Your existing pensions form a key part of planning for your future
And your retirement may depend heavily on the benefits available from those pensions. A pension is something which will have been set up for you by a previous employer, under their own rules and their control. If you, like many people, have a pension left behind in another country or from a previous employer, then you should consider reviewing your benefits and options.
UK Pension Review
UK Pensions are often frozen when you leave the country. This means your pension’s growth can no longer depend on your contributions. Many people leave the UK without understanding their pension, despite it being a key part of their retirement plans.
Each individual scheme has its own set of rules which our team, with your permission, can request on your behalf and carry out a full, in-depth analysis of your benefits and options. In the same way an M.O.T. on your car tells you everything that is going on with your vehicle, our analysis will help you understand all aspects of your UK pension.
Offshore Pension Review
Similar to UK Pensions, some of your previous employers may have given you access to a pension scheme held offshore. Depending on your individual scheme and where it is held, we may also be able carry out a full and thorough analysis of your benefits and options.
A Self Invested Personal Pension (SIPP) is the name given to the type of UK government-approved personal pension scheme. Under the pension freedoms introduced in the Pension Schemes Act 2015, you can take control of your pension within HMRC regulations. The SIPP is a UK Financial Conduct Authority (FCA) regulated pension wrapper in which you can choose how your pension is invested, when you retire, how much income you take in retirement, and nominate your own beneficiaries on death. It may be possible to transfer your existing pensions into a SIPP, depending on your circumstances.
How do I find out more about my pension?
Our Financial Planners can help you understand your current pension benefits and the options available to you as an expatriate. We can request all of the relevant information from the scheme on your behalf and produce a simplified report detailing all of the facts relating to your pension. This will include your scheme retirement age, your entitlements, your spousal death benefits and a Cash Equivalent Transfer Value (CETV) or Transfer Value Analysis (TVAS).