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UK Pension Transfers
UK pensions can broadly be separated into two categories: Defined benefit (Final Salary) and Defined Contribution (money purchase, personal pension, stakeholder etc).
The UK pension landscape is one that is constantly changing and evolving, but a pension isn’t something you can leave to look after itself.
That’s why we recommend everyone should review their pension from time to time with our simple pension health check.
A Short Guide to the Pension Transfer Process
Should I transfer my final salary pension?
Here’s our simple three step process:
- Help you understand what your annual pension income
in retirement could be. - Help you decide if you should make changes now,
so that you will receive the income you need in retirement. - Explain the advantages and disadvantages of final salary pensions.
- Explain the difference between SIPPs and QROPS.
(And why our views on this differ to most other advisers.) - Answer any questions you may have about your pension.
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UK Pension Consultation
UK Pension Consultation
- With your authorisation, our pension tracing team
can contact your scheme administrators. - Our advisers can then analyse and breakdown the
information and produce a complimentary,
comprehensive financial planning report.
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Complimentary Pension Health Check
Complimentary Pension Health Check
- Our adviser will run through the complimentary report
with you and provide you with a full retirement planning
recommendation. - Following the recommendation, the ball is in your court!
If you chose to follow our recommendations, we will be
with you every step of the way for your pension transfer.
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Advisor Recommendation
Advisor Recommendation
Why Transfer your pension to a SIPP?
Very attractive transfer values
Traditionally, transfer values have been calculated as a multiple of around 20 times the annual retirement income.
A final salary pension worth £10,000 a year would produce a lump sum of £200,000. Recently we are seeing transfer values of 30-40 times the annual income which, in this example, would provide a lump sum potentially up to £400,000 – a substantial increase.
100% of pension passed to your loved ones at death
100% of your SIPP can be passed down to future generations or any beneficiaries of your choice.
Defined benefit pension schemes are restricted, normally allowing only 50% of the pension to be passed on to a Spouse and often children are not entitled to any pension. A SIPP gives you the freedom to decide who can receive your pension with no restrictions.
Flexible Access Drawdown (As early as 55)
New rules introduced in April 2015 mean you can withdraw as little or as much as you like from the age of 55. A SIPP gives you complete flexibility as to how you use your accumulated pension savings meaning you can manage your retirement income how you like through flexible drawdown. These choices are not available to defined benefit scheme members.
Flexible investment strategy
Your SIPP is under your control, you have the freedom to choose your investment strategy whether that be one individual fund or multiple funds. A suitable investment strategy that considers your appetite for risk should be able to meet and surpass the returns needed to justify the transfer.
Consolidation options
If you have accumulated several pensions from your time working in the UK, consolidating them into a SIPP will allow for simpler administration and a more manageable investment strategy
Inheritance tax
Any money left in your SIPP when you die can normally be passed to your heirs free of inheritance tax. Any withdrawals they then make will usually be tax free if you died before you were 75. If you die when 75 or older, any withdrawals will be taxed as their income.
PCLS
You are entitled to take a 25% tax free lump sum when you start accessing your pension. Depending on where you are resident, your income may also be subject to tax in your country of residence as well so it’s important to understand the local tax rules.
Our Pensions Transfers Guide For British Expats
Please leave your details below to download your copy.
QROPS – Qualifying Recognised Overseas Pension Scheme
QROPS stands for Qualifying Recognised Overseas Pension Scheme (QROPS) and is a
retirement plan based outside of the UK that is recognised by HMRC.
QROPS allow those living overseas permanently to transfer their UK pensions to a pension based in their
new country of residence, in theory simplifying their affairs and enable efficient retirement planning.
QROPS are a complicated solution and do not suit every expats needs.
A QROPS has certain rules that must be met:
• Established outside of the UK
• Recognised for tax purposes in the country where it’s located
• Regulated in the country where it’s established.