If you are now working or have retired outside the UK, any historic UK pensions benefits need to be managed effectively. Reviewing your current arrangements to make sure you get the most of it is a natural starting point.
One of our Financial Advisers will work with you to determine an overall strategy that is right for you and your family.Reviewing the type of schemes you have, the benefits they will give, the flexibility and any guarantees they may offer are key factors in determining the strategy.
If you are now working or have retired outside the UK, any historic UK pensions benefits need to be managed effectively. When it comes to receiving income from these schemes, typically at retirement age, you will want you do so in the most tax efficient manner possible.
It is not only about income though, as pensions can form part of your estate on death and impact on possible IHT liabilities for your beneficiaries.
If you have more than one former pension scheme then you may benefit from consolidating these into one easy to manage scheme such as SIPP ( Self Invested Personal Pension ) or a Qrops (Qualified Recognised Overseas Pension Scheme).
There are many considerations when deciding what is the the best option to take, therefore reviewing your current arrangements is the natural starting point. Reviewing the type of schemes you have, the benefits they will give, the flexibility and any guarantees they may offer are key factors in determining if transferring the cash transfer value is in your best interests.
If after completing this analysis, a transfer is considered a prudent option for you, the next question posed is – what type of approved scheme would be the best option for you and would be best suited to your current circumstances and future plans?
Synergi Europe has, through its regulated partners, access to UK specialist pension transfer experts who can review your current UK pension plans and provide a detailed report about their current status and the merit of transferring the schemes into the most suitable HMRC approved plan.
Please contact us for more information or an initial consultation and to receive a free copy of our Pension Transfer Guide
Review existing UK pension scheme benefits and transfer options
A tax-efficient retirement savings account available in Great Britain. Self-invested personal pensions (SIPPs) give individuals freedom to put their money in a wide range of investments, including stocks, bonds, unit trusts and ETF’s, unlike company-sponsored pensions, where the company chooses a short list of investment options to offer. SIPPs were introduced in 1989 and have become increasingly popular because of the end of lifetime careers and lifetime final salary pensions.
Qualifying Recognised Overseas Pension Scheme (QROPS) is an overseas scheme that meets local tax rules, is recognised by Her Majesty’s Revenue and Customs (HMRC) and offers varied retirement planning opportunities for non-residents of the UK.
This type of pension scheme is based outside the UK and is available to individuals who have UK based pension funds but who are living outside the UK. HMRC defined the legislation in April 2006 allowing the transfer of UK pension funds to other schemes which meet their requirements. It is particularly valuable to individuals who have left company pension funds in the UK but who reside abroad and have little intention of returning to the UK in the near future. For any individual who has been entered into a pension scheme in the UK (regardless of Citizenship) there is a possible advantage in moving the fund of their pension scheme into an environment where the proceeds of the pension may be treated more favorably.