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Whilst we would agree with the general consensus that most people shouldn’t transfer out of their defined benefit pension schemes, for the right individual with the right circumstances, it can represent an excellent financial planning opportunity.
Making use of QROPS (Qualifying Overseas Pension Schemes) or SIPPS (Self Invested Personal Pensions) to allow for the transfer, and subsequent management, of UK pensions to personal pension structures is becoming increasingly popular by those who have built up UK pensions and are now living away from the UK.
It could 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 your beneficiaries being taxed at their own marginal rate if you die after the age of 75. So, even if your pension does allow for a lump sum death benefit, your beneficiaries could be taxed up to their highest marginal income tax rate on any lump sum payment.
QROPS can also help you gain more tax free cash at the start of taking pension income. By transferring out of UK pensions to a QROPS you can take a lump sum up to 30 percent of the value of your pension rights – five percent more than if you were to keep your pensions in the UK.
With decreasing gilt yields, in recent years, if you’re working with a large multinational you may be surprised to learn that your transfer value is high in relation to the pension that you will forgo. Therefore, you’ll still maintain the real value of your pension pot but, as mentioned above, could gain the advantages that come with making use of a QROPS or SIPP structure most notably being able to leave much more of your pension to your family. So, you still have the potential to generate a high pension income; but by transferring your pension you will gain all important ownership of your fund.
At AES International we are experts in advising and assisting our clients with all matters relating to the transfer of UK pensions to QROPS & SIPPS.
Who are we? AES International is a UK based financial services firm, operating out of offices worldwide and dealing with clients on an internet-direct basis, that specialises in helping expats with their financial planning and investment requirements during the time that they are living and working as internationals – as well as continuing to take care of them when they return home.
We know that (particularly when dealing with a financial services firm when you’re a long way from home) you need to know that you are dealing with an organisation you can trust. Having won awards from the Sunday Times, Financial Times, International Adviser and Money Marketing you can rest assured that you are dealing with a financial services group that has it’s clients best interests at heart, at all times.