Many expatriates have taken advantage of the new pension transfer rules. These rules enable a person to have greater control over how investments held by a former employer are invested and when they are taken.
Who Do The New Rules Affect?
Anyone who has a pension with a former employer in the UK could potentially benefit from the new rules. They are particularly relevant for those who do not intend to retire in the UK.
Is It Right For Everyone?
No, a pension transfer should only be done after careful consideration of your current and likely future circumstances. In fact, transfer from certain types of pension can now only be performed by advisers with specialist qualifications.
Due to the costs associated with the initial and on-going advice, those with less than £250,000 are less likely to benefit from this type of service. However, due to the current low interest rate environment an estimated pension income of just £12,500 a year may result in a lump sum of this value being paid to the former employee.
What Should I Do Next?
Please contact us for more information on pension transfers.