UK Pension Funds
Whether you have moved to the Isle of Man or further afield, there are several reasons why it may be worth relocating your UK Defined Contribution (DC) pension fund; with domicile and taxation issues being the most common.
We have pre-approved, simple and low-cost options available to anyone looking to transfer an existing Defined Contribution (DC) pension fund out of the UK.
All the options we advise on are classed as Qualifying Recognised Overseas Pension Schemes (QROPS), which means that receiving pension arrangements are already approved by both the UK and Isle of Man / Guernsey Pension authorities, so no additional permissions are needed to relocate funds.
We can advise on and implement no cost transfers to simple personal pension plans, for those that are looking for the easiest way to move funds, or we can talk to you about establishing a Self Invested Personal Pension (SIPP), which may cost slightly more, but will bring you greater flexibility in how you can invest your fund and how you can take your benefits. The main feature of a SIPP is that you never need to buy an annuity and that your fund can be protected upon your death.
The advantages in relocating your Defined Contribution (DC) pension fund can include:
- Breaking links with the UK
- Helping to prove offshore domicile
- Tax efficient investments and income payments
- Wide-ranging investment options
- No need to ever buy an annuity
- Funds can be passed on upon death
- Higher tax-free cash payments (in some circumstances)
Please note that we are no longer able to offer advice in respect to Defined Benefit (‘DB’) schemes regardless of the jurisdiction in which the scheme is held. However, please contact us if you are unsure about the type of pension arrangement you have, and we will be happy to help clarify and confirm whether we can help you.
All our advice is free and without any obligation, so why not contact us to see what we can do for you?
Friday 7th August, 2020
American employers added 1.8 million jobs last month, down from 4.8 million in June.
The airline's cabin crew who are not made redundant on Friday will still face steep pay cuts.
The Chinese firm says it is "shocked" by an order for US companies to stop doing business with the app.
The social media giant's shares rose on Thursday after the launch of its new TikTok rival Instagram Reels.
BBC News - Business