Frequently asked questions:
Who uses our service?
Anyone that wants to find out the restrictions on their pension. All we do is contact your pension company and get all the information that is needed to let you know of your curreent situation. Then we simply tell you if there is any benefit in engaging with a financial advisor. We are providing a service normally provided by financial advisors except you will be free to choose your advisor once you have all the details you need. This way you are not charged for the service.
Can my children inherit my pension?
Yes, but not whilst it is under the rules of the UK Pension company. Each case is individual and you will need to contact us.
What is meant by Benefits on Death?
Your pension has restrictions of how much you can pass on to a spouse upon death. We have seen pensions that provide half the pension income to a spouse with extra conditions such as, ‘as long as they remain unmarried’ or ‘for only 5 years’ and even worse but very common ‘only if the pensioner dies before the age of 70’ leaving the spouse nothing. We must point out that these are UK pension company rules and not the rules of the UK Government. Find out the conditions in your pension and find out your options. FREE, before having to engage with a financial advisor. You can fit it so all your pension goes to your spouse/partner/family/charity or whomever you want it to. You can make a major difference to the people you leave behind.
What is a QROPS?
QROPS abbr. Qualifying Recognised Overseas Pension Scheme
In April 2006, it was announced that individuals with UK pension rights who have or will become non-resident in the UK for tax purposes could move their pension benefits out of the UK to a Qualifying Recognised Overseas Pension Scheme – QROPS – It’s an international pension designed for Expats. It is possible to achieve significant tax and investment advantages when compared with a UK pension.
HMRC publish a list of QROPS. These schemes are highly regulated and must conform to the UK HMRC rules.