Pension Choices – British Pensions and Overseas Pensions
If, for you, retirement is still way in the future, planning one's pension may well be the last thing on one's mind; but Guardian Wealth Management know from hard won experience that it's never too soon. Whether you're looking at a British pension or a pension abroad, establishing the right pension plan for you before it's too late is the only route to financial security for the future.
You work hard to make a living; and you want to enjoy a good lifestyle on the money that you earn; but what are your plans for when you retire? You are possibly making payments for a pension in conjunction with your employers, or perhaps you've considered other private pension schemes. Whatever your thoughts, the sooner you start investing money into your retirement, the more you will be able to enjoy your time after work.
British Pensions in Brief
These days, it's an established aspect of our welfare that there is a state benefit scheme that will provide some degree of finance after retirement – but if you don't want your quality of later life determined by the state, then maybe now is the time to consult a financial advisor about other types of a pension in the UK.
If financial management is of concern to you, get advice about British pensions immediately, and ensure that you have as much financial security as possible in later life.
One type of British pension scheme is an occupational pension. These are set up through your public or private sector employer, and may be either contributing and non-contributing; with employers often contributing equivalent to employees contributions.
Personal pensions are plans in which an individual sets finance aside personally through either regular payment or lump sum. These plans are invested on your behalf by the provider – usually a bank, building society or insurance company.
A third pension plan available in the UK is the Self Invested Personal Pension Scheme (SIPPS), wherein a far broader spectrum of investment possibilities can be explored and utilized such as property, unit trusts and shares.
Overseas Pensions – The QROPS Alternative
However, maybe none of these are right for you with regard to investing in a British pension and you're considering a new lifestyle in a different country, then the option is open to you to investigate moving your pensions abroad. Transferring your pension abroad could prove to be the better investment, with additional benefits that could provide you and your loved ones with a brighter future.
Though for many an overseas pension might prove the best opportunity, it will entirely depend on your current life situation. Just as with a pension scheme in the UK, if you are thinking about reinvesting your pension overseas, don't act until you have all the latest information from a reputable financial advisor with more than just a passing familiarity with whichever scheme you have in mind.
One overseas pension scheme you might want to look at is a Qualifying Recognised Overseas Pension Scheme, commonly known as a QROPS. If the right action does seem to be to transfer your pension overseas, a QROPS offers several benefits, including more investment flexibility, lower taxation rates, improved inheritance for your family, the choice of which country's currency you would like to withdraw your pension funds as and additionally there is no necessity to take an annuity, as is compulsory with a pension plan in the UK.
For a QROPS to be workable however, you must be sure that you will be living overseas for minimally five years (otherwise, you will face big tax penalties on your return). A state pension is non-transferrable, it must be a private, personal, stakeholder or occupational pension to be transferrable into a QROPS. Guardian Wealth Management only advise clients to transfer occupational pension when our in depth calculation and analysis show this is appropriate advice.
Guardian Wealth Management has professional financial advisors situated all over the world, each with experience in dealing with British pensions and clients who wish to transfer their pensions abroad and into a QROPS. We have a team devoted to pension transfer, all with FSA-recognised qualifications in this field; and we cannot stress firmly enough that all clients check the credentials of other so called 'pension specialists'. If you would like to benefit from our quality pension advice or even on non-pension-related monetary affairs, contact our financial advisors now.
You work hard to make a living; and you want to enjoy a good lifestyle on the money that you earn; but what are your plans for when you retire? You are possibly making payments for a pension in conjunction with your employers, or perhaps you've considered other private pension schemes. Whatever your thoughts, the sooner you start investing money into your retirement, the more you will be able to enjoy your time after work.
British Pensions in Brief
These days, it's an established aspect of our welfare that there is a state benefit scheme that will provide some degree of finance after retirement – but if you don't want your quality of later life determined by the state, then maybe now is the time to consult a financial advisor about other types of a pension in the UK.
If financial management is of concern to you, get advice about British pensions immediately, and ensure that you have as much financial security as possible in later life.
One type of British pension scheme is an occupational pension. These are set up through your public or private sector employer, and may be either contributing and non-contributing; with employers often contributing equivalent to employees contributions.
Personal pensions are plans in which an individual sets finance aside personally through either regular payment or lump sum. These plans are invested on your behalf by the provider – usually a bank, building society or insurance company.
A third pension plan available in the UK is the Self Invested Personal Pension Scheme (SIPPS), wherein a far broader spectrum of investment possibilities can be explored and utilized such as property, unit trusts and shares.
Overseas Pensions – The QROPS Alternative
However, maybe none of these are right for you with regard to investing in a British pension and you're considering a new lifestyle in a different country, then the option is open to you to investigate moving your pensions abroad. Transferring your pension abroad could prove to be the better investment, with additional benefits that could provide you and your loved ones with a brighter future.
Though for many an overseas pension might prove the best opportunity, it will entirely depend on your current life situation. Just as with a pension scheme in the UK, if you are thinking about reinvesting your pension overseas, don't act until you have all the latest information from a reputable financial advisor with more than just a passing familiarity with whichever scheme you have in mind.
One overseas pension scheme you might want to look at is a Qualifying Recognised Overseas Pension Scheme, commonly known as a QROPS. If the right action does seem to be to transfer your pension overseas, a QROPS offers several benefits, including more investment flexibility, lower taxation rates, improved inheritance for your family, the choice of which country's currency you would like to withdraw your pension funds as and additionally there is no necessity to take an annuity, as is compulsory with a pension plan in the UK.
For a QROPS to be workable however, you must be sure that you will be living overseas for minimally five years (otherwise, you will face big tax penalties on your return). A state pension is non-transferrable, it must be a private, personal, stakeholder or occupational pension to be transferrable into a QROPS. Guardian Wealth Management only advise clients to transfer occupational pension when our in depth calculation and analysis show this is appropriate advice.
Guardian Wealth Management has professional financial advisors situated all over the world, each with experience in dealing with British pensions and clients who wish to transfer their pensions abroad and into a QROPS. We have a team devoted to pension transfer, all with FSA-recognised qualifications in this field; and we cannot stress firmly enough that all clients check the credentials of other so called 'pension specialists'. If you would like to benefit from our quality pension advice or even on non-pension-related monetary affairs, contact our financial advisors now.
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