MAGNA: Wealth Management

Offshore
Pensions

An "offshore pension" can be as simple as a savings scheme that someone living abroad can put money into, perhaps a lump sum, to provide an income at retirement age. In some cases, these lump sums can be turned into cash at any time.

When there is an unfavourable exchange rate, such as those living in Europe but with their money in the UK have experienced in recent years, some expats can find themselves struggling for cash, although they may have significant assets in pensions, investments or saving.

 

If you have a UK pension and simply leave it there, you may not be making the best use of what is one of your most important assets. Pension funds tied up in the UK are subject to UK legislation and benefits and are covered by UK regulations.

 

This means you can only take a maximum of 25% tax free cash (and ONLY from 55 from April 6, 2010, when rules changed) and an annuity or a regulated income. On your death, your family could lose as much as 55% to 100% of your pension fund, under UK regulations.

 

BUT - there is a way of providing you with flexibility of income and protecting this income from exchange rate fluctuations. By taking action now, you COULD escape from the UK requirement to purchase an Annuity and you COULD pass on all the money that remains in your fund to your loved ones on your death.

 

Expat Pensions is one of Europe's leading advisors in the area of QROPs (Qualifying Recognised Overseas Pensions) and QNUPs (Qualifying Non-UK Pensions).

 

For further details click here.

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01789 490920
International clients:
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Decisions should not be taken based solely on the content of the website and individual advice should be sought first. Regulations, levels and bases of taxation are subject to change. The firm is not responsible for the content of external links. The content is aimed at UK residents or residents of MiFID countries (if applicable). Magna Wealth Management Limited trading as Expat Pensions is authorised and regulated by the Financial Conduct Authority FCA number 600163.
Registered in England and Wales. Registered Office Suite 2, Croft Court, Croft Lane, Temple Grafton, Warks. B49 6PW. Registered number 07136102. Magna Wealth Management Limited trading as Expat Pensions has the necessary passports to provide cross border advice within countries of the European Economic Area.