Find out YOUR options!
A UK pension transfer isn’t a new choice, it is an option that is often overlooked and not discussed between client and adviser.
However, with UK pension transfer values continuing to increase, many international workers with a UK pension are now considering this option in the search for greater investment freedom.
If you hold a UK pension and are now living overseas, transferring your UK pension to a more tax efficient vehicle such as a SIPP or QROPS is one option that you must consider.
Why Consider A UK Pension Transfer?
Inflated Transfer Values
Firms are actively trying to de-risk their liabilities by incentivising members to transfer their UK pensions. This combined with the expectation that bond yields will remain low for longer has resulted in Cash Equivalent Transfer Values (CETV) for UK pension transfers hitting record highs.
Concerns Over Final Salary Schemes
For firms with large final salary pension schemes commitments, operating in the present climate is challenging to say the least. If they go under, your retirement income could be at risk of falling into the Pension Protection Fund (PPF)
UK Pension Reforms
The UK Pension System changes, announced by then Chancellor George Osborne, came into effect, meaning that anyone with a final salary scheme had the option to transfer out of their scheme to benefit from greater investment freedom upon reaching 55.
What Are My Options?
1.Leave Your Pension In The UK
If you are looking for a low risk, guaranteed lifetime income and your existing pension will provide this, then you may be better staying with your existing scheme. It may also be the case that a UK Pension Transfer would see a substantial reduction in the value of your benefits.
2. Take Control Of Your UK Pension
If you have concerns over the solvency of your existing UK pension fund, want greater control over your investments and would benefit from the extra capital an increased CETV could bring, a UK pension transfer away from your existing scheme could be the right choice for you.
For more information, please contact me. I will be happy to help with whatever questions you may have.
Rob.
E: robert.gourlay@holbornassets.com T: (+6) 01151565649 W: www.rgwealthsolutions.com
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