Pensions answers to the Daily Mail

Here is a quote with in answer to The Daily Mail article entitled  “widows abandoned without a pension” .
"Expatriates should give very careful consideration to the rights associated with any annuity purchased as part of their pension arrangement. This is particularly relevant where there is a dependent spouse and/or dependent children. Ensuring an ongoing income after the death of the annuity holder is vital in such circumstances. For many expatriates moving their pension into a QROPS provides additional flexibility in terms of income via draw-down and/or temporary annuities. Both these options ensure that on the death of the member the remaining capital is left to provide an income for dependents. However, advisors and clients would need to weigh this up against the guarantees that a life annuity might provide."



The second paragraph is in answer to the story which appeared with regards to savings.

“When moving to a foreign country which has a different currency it is very important to consider moving one's savings into the base currency of their new country of residence. This is ensure that income and expenses are in the same currency in order to mitigate the effect of exchange rates, which for British expatriates holding sterling and currently residing in the Euro zone is very marked as their income has reduced significantly given the devaluation of the pound. A QROPS enables British expatriates to move their sterling based pensions outside of the UK and hold the underlying investments in the same currency as that of their new country of residence. This helps mitigate the impact of foreign exchange rates on income and the real value of one's pension." (Close Brothers AM QROPS Provider, Rex Cowley - Head of Marketing)
Her Majesty's Revenue & Customs (HMRC) permits UK pension rights to be transferred to a Qualifying Recognised Overseas Pension Scheme (QROPS). The QROPS must be in effect as if it were a UK scheme for those members who have been resident in the UK at any time in the previous five tax years. The QROPS is structured very much like a UK pension; i.e. an investment vehicle which is owned on your behalf by a pension provider/administrator (the trustees). The trustees must be based outside the UK and approved by HMRC as a QROPS administrator.

Benefits of QROPS

There is NO requirement to purchase an insurance annuity.

Leave all unused pension funds to your beneficiaries free of UK taxes.

There are no limits on contributions to the fund, nor fund size.

Flexibility as to when benefits can be taken from the Plan (personal tax status allowing).

Take income and benefits in currency of your choice.

Greater Tax efficiency on drawdown.

Tax advantages and savings.

The ability to take in transfers from UK approved pension schemes

Open to all nationalities.

Investment flexibility, with investments in stocks, bonds, alternative investments, deposits, real estate, private equity, options and life policies.

Transparent fee structure with no hidden penalties or exit fees.

For over 22 years Argent International has assisted investors to enhance their financial position and make the most of the opportunities available in the global financial market. For details of all our services including QROPS (which we have been advising on since its inception) go to http://www.360canaries.com/ and follow the PIGGY Bank link!