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  • Peer Wealth

UK Pension Transfer Update

You should be reviewing your pension transfers from the UK, NOW.

If you or anyone you know has a UK Pension it is time to talk about your options.

Brexit, the recent UK election catastrophe, estate planning implications, currency fluctuations and the current low Gilt rate, are all issues creating major concerns for expats with pension schemes in the UK.

Peer Wealth has the ability to assist expats in fully realising their options.

Expats Under 55 and Over 55 years of Age :

There are strategies for under 55 years of age and over 55.

For clients under 55, the pension balance can be transferred to a SIPP (Self Invested Pension Plan). This strategy provides the benefits of minimising currency risk and optimising estate planning options. At the age of 55, the funds are transferred to Australia. If there are funds still remaining in the SIPP account, advisers’ alliance will manage those funds and transfer the balance in line with NCC limits. Depending on the size of the transfer, a retail QROPS fund may be recommended for the transfer in lieu of a QROPS registered SMSF.

For clients over 55, funds can be transferred directly, if NCC’s are not exceeded and the balance transferred to a SIPP fund and managed in the UK by our alliance licensed advisers until all funds have been transferred.

Importantly, should the member die, 100% of the SIPP or Australian fund will be available to the spouse or beneficiary compared to 50%, as with the majority of UK Defined Benefit Schemes. In addition to this, the current, low Gilt rate, translates to currently high pension transfer values. This is a key reason to review transfer options.

If you or anyone you know has a UK Pension talk to Peer Wealth's Financial Advisor about your options.

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