It’s only natural we all want more money to live on in retirement. But let’s be honest, pensions can be a bit dull and often a bit of a hassle – something we quite often put off for another day.
The key for most people is to get the right advice and plan so your pension money is working as hard as possible for you. This is especially true for those people with a UK pension who have moved overseas – as there are ways of avoiding high taxes and taking control of your pension pot.
What should you be considering?
1, How much are the fees? High charges eat into your money more than anything else and can significantly impact returns and your final retirement savings. Some providers are open about their charges and some hide them all together – make sure your company make it clear what they are and get the lowest you can.
2, What level of risk should my investments take? High, medium or low? That depends on many things – so make sure your advisor gets to know your situation well and carries out a full risk profile.
3, Am I liable to UK pension taxes if I live overseas and how can I minimise the tax I pay? There are several officially approved overseas pension schemes – from a SIPP to a ROPS or a QROPS. These schemes can protect you from higher UK taxes and inheritance tax.
4, How can I keep track of my pension’s value? The more transparent the better. Some companies only give an annual printed statement whilst others provide an online account so you can keep an eye on how it’s performing versus the market at large.
5, What’s the best way to get started? Simply give your advisor authority to get you a no obligation pension valuation and take it from there. Even if you have already transferred your pension overseas it’s wise to get a new valuation. You will discover things like what fees you’re paying, how your pension has grown over the years and how it might perform in the future.
After these easy steps you can then decide how you want to proceed. A good advisor will give you all the information you need including those vitally important fee charges. Once your pension is transferred, if you choose to, you can set it and forget it and turn your mind to more exciting thoughts… perhaps how you might spend it!
If you would like a free UK pension review simply contact us and we’ll set things in motion.
Brite Advisors will do all the hard work for you and get your money working hard too – ready for retirement. We will make all the arrangements necessary for a transfer. Our fees are paid within the transfer arrangement so there is no need for you to send us any payment.