Pension News for Expats **Important Information**
If you are a current expat with wealth in pensions, it may be time you start planning to secure a potentially better and more tax efficient retirement income, or even take it in one entirely tax-free lump sum.
Pension liberation has always been a dirty term in the UK; with advisers dreaming up wild schemes supposedly allowing people to break through the walls of pension legislation and access their funds early, which was traditionally a very risky and costly process.
However, in the recent budget the UK government has made drastic changes to the legislation on pensions, and have drafted proposals to take these changes even further. From April 2015 individuals may be granted full access to their pensions from the age of 55, meaning that potentially some retirees will be free from paying income tax on their funds.
Currently in the UK anyone withdrawing pension funds can take 25% tax free, the remaining 75% is available to be drawn as income, and taxed at their highest rate. However, the UK also operates a double-taxation agreement with many countries, meaning individuals will only be taxed in their country of residence.
If you are an expat then you must get in touch to understand how you could benefit from these changes. And of course, reviewing your pension options is always a good idea anyway.
If you would like an initial chat with one of our Planners then please call us on one of the numbers below.
· Global Enquiries: +44 800 779 7028