Financial Advice for Oil & Gas Pension Holders
Changes to legislation now mean that your pension fund can be passed to your family – not back to your previous employer! Find out how AES International can help you take control of your pensions…
Recent legislation has allowed for the transfer of UK (and offshore e.g Bermuda) pensions built up with major Oil & Gas companies, such as Shell & BP, to self managed schemes (QROPS & SIPPS) to provide for the continuation of pension income at retirement but to now mean that your pension fund can be passed to your family, not back to Shell or BP. Take control of your pensions today.
It will allow you to consolidate all of your current pensions into a single pension structure as well as providing access to a wider choice of investments, in different currencies, as well as allowing you to pass all of your pension pot to your beneficiaries without the, recently introduced (2011), 55% tax charge that is imposed on all pensions once they are in payment. So, even if your pension does allow for a lump sum death benefit (the Shell scheme doesn’t after 5 years), your beneficiaries could be taxed 55% on any lump sum payment.
I was pleasantly surprised to learn that I was able to transfer my Shell pension into a self invested scheme, with Shell offering a generous transfer value. Now, I feel like I have the best of both worlds. Am still able to grow my fund and will be able to generate an income at retirement but, will now be able to pass my fund of almost £1million on to my family, not back to Shell
An AES client having accumulated pension in the Shell UK and Shell Bermuda Schemes
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