Understanding the Lifetime Allowance
Most retirees are aware of the Lifetime Allowance – a limit on the total amount of money that can be saved in pension schemes before incurring a tax charge. However, many people are unsure of how it works or what they need to do to stay below the allowable limit. In this article, we will provide an overview of the Lifetime Allowance and explain how you can protect yourself from exceeding it.
Pension Transfers Touch Record Highs
A flurry of activity in the DB pension transfer market has seen record high transfer values. Advisors and investors alike are watching carefully to see if this is a sign of things to come, or if recent concerns over red flags in the market will have an impact on transfers. Defined benefit pension transfer values reached a new high, but they’re still shorter than what was seen last year.
Why Should You Consider Transferring Your Defined Contribution Pension?
The main reasons for transferring a money purchase or defined contribution pension are as follows:
• Drawdown Options
• Currency
• Investment Selection
Other reasons can include:
• Receiving advice throughout retirement
• Consolidation of all pension ports
How You Can Get Your Underperforming SIPP Or QROPS Back On Track
Have you previously transferred a UK pension to either a QROPS or SIPP with an offshore adviser and have seen poor performance or are unhappy with the service you are receiving?
Is Time Running Out For UK Expats Who Want to Transfer Their Defined Benefit Pensions?
The FCA has been cracking down on poor financial advice in the defined benefit transfer market for a few years since the British Steel scam was brought to light. Unfortunately, not all advice is sound.