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The importance of properly nominating beneficiaries

If you have a life insurance policy or a pension, have you nominated who you want to benefit in the event of your death? This is something that I strongly advise all clients do. If you don’t have an up-to-date beneficiary nomination form in place, your assets may be distributed in a way that is very different from what you had in mind. Making a beneficiary nomination puts you in control and gives you certainty over where your money will…

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…

Should I take a lump sum from my pension? 4 reasons why you should think twice

It is common for those reaching age 55 to withdraw the maximum 25 per cent tax-free cash lump sum from their pension. Many do so in order to splurge on the holiday of a lifetime, make home improvements, pay off a mortgage or help out children or grandchildren. However, the question should be asked: would people be better off leaving that money invested and withdrawing their pension gradually over a longer period instead? Here are 4 instances where the answer…

A deeper look at inflation

With UK inflation at 5.5%*, quite simply, if you are saving for retirement your money is going to have to work harder to keep its value Let’s say you were planning to retire on savings of £500,000. If prices go up by 10% before you retire, you’ll need to save an additional £50,000 to have the same retirement you had planned for. This means that either you will have to save more or you will need to delay your retirement.

Financial planning for expat women

Did you know that women typically live longer than men? This fact applies irrespective of nationality. In the UK, the difference in life expectancy is almost 4 years. Women also tend to have much shorter working tenures than men, which means less time to build up retirement funds.

Reflections on Russia, Ukraine and the Markets

As I sit in Warsaw writing this, a few hours drive from the Ukrainian border, it does feel that the world is in a very uncertain place. What is not uncertain, is the fact that the response from the people here in Poland to the flood of refugees has been absolutely incredible. All around, people are using their time, talent and treasure to help; I feel very proud to be able to call this place home.

Getting remarried? Add these 6 financial tasks to your to-do list

The number of remarriages in England and Wales increased by 418% in the half-century between 1969 and 2019. The data also shows that second marriages are usually more likely to be successful than first marriages. Maybe remarriages aren’t simply the triumph of hope over experience after all. However, there is still plenty of potential for conflict over financial matters, especially where multiple sets of children are involved.

What is a spousal bypass trust and who should use one?

Legislation introduced by the Taxation of Pensions Act 2014 meant that, in the majority of cases, pension benefits are able to pass down through the generations free of inheritance tax, as long as they remain within the pension wrapper. Therefore, if you have a straightforward family situation and are leaving funds to beneficiaries that you perceive as responsible, then passing these funds on within your pension is likely to be the best option.

QROPS guide for expats – Read to understand your options

The purpose of this QROPS guide for expats is to use 20+ years of experience in dealing with international pensions to help you understand how QROPS work and outline the circumstances in which they should and should not be used. Tens of thousands of British expats have transferred their UK pensions to QROPS structures since they were launched in April 2006. The structure has proved to be incredibly popular as they help Britons who have permanently moved abroad to simplify…

What are my life insurance options when living abroad?

As an expat, there are a number of reasons why you may be looking for life insurance. It could be that your previous policy has come to the end of it’s term. Or it may be that you have found out that your old policy does not cover you now that you are living overseas. You may have had a “life event”, e.g. marriage or birth of a child. Or you may be looking to use it as a way…

How are defined benefit pension transfer values calculated?

In the past decade, huge numbers of people have transferred their final salary/defined benefit pensions to a SIPP or QROPS as Cash Equivalent Transfer Values have soared. However, since the start of 2022, these valuations have started to fall back and I have had numerous enquiries from people wanting to know why their pension transfer value has dropped. In this post, we will look at the nuts and bolts of how a defined benefit pension cash transfer value is calculated.

What is the difference between residence and domicile?

When living overseas, understanding the difference between domicile and residence is critically important. Unfortunately, the two are often confused. The resulting tax implications can be significant and wide-ranging.

A New Year Financial Check-Up

The start of a New Year is always a good time to review one’s finances. In fact, with 2021 behind us and the pandemic still rumbling on, a financial check-up may be more important than ever this year. With that in mind, here are some ways to make sure that your financial situation is on the right track.

Some thoughts for the festive period

With Christmas a few days away and an onslaught of New Year resolutions not far behind, this super article from Morgan Housel is a reminder that the relentless pursuit of more often leads to just more disappointment.

Six things you can do with your pension from age 55

Prior to April 2015, retirement options for those who had a personal pension or self-invested personal pension (SIPP) were fairly limited. You were able to take a pension commencement lump sum equivalent to 25% of your pension fund, which was tax-free, and the rest had to be used to purchase an annuity that would provide you with a set income for life. However, since then the rules have changed and there is now a lot more flexibility if you have…

EU Succession Regulation: What is it and how does it affect UK expats?

The EU Succession Regulation (EU 650/2012), also known as Brussels IV, came into effect on 17th August 2015. The aim was to resolve the complex cross border probate disputes that had arisen as an unintended consequence of the freedom of movement of workers and retirees within the EU.

Quilter International now part of the Utmost Group

Earlier this week, Utmost Group acquired Quilter International from Quilter plc. Quilter International will become a part of Utmost International, their international life assurance and investment business. The price tag is £483 million. Following on from the acquisition, the combined group will manage £54 billion for 220,000 clients.

Guide to CGT rules for UK expat property owners

The rule used to be that as long as an expat had been non-UK resident for five consecutive tax years, then they would not be taxed on any gains made when they sold UK property. However, as of 6th April 2015, that ceased to be the case. Now, if you are an expat who owns UK property, you will potentially need to pay Capital Gains Tax (CGT). It doesn’t matter how long you have lived outside the UK or even…

Three tips for passing your pension on to your loved ones

Do you consider your pension an asset in the same way that you think about assets like property, bank accounts, cars, and investments Some people see pensions differently to those types of assets, but the truth is that your pension is another valuable asset (in many cases it can be worth even more than the family home). That’s why planning for what happens to your money when you die should include planning for what happens to your pensions along with…

Using gift allowances to reduce IHT: Six tips on using gifts to reduce inheritance tax

As the old saying goes, it is better to give than to receive. But did you know that when you give your loved ones a gift you can also benefit as well as the person you’re giving to? It may come as a surprise, but when you make gifts as part of your overall inheritance tax planning, you can have the pleasure of giving, bring joy to your loved ones through your generosity, and even reduce your inheritance tax liability…

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