Welcome To Pennick Blackwell
Pension Advice in SpainPennick Blackwell are Independent financial advisers with over a decade of experience within the Spanish and UK financial sector. All our advisers are fully qualified and regulated to UK standards. Our unique approach helps to advise clients and tailor all their financial requirements to meet their own specific needs.
Qualifying recognised overseas pension scheme through the HMRC allows non-UK residents to transfer their UK personal or company pension scheme offshore, tax free.
QROPS does not affect your UK state pension at all, you take charge of your asset, and protect it from death duties.
Pennick Blackwell are happy to provide you with a FREE consultation. We will provide as much advice as possible for all your expatriate financial needs.
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What options will I have for my pension pot from April 2015?
Leave your pension pot untouched for now and take the money later. You might have reached the normal retirement date under the scheme or got a pack from your pension provider but that doesn’t mean you have to take the money now. If you do not take your money, you should check the investments and charges under the contract.
Get a guaranteed income (annuity) You can use your whole or part of your pension pot to buy an annuity. It typically gives you a regular and guaranteed income. There are different types of annuity available.
Take money flexibly from your pension pot (drawdown) There are currently two ways you can do this; you can always take a 25% tax free cash sum and you may take the balance as a regular income (flexi-access drawdown) or take ad hoc cash sums (uncrystallised funds pension lump sum).
Cash in your whole pot in one go You can do this but there are certain things you need to think about. You have to consider how much tax you pay on the amount your take out and you have to think about what you’ll live on in retirement.
Mix your options You don’t have to choose one option you can mix them over time or over your total pot.