How can you take advantage of pension freedoms?

Retirement can mean many things. It can be an excellent opportunity to spend more time with your friends and family, or it could mean travelling on cruises and around the world with your significant other. Whatever you’d like to do with your time, you must get good financial guidance to ensure your wealth works for your needs. 

In this article, we will discuss how with Brite Advisors, you can get the most out of your pension if you do move overseas, and therefore, how you can get the most out of your retirement too. 

One person’s version of a perfect retirement can be entirely different from another person’s. Some prefer long, lazy days at a beach or an allotment, while others can’t wait to sail off into the sunset. Whatever your dreams are, you must look ahead to the future and make sure that your pension provision can give you security and peace of mind, enabling you to enjoy those freedom years you have been waiting to experience.

If you are 50+ or close to retirement, this is the perfect opportunity to investigate whether you are on the right path with your pension. The good news is that Brite Advisors is here to offer you expert help and assistance and ensure that you get the advice, guidance and overall support you need to sort out your pension and plan your retirement correctly if you want to or have moved abroad.

Using Brite’s services is an astute move, now more than ever. Since the introduction of the Pension Freedoms legislation in 2015, UK savers now have the opportunity to access their personal and defined contribution pension above the age of 55 years old. Therefore, they can use their funds for more extensive options than they’d previously had access. The main features of Pension freedoms are as follows:

  • You can buy a guaranteed income (an annuity) 
  • Arrange ‘flexible drawdown’, where lump sums or regular payments can be drawn down (subject to taxation).
  • Also, you can take the whole amount as a lump sum (subject to taxation).
  • Or take a number of lump sums out (subject to taxation).

If you are moving abroad transfer to a recognised overseas scheme

For more details about Pension Freedoms go to this Government website: https://www.gov.uk/government/publications/pension-freedoms-and-dwp-benefits/pension-freedoms-and-dwp-benefits

However, since this legislation was introduced there have been some unfortunate side effects that have caught some retirees out. There have been cases of retirees putting their money into risky investments or being scammed by illegitimate investment companies who have attempted to get them to transfer their money over to them. This is why it’s essential that retirees are aware of the risks and always take the right advice from their advisory company.

How can Brite Advisors help?

This is where Brite Advisors comes in. We ensure that UK expats can fully take advantage of their pensions by offering a world-class pension administration service. The FCA regulates our entities in the UK, and we can guarantee your pension funds are administered in accordance with strict pension regulations. Our experienced team of leading UK pension experts is always on hand to offer quality financial advice for those looking to transfer their retirement money. 

We have 3 main parts to our business: 

  1. Advisory – we believe good advice matters and we make a commitment to get to know you and understand your goals, so we can consult and guide you on a path to a more secure financial future.
  1. Pension Administration – the trustee ensures pension funds are administered in accordance with regulations and are ultimately accountable to all participants of the pension plan, including beneficiaries, sponsors and regulatory authorities.
  1. Asset Management – within our fund strategies we offer investment capabilities across a mix of asset classes with the goal of maximising your portfolio’s performance.

If you want to speak with us to find out more about enjoying your freedom years, you can contact us via email or via the website.

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