Pension Options – Pensions in the UK and Pensions Abroad

To an individual a long way from retirement, it might seem like it’s far too early to start thinking about a pension; but Guardian Wealth Management can tell you from hard won experience that there’s no such thing as too soon. Whether you’re considering a British pension or a pension abroad, getting your wealth management plans in place sooner rather than later is the only route to a secure financial future.
You work hard to make a living; and you want to enjoy a good lifestyle on the money that you earn; but what of when you retire? Possibly you are already paying toward a pension in conjunction with your employers, or maybe you have thought of other private pension schemes. Whatever your thoughts, the sooner you start investing money into your retirement, the more you will be able to enjoy your time after work.
UK Pensions – An Overview
These days, it’s an established aspect of our welfare that in our latter years, there will be some State provision that will provide some degree of finance in our old age – but if you want more freedom and a bigger pension pot, it might be time to talk to a financial advisor about your options with regard to a pension in the UK.
If financial management is of concern to you, don’t waste another minute before looking into setting up a British pension for yourself, and ensure that you have as much financial security as possible in your post-retirement years.
Within the UK, one option is an occupational pension. These are set up through your public or private sector employer, and exist in differing formats: contributing and non-contributing; with employers often donating like-for-like employees contributions.
Personal pensions are plans in which an individual makes their provision through either regular payment or lump sum. These plans are invested on your behalf by the provider – usually a bank, building society or insurance company.
Another type of British pension is the Self Invested Personal Pension Scheme (SIPPS), whereby any number of financial options are open to the individual such as property, unit trusts and shares.
Overseas Pensions – Considering QROPS
If you are looking for an alternative to a British pension and if you’re also looking at emigration, then you may want to consider moving your pensions abroad. Transferring your pension abroad may be a very wise financial move, with additional benefits that would give you a far better standard of living in your later years.
An overseas pension may not be the right step for you and will entirely depend on your individual circumstances. As with any financial investment, if you are considering reinvesting your pension overseas, you should take no action before you have availed yourself of all current pertinent information from a reputable financial advisor with experience in whichever scheme you have in mind.
One overseas pension scheme you might want to look at is a Qualifying Recognised Overseas Pension Scheme, often simply referred to as a QROPS. If you want to move your pension abroad, a QROPS offers several benefits, including greater flexibility of investment, lower taxation rates, improved inheritance for your family, the choice of which country’s currency you would like to withdraw your pension funds as and there is the added benefit of not needing to take an annuity, as you would have to with a British pension.
For a QROPS to be workable however, your overseas residence must be for minimally 5 years (otherwise, you will face big tax penalties on your return). A state pension is non-transferrable, it must be a private, personal, stakeholder or occupational pension to qualify. Guardian Wealth Management only advise clients to transfer occupational pension when our in depth calculation and analysis show this is appropriate advice.
Guardian Wealth Management has professional financial advisors located across the globe, each with a proven track record of handling British pensions and clients wishing to invest their pensions abroad and into a QROPS. We have a team devoted to pension transfer, each having earned FSA-recognised qualifications in this field; and we cannot stress firmly enough that all clients verify the qualifications of self-styled ’pension specialists’. On any pension related matter, if you would like the expert help we can offer or on any other wealth management and financial planning matter, contact our financial advisors now.