The British government stopped transfers of millions of pensions from April 2015. The opportunity still remains for many other UK pensions to be transferred outside the current scheme.

By selecting the right option for your pension savings in terms of pension location and tax position you could increase pension income by up to 45%. Learn what difference this could make to your income and lifestyle in retirement.

Pension reform is an ongoing process in the UK and currently the situation is very fluid with different pension companies and organisations viewing the new rules in different ways. The fact still remains that in their current scheme many pension holders have little choice, especially when it comes to providing for their family if they live outside the UK.

The first thing an individual needs to understand is the health and liquidity of their current scheme. Does the scheme hold assets to cover your future income or is it simply paying current retirees from your contributions? For British expatriates do they have options for you to take control of your asset and ensure that it remains for your retirement and the future security of your family?

The UK chancellor has announced the most radical shake up of the UK pensions industry in decades. There will be winners and losers. UK state and civil service pensions are the first to be hit. From 6th April 2015, you were no longer able to transfer those pensions outside the UK under any circumstances.

This was announced in 2014 and was expected to be absolutely executed in April 2015, but there are still options for civil service pension holders. This current loophole will not last for long (as of Aug 2015 civil service transfers are still being signed off). We will cover this more in our website.

The big issue is rising pension deficits and pensioners living longer, which means the pension companies may have to pay out more than planned to those that have retired in the years before you. This raises the difficult question of how much will be left when you come to need the funds, and how long will they make you work before you can claim the income?

As 2015 comes near to a close it is still not clear which schemes are allowing transfers out of their schemes due to the new rules. It is evident that transfers out of occupational schemes are being treated differently depending on an individual wanting to “cash in” their scheme, with a huge potential tax charge and a request to transfer into an offshore pension scheme (QROPS) which will retain spirit (principle) of a pension

Leaving your pension locked in the UK system either voluntarily or more likely because of legislation changes could well leave your pension income in an extremely vulnerable position. This could affect you from a taxation position, control over how your pension is invested or even worse what happens to the remaining asset upon your death.

You may not be able to change the currency your pension income is paid in. If UK decides that it needs to boost exports by reducing the value of sterling your pension income could fall suddenly with no way to stop it. A real example of this here in Thailand was 2008 when GBP fell from THB 70/£1. An individual who earned £1,000 income enjoyed THB 70,000 per month, but when sterling fell had to struggle with only THB 50,000 per month for over 3 years. Could you afford to have your pension income fall by around 30% and retain the same lifestyle?

Tax rules could change. Money that you’d planned to hand over to loved ones may now be headed straight to the tax man.

Understanding your entitlement with an independent expert gives you peace of mind and control over what is your money, and your future. Can you run the risk of that control being taken out of your hands?

Learn more about the key benefits of a UK pension transfer using QROPS

• You can leave ALL unused pension funds to your beneficiaries free of UK IHT.
• You can take a tax-free lump sum of up to 30%.
• The scheme enables you to take income from your pension in a much more tax efficient way.
• You can withdraw your pension income and other benefits in the currency of your choice with no FX costs.
• You’ll enjoy much greater investment freedom.
• Once you’ve transferred your UK pension it will be free from future UK legislation changes.

As QROPS Thailand works with the largest offshore financial network in the world, we are able to offer the top pension providers in the offshore market, in many cases at reduced cost to you.

Through improving the tax position of your pension and having control over the investment of your pension retirement income gains can be made on over 70% of pensions.

Find out how much better off you could be, by having your pension reviewed by an independent professional, at no cost or obligation to you.

Be aware that not all schemes can be transferred, and in some cases it is not beneficial to you to make the transfer from your current scheme. From April 2015 some schemes are no longer able to be transferred due to scheme rules, if you are considering transferring your pension to another scheme, either in the UK or offshore it is imperative that you take professional advice. Under new rules you need to have an FSA (UK approved advisor) evaluate your circumstances. Ensure that whoever you deal with in the offshore market has UK approval to sign off your scheme.

Please call us on 086 823 9704 or contact us to arrange a free, no obligation consultation or alternatively get your free QROPS information pack.