UK Expat Pension Reviews helps UK Expatriates to review their UK pensions schemes. We offer individual advice which is tailored to each individual as we understand that every persons circumstances are different. Our relationship based advice service with our pension review process means that we are committed to helping you to manage your pension in a way that’s best for you and your retirement plans.
If you have a UK pension plan and are leaving the UK for a short period of time you may be likely to stop or halt your pension while you are away from the UK. UK Expat Pension Reviews has been formed to help UK expats with their retirement and pension needs and help them find their way through the maze of pension rules and what you can and cannot do. Its of paramount importance that the decision you make is the correct decision from the start as this can have a profound effect on the likely value of your pension on retirement should the incorrect decision be made. These Pension Transfer Benefits can make all the difference butween retiring happy with a great pension pot or retiring with an under valued pension pot meaning a lower standard of living.
Types Of UK Pension Scheme – Defined Benefit Pensions and Defined Contribution Pensions
There are two types of pensions available at to UK based onshore residents and these are Defined Benefit or better known as a Final Salary scheme. The second type is a Defined Contribution scheme which is a self-contributory scheme which is sometimes termed a Self-Invested Personal Pension Plan (SIPP). The former is what used to be considered a gold plated pension scheme as your employer invested contributions in to a pension for you and then upon your retirement you would receive a pension amount until you pass away. The latter is where you would take out a pension scheme and contribute your own money and your company would match this amount to a certain limit and then on retirement you would have your pensionable pot of money to buy an annuity. In light of the recent pension changes in 2015 no UK pension holders have to purchase an annuity scheme if they don’t want to anymore and there are a number of options available to them. One of them is an Expat Pension UK which can accommodate your pension savings.
WHAT ARE THE PENSION OPTIONS FOR QUALIFIED RECOGNIZED OVERSEAS PENSION SCHEME’S (QROP’S), SELF INVESTED PERSONAL PENSIONS’S (SIPP’S) AND RECOGNIZED OVERSEAS PENSION SCHEMES (ROP’S)?
In 2006 Britain’s pension framework was overhauled and to simplify the transfer of a pension the Qualified Recognized Overseas Pension was created. This was done to comply with an EU directive in order to allow people to take their pensions to where they to retire if that are overseas and not in the UK.
3 PENSION OPTIONS AVAILABLE
1: LEAVE YOUR PENSION/SIPP/QROPS WHERE IT IS WITH THE CURRENT PROVIDER
The charges and costs of your current pension provider and the funds it is held in are competitive and do not warrant changing.
2: CHANGE PENSION PROVIDER – High Charges
The charges in your current pension plan are expensive which will have the effect of reducing your pension pot value. Cheaper options are available enabling your pension pot to grow faster and better offering increased funds for your retirement. Also the funds chosen for your pension may not be growing or may be left dormant so the funds are not producing good returns. Funds are similar to single stocks in that they may not always perform so switching funds is vital to keeping the pension pot growing and performing.
3: LOOK AT MOVING YOUR PENSION TO A RECOGNIZED OVERSEAS PENSION SCHEME Or SIPP
You have established that you are not retiring to the UK or you are going to be offshore from the UK for 5 years or more. A Recognized Overseas Pension Scheme is a stronger alternative to keeping a UK pension.