We help British Expats to understand and have full control of their pensions in their new country of residence. First, we identify the UK pensions that you previously paid into. Then, we advise a strategy that will ensure you make the most out of your retirement.  

If you have contributed to a Final Salary or private UK pension scheme, you may want to think about transferring it into a solution which enables greater control and flexibility.

For that reason, if your old pension has a Cash Equivalent Transfer Value (CETV) of £30,000 or more, you have to seek professional advice from a fully Qualified Pension Transfer Specialist (PTS). This expert must have authorization from and be regulated by the Financial Conduct Authority (FCA). It is our job to translate and explain to you the options available for pension transfers in plain, easy-to-understand English.

You must weigh the risks and benefits of transferring a defined benefit pension before making a decision.

Risks:

• A defined benefit pension guarantees a pension income when you retire.
• The amount of your defined benefit pension will increase each year once your plan starts to pay you.
• No investment risk is borne by you; all investment risk is borne by the trustees of your defined benefit pension scheme.
• The loss of pension benefits is one of the reasons why taking benefits early in retirement can reduce your pension income in retirement.
• Early releasement of cash from pensions could cause you to have nothing left to support you in retirement.

Benefits:

• Unlike your old defined benefit plan, you can invest your money the way you want.
• Having a choice in how much to take and when you take it allows you more flexibility in planning your retirement. You do not have to take your pension all at once.
• A new plan will allow you to transfer your pension fund to whoever you please, unlike an old defined benefit pension.
• Taking a cash lump sum is tax-free for the first 25%. You will be taxed on the rest at your marginal tax rate at the time you take it, which may change in the future.
• At the age of 55, you can release cash from your pension and continue working whilst taking your pension.

Important Note:

• Benefits taken early will almost certainly reduce your pension income in retirement, and it may not be appropriate for everyone. It shouldn't be seen as a simple method for raising cash.
• You will not be able to provide yourself with retirement income if you release all your pension money early. Usually, 25% of your UK pension can be released tax-free, the rest is taxed at your marginal rate at the time of release. This marginal rate may change in the future. Pensions in the UK are only covered by this service.