

SIPPS

Self-invested personal pensions have really become the cornerstone of the personal retirement planning market place in recent years. New government recommendations seek to add even greater flexibility to individual retirement planning, removing some of the restrictions in terms of accessing capital. However it will not come as any surprise to know that increased flexibility means extra responsibility to ensure that your retirement plans will last you throughout your lifetime and there is a real need to take proper pensions and investment advice to ensure that income taken is done so in the most tax efficient way possible.

QROPS

QROPS, which are qualifying recognised overseas pension schemes, can offer a solution to UK pension plan holders who have moved away from the UK and wish to have a more flexible retirement plan. Depending on your country of residence your QROPS might allow you to draw income in an extremely tax efficient way and on your death allow your beneficiaries to continue to enjoy the same benefits without triggering local succession tax issues whilst at the same time potentially avoiding a death charge which might apply on a UK pension. 
Whether or not a QROPS will be best for you will depend on a number of factors including your residency, the amount of time you intend to spend abroad and what type of pension fund you already have. This is why it is so important to speak to one of our certified financial advisers who understand the differences between UK products and QROPS and can provide you with completely unbiased advice.

QNUPS

QNUPS are a fairly recent addition to the offshore financial planning arena and provide an opportunity for expatriates to invest into a qualifying non UK pension scheme which offers some attractive benefits both in terms of protecting your wealth and allowing income to be drawn in an extremely tax efficient way dependent on your tax residency status. In addition QNUPS currently offers protection against UK inheritance tax even if a client were to repatriate back to the UK although this particular benefit is currently being reviewed in the light of other pension changes in the UK. Without doubt QNUPS provides an incredible financial planning opportunity for expats and to find out how you might benefit please arrange to speak to one of our certified financial planners.

OPS

For those expatriates working overseas and looking to boost their retirement options, whether they return to the UK or eventually settle abroad, we provide a range of overseas pension schemes to meet your individual requirements. To find out how an overseas pension plan can help you achieve your retirement planning objectives speak to one of our wealth managers.  

To speak directly to a certified financial planner about your retirement planning needs or for further information Tel: +350 200 50982 or email wealth@fiduciarywealth.eu.