Under new proposals UK businesses in financial difficulty could be allowed to water down the pension promises made to millions of workers. You could end up with a lot less than you were promised.In 2015 the UK Government implemented the most radical shake up of the UK pensions industry in decades. For pensions these include massive increases in transfer values for certain schemes.
By ignoring the pension reform you could be setting yourself up for a massive income shock
Leaving your pension stuck in the UK system either voluntarily or more likely because of legislation changes could well leave your pension income in an extremely vulnerable position.
Your pension company can refuse to pay in to a non UK account which of course you are not allowed to have once you leave the UK and with more international banks closing expat accounts, you need to act. You may not be able to change the currency your pension income is paid in unless you act now.
Money that you’d planned to hand over to loved ones may now be headed straight to the tax man, but you can ensure it does not if you act now.
Protect your pension while you still can
It doesn’t matter which party is in power, as the UK struggles to repay its debt, all pensions are beginning to look ever more attractive, to the TAX man. UK companies cannot afford to pay the pensions promised and being forced in to administration, at which point they can pass the pension to the Pension Protection Fund, which can break the promises made to you and the company can then continue to trade.
Make sure you understand all the facts about your pension(s) before you make your pension choices
We’ve created ExPAS to give you access to support before you ever need to speak to a financial advisor. We can help you combine all your pensions in to one and help you understand QROPS/SIPP options. The best way to protect yourself from higher taxation and to enjoy a much higher degree of financial control and flexibility than you ever could if locked into UK’s limited pension options.
Once you know the restrictions of your UK pension(s) and the correct path for you, you will be armed with enough information to speak to a financial advisor/intermediary if needed. But we will help you by keeping you informed.
The average income in retirement is 53% higher for those who take regular financial advice. Make sure you understand your options. ExPAS.org is a free service to help you understand your options before engaging with a financial advisor.