The UK financial year runs from 6 April to 5 April the following year.
From our UK headquarters, Prism Xpat works with UK nationals who require UK pension and financial assistance, UK nationals who have emigrated abroad and expatriates resident in the UK.
The UK has a range of financial products which provide tax free growth and which encourage saving pre and post retirement.
The UK pension system remains complex. Although steps have been taken by the UK Government to try and simplify the workings of the UK pension system, a raft of different pension products remain, legacy pension taxation rules exist and numerous underfunded defined pension schemes have created a significant nationwide pension funding deficit.
Further to the introduction of UK pension reforms in April 2015, via the Pensions Schemes Act 2015, it is now mandatory for a UK-based adviser with appropriate pension permissions to advise on and transact any transfer from a UK pension scheme that is defined benefit or which has safeguarded benefits, where the transfer value exceeds £30,000.
As a result, financial or pension advisers based outside the UK, as well as those in the UK without the required pension permissions are no longer able to provide you with advice or transact pension transfers on your behalf (in many cases).
Prism Xpat has the full range of pension transfer permissions. This means that we can properly assist you with any UK pension query you have, can provide a recommendation on how to act and can transact the business on your behalf. We can also design international pension strategies for you, making use of UK pension products where relevant.