The expat pension review process is very straight forward as we are working to see if the clients pension which is usually a defined benefit scheme or final salary scheme pension is worth looking to be transferred. If so this would then be transferred into a Self Invested Personal Pension or SIPP and in some cases a Qualified Recognised Overseas Pension Scheme also known as a QROPs
THE PENSION REVIEW PROCESS IS VERY STRAIGHTFORWARD:
1 : After speaking with the advisor and performing a full fact find if we then discover there are some benefits to transfer the pension by going through the pension review process.
2 : We provide you with a Letter Of Authority for the client to sign which enables us to find more in depth details of your pension from the provider such as the company, pension value and any fees and costs associated with the current pension. We would need the most up to date yearly statement from you pension provider/s and a signature to allow us to approach the pension provider or trustee.
3 : The Letter of Authority is submitted by UK Expat Pension Reviews to the pension provider requesting further information.
4 : The pension provider or pension trustee will then supply UK Expat Pension Reviews with a pension transfer pack. This is valid for 3 months only and if not used within this time a new pension transfer pack will need to be requested. This will contain whats known as a Cash Equivalent Transfer Value CETV of which is used to base the decision on whether to transfer the pension or not. All the pension transfer pack details we then pass this on to our pensions department. They then perform a Critical Yield Analysis which is looking at the costs of the pension and if the costs can be found elsewhere for a lower charge. The pension department will also analyse if its feasible for the pension to be transferred away from the current member pension scheme. This is where we can assist you in growing your pension with lower charges over the long run and compounding the pension retirement pot meaning a higher or bigger value upon retirement.
5 : Based on where you are retiring we can then establish what the best option is for your pension.
- Stay put in your current pension plan.
- Transfer to a cheaper more efficient pension provider.
- Look to transfer into a Recognized Overseas Pension Scheme/SIPP to give you more control over the funds that your money is invested in and take advantage of the benefits this offers.
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