Pensions, SIPP’s QROP’s

Thanks to advances in medicine, better living standards, and lifestyle awareness, many of today’s expats could easily live well into their 90s—or even past 100. While that’s good news for health and family, it presents a major financial challenge: How do you ensure your wealth lasts as long as you do?

The Budget will take place on Wednesday 26 November, the chancellor has announced. With the UK shifting from a domicile-based to a residence-based tax system, the 2025 Budget is likely to bring further adjustments that expats need to watch closely.

The UK government is set to raise the Normal Minimum Pension Age (NMPA) from 55 to 57, effective 6 April 2028. This change will impact when individuals can begin drawing from their private pensions, including personal and workplace defined contribution schemes.

As we approach six months since Labour’s budget in October, the financial landscape continues to evolve. The key tax changes—initially proposed by the Conservative government and now implemented by Labour—have already had a significant impact. In particular, the radical adjustments to inheritance tax (IHT) have led to a wave of high-net-worth individuals leaving the UK in 2024. While some aspects of the new tax regime remain unclear, this blog summarises the key developments

A Self-Invested Personal Pension (SIPP) is a type of UK pension that allows individuals to take control of their retirement savings by selecting their own investment options. While SIPPs offer greater flexibility compared to traditional pension schemes, many investors work with financial advisers to access a broader range of investment choices.

For those approaching retirement age, deciding when to start taking the UK State Pension is a crucial financial decision. While many individuals opt to claim their pension as soon as they become eligible, deferring it can lead to increased payments over time. Understanding how this works can help retirees make informed choices about their financial future.

If you’ve moved abroad and are receiving pension income from a UK-based pension scheme, you might be eligible to have your pension paid without UK tax deductions at source.

The new rules mean that pensions will form part of an individual’s estate for inheritance tax (IHT) purposes. This blog explores the implications of these changes and what they mean for you.

Following the Autumn Budget 2024, the UK Government unveiled significant reforms to the rules governing pension transfers to Qualifying Recognised Overseas Pension Schemes (QROPS).

More and more people are relocating for work or retirement. As a result, individuals moving overseas often prefer to transfer their UK pension benefits rather than leaving them in the UK. Likewise, those moving to the UK might want to bring their overseas pension benefits with them. Understanding the impact of such transfers is crucial.

As you approach retirement, one of the significant decisions you'll face is how to access your pension commencement lump sum (PCLS). While it might be tempting to take the entire amount in one go, there are several benefits to accessing your PCLS in stages.

No more National Insurance nightmares! The UK Government's new online tool simplifies checking and topping up your NI record. Here's how...

The United Arab Emirates (UAE) has become a popular destination for expatriates seeking new opportunities and a vibrant lifestyle. However, when it comes to matters of succession and inheritance, ex-pats residing in the UAE need to be aware of the unique legal framework in place.

In the Spring Budget of 2023, Chancellor of the Exchequer announced the removal of the Lifetime Allowance (LTA) for pension contributions. This decision has sparked a lot of controversy and debate, as it has significant implications for pension savers in the UK.

Should you continue to make pension contributions? With steady decreases in the value of the LTA over time. More and more individuals are finding themselves in excess of the lifetime allowance prior to their planned retirement.

The impact of rising interest rates on defined benefit transfer values is marked.  With economists forecasting further interest rate rises in the UK in an attempt to tame inflation further drops in transfer values should be expected. 

With increasing, mobility and collaboration between the UK and UAE employers and employees have welcomed the introduction of the double taxation agreement (DTA). The Double Taxation Convention entered into force between the UK and the UAE on 25 December 2016. The Convention took effect with regard to taxes withheld at source, in respect of amounts paid or credited on or after 1 January 2017.

What's been happening to pension transfer values in 2022? If you are considering a pension transfer and are wondering how recent economic changes may impact your final salary pension's cash equivalent transfer value, read on!