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Pension Choices – British Pensions and Pensions Abroad
27.05.2011

If you’re still a long way from retirement, it might seem like it’s far too early to start thinking about a pension, but Guardian Wealth Management know from experience that it’s never too soon. Whether you’re looking at a British pension or pensions abroad, getting your wealth management plans in place sooner rather than later is the only way to be sure of a secure financial future.

You work hard to make a living and you want to enjoy a good lifestyle on the money that you earn, but what will become of you when you retire? You may already pay into a British pension through 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 – A Brief Guide

We all know that when it comes to British pensions that there is a state benefit scheme that will give us some funding in our old age – but if you want more freedom and a bigger pension pot, it might be time to talk to a financial advisor about other types of British pensions.

If wealth management is important to you, get advice about British pensions immediately, to give you as much time as possible to start investing in your golden years. One type of British pension scheme is an occupational pension; set up through your public or private sector employer, these can be both contributing and non-contributing with employers often matching employees contributions.

Personal pensions are plans in which an individual makes their provision 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.

Another type of British pension is the Self Invested Personal Pension Scheme (SIPPS), which allow a wider range of investment choices such as property, unit trusts and shares.

Pensions Abroad – Considering QROPS

If you are looking for an alternative to your British pension and you’re considering a new lifestyle in a different country, you could always look into moving your pensions abroad. Transferring your pension abroad can be a wise wealth management move, with additional benefits that will provide you and your loved ones with a brighter future.

Transferring pensions abroad isn’t right for everyone and will entirely depend on your individual circumstances. As with a British pension, if you are thinking about reinvesting your pension abroad, don’t act until you have all the latest information from a reputable financial advisor with experience in the pension scheme you’re considering.

One great alternative to British pensions is a Qualifying Recognised Overseas Pension Scheme, commonly known as a QROPS. If you want to move your pension abroad, a QROPS can provide some fantastic advantages, including more investment flexibility, lower taxation rates, better inheritance benefits for your loved ones, the ability to take your pension funds in the currency of your choice and it also means that you don’t have to take an annuity, as you do with a British pension.

To enable the transfer of your pension abroad and into a QROPS however, you must be sure that you will be living overseas for a minimum of 5 years (or face big tax penalties on your return). You cannot move your pension abroad if it is a state pension, it must be a private, personal, stakeholder or occupational pension to qualify. 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 located all over the world, with experience in dealing with British pensions and clients wishing to invest their pensions abroad and into a QROPS. We have dedicated pension transfer specialists with FSA approved qualifications in this field, we strongly advise all clients to check the credentials of other so called ’pension specialists’.  If you would like to benefit from our quality pension advice or any other wealth management and financial planning matter, contact our financial advisors now.


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