E17. You have a right to expect the very best pension advice

Fiduciary Wealth Team

This editorial will be of interest to anyone who falls into the following categories:
1. You have a UK SIPP or Personal Pension.
2. You are planning to become UK non resident.
3. You have transferred to QROPS.
4. You have assets available to invest in a tax efficient non-UK retirement plan.
5. You are concerned about passing on your pension assets to future generations.

Retirement planning is probably the most important element of financial planning. Now that we are living longer and have ambitions and plans for our non working years our savings have to work harder and more efficiently to ensure there are sufficient monies available to enable us to enjoy our retirement.

Yet despite this many people fail to take professional retirement planning advice to ensure that they are investing in the most tax efficient way and that their pension investments are regularly monitored and asset allocations adjusted according to risk profile and objectives. How many people have inefficient pension plans invested in poor performing insurance company funds? How many people purchase an annuity and find that the effects of inflation dramatically reduce their standard of living over a period of time? Death can also have a significant impact on your pension planning with lump sum benefits from a SIPP potentially exposed to a 55% tax charge.

Of course for some people a simple annuity that dies when they die might be the right option but the majority will surely want to explore more flexible options where retirement income is not predetermined at outset.

If you have a UK pension and you are planning to move away from the UK then you should be discussing with your adviser the option to transfer to QROPS. This might not be the right solution for you but you need to investigate which is best for you by speaking to an adviser who specialises in cross border pension advice. If you have already switched to QROPS and are unhappy with the underlying investments within the scheme shouldn’t you get a second opinion and consider switching to a more favourable arrangement. You may have a shortfall in your retirement income which could be made by making further investments into a tax efficient QNUPS and then drawing income at lower tax rates and sheltering the assets from inheritance tax and local succession taxes.

Shouldn’t you take time to meet with a professional retirement specialist who understands both UK and expatriate retirement plans and can advise you of all the options available to you? What have you got to lose by having an independent, qualified adviser review your plans to make sure that your retirement dreams and goals will not be thwarted by inefficient or inappropriate pension planning?

Experts are waiting for your call on our pension helpline Tel: 956 796 911 or you can email us on to arrange an appointment