UK Pension Transfers

UK pension reforms introduced in April 2015 mean 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. This includes transfers within the UK and international transfers from the UK.

Further, the reforms introduced the ability to cash out of UK pension schemes instead of receiving an annuity.

Prism Xpat has the relevant permissions to advise you on the most appropriate course of action in these respects and would be pleased to work with you whether you are a UK national or resident abroad.

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International Pension and Investment Strategies

If you are an emigrant/expatriate or considering moving countries at some point, why limit the options of where to hold your pension funds and investments to the UK or your jurisdiction abroad? What if you are not 100% sure which country you plan to retire in, or are precluded from transferring you pension to the country you live in? What if you are on a visa which may not allow you to remain in your country for the long term, or have a pension fund which is projected to exceed your lifetime allowances or contribution/transfer limits of your country of residence?

The world is a big place. With an increasingly globally mobile workforce and people retiring in a different country to that which they previously resided in, the flexibility and additional tax benefits associated with an international strategy could provide you with an increased standard of living both pre and post retirement.

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Emigrant and Expat Financial Advice

Moving countries is a big step, with many things to sort out – usually in a relatively short amount of time.

However it’s also a one-off chance to benefit from a change in tax status.

Have you considered:

  • On emigrating, you will be changing tax residency status, you will have a different financial year and that your assets will be taxed completely differently. Hence,
  • Once departed, it is too late to benefit from the raft of tax benefits you can obtain on the move which in many cases will cover the cost of the move itself
  • You may need to claim some tax back or obtain additional tax benefits?
  • You may need to have assets restructured or valued pre-departure so you are not caught out in future
  • You may need to sell some UK assets pre your departure date, post your departure date, in the current or following UK tax year or current/following tax year at your new destination to optimise your position? Which is the most optimal for you? (The financial difference in many cases is significant)
  • What do you do about your state pension entitlement, ISAs, bonds, endowments and other finances?

An in-depth tailored meeting with one of our specialists generally takes 1-2 hours. By the end of the meeting you should expect to have an action plan so you know what to do so you are not caught out and can benefit from the change in tax and financial status on the move.

Speak to an Adviser

Free UK Pension Investigation / Calculations

Our main aim as a company is simple. To help you optimise your position with regards to your pension funds, whether resident in the UK or abroad. This has been our main aim since commencing in 2002.
So, to help you out, we have designed a free range of pension services to benefit you. There is no obligation whatsoever to undertake any further work with us once you have received the analysis/feedback although we will contact you to discuss the findings so you know how to progress.

The services are as follows:

1. Pension Projections – Together with our in-house Actuary, we will calculate what your UK pension could be worth at retirement based on the market based assumptions. This will allow you to incorporate this information into your own planning, whether based in the UK or abroad. This includes an option to tailor our findings by obtaining further information from your UK scheme on your behalf. All types of UK pension schemes considered.
2. Pension Transfer Investigation – On your behalf, we will source the scheme paperwork you will require in order to transfer your pension fund, we will review this and then call you to discuss whether or not we believe a transfer is likely to be in your best interests. We will also provide you with a copy of information obtained.
3. Cash Out’s – Interested in cashing out of your UK pension? We will obtain the information from your scheme and contact you to discuss whether or not this could be appropriate for you.
4. Find Your Lost UK Pension – Significant amounts of UK pension benefits are unclaimed each year. We will undertake an initial search of the UK pension market on your behalf and report back if we find any unclaimed pension funds.
5. Claim your UK state pension – The UK State Pension regime post April 2016 differs to the previous. Will you still be entitled to the UK state pension? Are you eligible to claim this? We’ll provide you with the paperwork you’ll need and an understanding of whether or not you will obtain a UK state pension.

Simply download the attached, provide your information, tick on the services you require and scan/email, fax or post the form back to us to get started. [Link to Pop up with form to Download]

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