A new government, a new budget, same old meddling for pensions however

The new budget has tried to crack down on pensions and specifically, QROPS, a right of ex pats abroad but a bugbear for the government and badly run pensions plans in the UK.

However, thankfully, the restrictions put in place in this new insertion into people’s hard earned pensions has been limited. The restrictions are mainly in place to prevent people bringing their money to different continents or “far afield”.

Pennickblackwell however specialise in the transfer of ex pats pensions within the EEA of which Malta, our preferred partner is based. This means that our clients can continue to enjoy the many and wide ranging benefits of QROPS transfers without the added burden of a 25% tax on transfers out of the EEA.

The pertinent point here is that the Budget cracked down on transfers out of the EEA, be careful if you are looking at the Far East, Australasia or any other district outside of Europe, you could well be hit with added charges and, Pennickblackwell are happy to advise you, no matter who you work with, if your chosen destination is a risk or not.

At Pennickblackwell, we pride ourselves on client satisfaction over revenue. If a client has a question or query, we are more than happy to sit down, listen to the concerns and offer them an answer, you have earned this money over your life, it is only you who should benefit and enjoy it now that you can.

If we feel that your decision is a risk to you, or your future, we will tell you and explain why, if we deem it a sound investment, we will also confirm that information to you. You don’t have to be a client to benefit from our advice, our number 1 goal is to help people.

If you have any financial queries or concerns, contact us today for a free, no obligation chat to see if we can help you, either through our unbiased opinion or through our dedicated financial advice.
Don’t get confused in the world of finance, there are specialists available to you and initial consultations are free of charge so you can see how you can benefit from our advice.

Prepare with PennickBlackwell and minimise the risks to your money (and health!)

NHS Staff running out of time to move pensions abroad

Many NHS staff both former and current are now looking to Qualifying Recognised Overseas Pension Scheme (Qrops) as their best option for long term financial security and a comfortable retirement, before new legislation banning transfers for unfunded schemes overseas comes into effect from April 2015.

As from April 2015, The Armed Forces, civil service, NHS, firefighters, police and teachers will be banned from transferring their pensions to a scheme developed initially to allow expats living in another country to be closer to their savings and thus avoid UK tax and currency fluctuations.

With the uncertainty of more changes looming like a dark cloud over the UK pension market, combined with the fact that pensions are set to be locked into the UK permanently as of April 2015, it is understandable that expats are looking at QROPS as a way out of the UK.

Benefits of QROPS include:

-Tax free lump sums of up to 30% of your entire Pension Pot;

– Greater flexibility in the investing of your pension;

– Protected funds that are not subject to inheritance tax (currently 55%) or divorce judgements;

– Tailor-made schemes to fit with your circumstances;

– Potential for early retirement.

There is only five months before QROPS are no longer an option for NHS employees. Call us here at Pennick Blackwell, we will come to you for a free, no obligation fact find in order to establish your pension pot value and give you the options on how you can get the best out of it.

Prepare with Pennick Blackwell and minimise the risks to your money (and health!)