Pension freedoms was announced last year 6th April by George Osbourne, which gave people more flexibility to take pension pots as they wish. Rather than buying an annuity, pensioners were able to choose from a number of options including; taking a 25% lump sum, taking an annuity, accessing UFPLS or taking 100% of their pension pot as a lump sum.
Final salary pensions also known as defined benefit schemes have been the talking point over recent years due to over 75% of them being underfunded. This means they don’t have enough money to pay retirees their pensions.
A lot of you may be wondering what the tax advantages are for a QROPS if you live in Europe. The way QROPS for European residents is taxed, has just become a hell of a lot better.
QROPS stands for Qualifying Recognised Overseas Pension Schemes which allows Expats living overseas to transfer their UK pensions to a more favourable tax jurisdiction.
The day people never thought would come…. Britain decided to leave Europe! The campaigns and reasons for the leave vote have been heavily under scrutiny since the referendum date of the 23rd June leading to a petition for a revote
Little is known about the agenda for Theresa May’s policies. With the unknown always comes concern, especially when many British Expats feel disheartened with the vote to leave EU.