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Minimising Inheritance Tax: How Pension Funds Can Help You Beat the Tax Man

Inheritance tax can feel like a daunting final chapter to a lifetime of prudent financial management. It’s a tax which can potentially take a chunk out of what you leave behind for your loved ones. But what if there was a way to reduce its impact? Enter the pension fund – a tool more powerful and versatile in tax planning than many might think. In this blog post, we’ll explore how you can use your pension fund to keep more…

Using Your CV As a Map To Find Lost Pension Treasure

It can be all too easy to forget about pensions linked to old jobs, especially when you’ve switched companies, careers, or even countries a few times. But your CV, which lists all your past jobs, can be a super helpful tool in tracking down any pensions you might have left behind. Here’s a simple guide on how to use it to find those lost pensions and make sure you’re not missing out on any money.

Pause Before You Pension: Understanding HMRC’s Urgent Retirement Update

In a development that underscores the complexities of pension legislation and the challenges of implementing policy changes, HM Revenue and Customs (HMRC) last week issued a crucial emergency communication.

Unlocking Your Retirement: A Guide to Flexi-access Drawdown Rules

Are you nearing retirement and wondering how to make the most of your pension savings? If so, then understanding the flexi-access drawdown rules is essential. In this comprehensive guide, we will walk through everything you need to know about unlocking your retirement funds through flexi-access drawdown. We will explore the advantages and disadvantages of flexi-access drawdown, discuss the eligibility criteria, and explain how to set it up. I will also provide insights on investment strategies and tax implications to help…

What Do I Do With My Swiss Pension When Returning to the UK?

Moving from one country to another involves a myriad of tasks, and among them is the critical aspect of managing your pension. For those leaving Switzerland and returning to the UK, understanding the pension rules in both countries is paramount. This guide will walk you through your options for managing your Swiss pension funds, ensuring you’re well-informed and prepared for this important financial move.

How to Find a QROPS Adviser

If you’re been living abroad and have a UK pension, you will have probably heard about Qualifying Recognised Overseas Pension Schemes (QROPS). A QROPS is an overseas pension schemes that meet certain standards set by HM Revenue and Customs (HMRC). For expats, they can offer flexibility, tax efficiency, and currency benefits.

QROPS Explained: How the 5-Year Rule Affects Your Overseas Pension

If you’re navigating the complex world of overseas pensions, you’ve likely come across the term “QROPS.” Standing for Qualifying Recognised Overseas Pension Scheme, QROPS have long been a consideration for expats who want to transfer their UK pension abroad. But there’s one aspect that often causes confusion: the QROPS 5 year rule. Let’s break it down in simple terms.

Beyond the Lump Sum: Why Taking Your Tax-Free Cash in Stages Could Be Your Best Move

Navigating pension options can feel like a maze. Whether you’re eyeing retirement or simply planning ahead, understanding how to efficiently access your pension tax-free cash is crucial. Here’s a straightforward guide on why you might not want to withdraw your pension commencement lump sum all at once and how doing it in phases could benefit you and your family.

New Pension Rules 2024: How to Prepare for the Abolition of the Lifetime Allowance

From April 6, 2024, the Lifetime Allowance (LTA) for pensions will be a thing of the past. This marks a significant shift in how retirement savings are taxed in the UK. Here’s a straightforward breakdown of what this change means for you and how to make the most of the new pension landscape.

Can I transfer my UK pension to Sweden?

Are you a Brit living in, or moving to Sweden? Are you unsure of how to navigate the complexities of managing your pensions across borders? Whether you’re entangled in the web of the UK’s State and private pensions or exploring the multifaceted Swedish pension landscape, understanding the nuances of each system is crucial. In this guide, I will explore the options, obstacles, and opportunities that await you.

Can I transfer my Irish pension to the UK?

Some Irish pension products are simply not suitable for non-domiciled individuals or those that do not intend to stay in the country in later life. However, navigating the complexities of pension transfer between countries can be daunting, especially when dealing with two different regulatory environments such as Ireland and the UK. This guide aims to simplify the process, outlining key considerations, steps, and implications of transferring an Irish pension to the UK.

Are QROPS Still Suitable in 2024?

As we move into 2024, the financial landscape continues to evolve. For expatriates or individuals with UK pension funds living abroad, the question of how to best manage these retirement savings remains a pressing one. Qualifying Recognised Overseas Pension Schemes (QROPS) have been a popular choice since their inception in 2006, but are they still a viable option in today’s financial climate? In this post, we will delve into the current state of QROPS and assess whether…

Evaluating Expat Pension Options – Should I Keep My QROPS?

As an expat, navigating pension options can be complex, particularly when it comes to understanding Qualifying Recognised Overseas Pension Schemes (QROPS). If you already have a QROPS, it is crucial to stay informed about the latest developments and alternatives. What Is A QROPS? A QROPS is an overseas pension scheme where UK pension plans can be transferred. They have been a common option for expats in recent years but in many cases using a QROPS has…

I’m Unhappy With My QROPS, What Should I do?

Are you feeling uneasy about your current QROPS (Qualifying Recognised Overseas Pension Scheme?) It’s not uncommon.I have spoken to numerous expats who have to find themselves questioning the performance and suitability of their QROPS. But fear not! Here’s a comprehensive guide to understanding the intricacies of QROPS and steps you can take if you’re not entirely satisfied with your current plan. Understanding QROPS: Aligning It With Your Goals The core purpose of a QROPS is…

What do I do with an inherited pension?

A pension is typically the second largest asset that someone owns (after the family home). However, they often get overlooked when people think about passing on their wealth, as they fall outside of an estate for inheritance tax (IHT) purposes. Understanding pensions and what to do when you inherit one can be tricky too, with various options and considerations depending on the type of pension and your circumstances. This blog…

Lost and Found: Securing Your Financial Future

Today is Pension Tracing Day. When it comes to financial planning, pensions often lie at the heart of long-term security. However, with job changes, relocations, and the hustle and bustle of life, many of us lose track of these essential financial safety nets. Enter Pension Tracing Day – a day dedicated to helping people reconnect with their lost or forgotten pensions.

Expat retirement: Which countries are affected by Frozen State Pension?

There are more than 500,000 retired Britons overseas, who are losing out as a result of the UK’s “frozen” policy on State Pension payments. In the UK, pensioners benefit from something known as the “triple lock”. As a result of this, State Pension payments increase by the greater of two-and-a-half per cent, price inflation or average wage growth. This means that State Pension payments retain their worth as time goes on.

How to find a lost pension

It has been estimated that there could be about 2.8 million lost or forgotten pension pots in the UK, worth an average of £9,500 each. I.e. over £26.6 billion in total. This is hardly surprising. The days of working for one employer for 40 years and then retiring with a gold carriage clock are over. Research suggests that average workers will now have 11 different jobs during their life. As people move from job to job more and more frequently,…

Can I save into a UK pension plan if I live abroad?

Yes, you can live abroad and save into a UK pension scheme. However, there are limits to the tax relief you can claim on your contributions. If you move overseas, for the next 5 tax years you can still make pension contributions of up to £3,600 a year and get tax relief. This assumes you have no earnings taxed in the UK. If you continue to have earnings taxed in the UK, tax relievable contributions can be based on these…

Can I transfer my UK pension to Poland?

For Brits living in Poland (or Poles who have returned home after living in the UK), one of the big questions involves what to do with any pension schemes that they have accumulated in Britain. This issue has become even more pertinent in the aftermath of Brexit and the additional uncertainty that it has brought to the table. Firstly, unfortunately, the answer to the question of whether you can transfer your UK pension to a scheme in Poland, is, no…

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