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Have I lost my pension ?
 
02:18
http://bit.ly/expatguide http://squaremilefs.wordpress.com Where's my Pension ? In the UK, as elsewhere, few people stay with the same employer for life. On the way from employer to employer, pension schemes are entered and pension schemes are left behind. Over the years, previous employers will have merged with other companies and insurance companies that offer personal pensions may have merged together too. This gives rise to the questions " Where are all my pensions? How much are they all worth? How can I claim them?" If a previous scheme was non-contributory, it may be that people do not realise that they have pension benefits preserved for them for retirement. A considerable number of people contracted out of SERPS (State Earnings Related Pension Scheme), and this required no personal input. How many of these people have money sitting in forgotten pension accounts? In this modern age of austerity, it makes sense to have a close look at all pension entitlements as "every penny counts". Tracking your Pension The first step should be to make a list of all your previous UK employers and to contact them to see if you have any pension entitlements (in the event that you are not sure). Having done this,it is possible that you will find that some of the pension funds are worth just a few thousand pounds and are unlikely to provide much income on your retirement. As an example, a 60 year old male with a fund of GBP 10,000 would be able to purchase an income (with some provision against inflation) of only GBP 25 per month. Hardly enough to provide security in retirement. Traditionally a fund of less than GBP 30,000 will not have been viable or practical to move or advise on and the IFA will have simply left it alone. The fund cannot be touched until the age of 55 and, of course, the expected pension benefits are nominal and, in many cases, have already been "written off". They are not, therefore, any part of a serious pension plan. Square Mile can suggest a solution, whereby the amount that is presently being held in the fund is used to generate potentially substantial investments, with a view to a much bigger return when you retire.
Views: 352 squaremilefs
What is QROPS ?
 
01:41
http://bit.ly/expatguide http://squaremilefs.wordpress.com If you are an expat or indeed any foreign person who has previously contributed to a UK pension scheme then an opportunity exists for you to mange how this money grows. So what is QROPS? No, this is not a discussion about agriculture, it is about Qualifying Recognised Overseas Pension Schemes. These are essentially pensions that can accept transfers from UK pension plans, provided certain UK Inland Revenue rules are adhered to. Lots of expats have pension funds back in the UK and, just because they are not in the UK, it does not mean that these schemes should not be reviewed. Your pension should deliver the right pension at the right time, in the right currency, in the right format, at the right tax rates taking account of the right tax residency at retirement. It should make sure that the right money goes to the right people upon death before or during retirement. The right QROPS advice may well put you on the right track. Failing to review your pension in the UK is not the right thing to do.
Views: 163 squaremilefs
The pension death benefit dilemma
 
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http://bit.ly/expatguide http://squaremilefs.wordpress.com Pension death benefit dilemma Many British expats have pensions in the UK. Either an old company pension or a "paid up"( no longer taking contributions) personal pension. Do the companies and trustees of these schemes know where the expat currently resides? In the unfortunate event that the expat dies before drawing benefits to whom do the pension trustees pay the death benefits? A expat may have come over here, married, divorced, remarried and have a number of children. To assist the trustees ( at the insurance company or at the previous employer's pension scheme), pension holders should complete an " Expression of Wish " form. The purpose of this form is to enable people to express their wishes with regard to the payment of any lump sum death benefits from the pension fund. Whilst the trustees have discretion under the fund's discretionary trusts, in determining who is to receive the lump sum, the expression of wish form gives them guidance from the pension holder who is no longer here. This straightforward form can make a huge difference to families at a difficult time.
Views: 254 squaremilefs
Expat Life with Mark O'Brien
 
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http://squaremilefs.wordpress.com Mark O'Brien founder of Square Mile Financial Services introduces himself, his company, and videos on the site for expats living abroad. He has been living in Prague the Czech republic for many years now and calls it his home. Knows about sorting out monies from the UK regarding retiring, insurance, pensions and getting peace of mind.
Views: 317 squaremilefs
What is succession planning ?
 
01:48
http://bit.ly/expatguide http://squaremilefs.wordpress.com   You , like me, may have been abroad for some years now and are now paying tax to your new host country.   However, here is a question for you. Was your father British? Do you have ties to the UK? If so, it is highly probable that you are UK domiciled.   What does that mean for your family? Well, it means that one of the groups that could benefit from your assets when you leave them to the family is the good old UK Inland Revenue!   I am not joking. A UK domiciled individual could liable to Inheritance Tax, even if he or she has been living abroad for years and years!   Did you realise that, in many cases, the decision to pay this tax is yours? What do I mean? If you decide to do nothing about it, your family could lose a significant part of the money that you leave them.   A little bit of time and planning to deal with this could be one of the best investments you will ever make for your family.
Views: 102 squaremilefs
What is an IFA?
 
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http://bit.ly/expatguide http://squaremilefs.wordpress.com What is an IFA? IFA is short for 'independent Financial Advisor' They are a professional who offers independent advice on financial matters t their clients. And what is the role of an IFA? In one word- Protection! Yes, you did read that correctly. What do we mean by protection? There are 3 areas. 1. To protect the income of the family breadwinner in the event of illness, accident or disability. This is covered by income protection and critical illness policies 2. To protect the income of the family in the event of the death of the breadwinner. This is covered by life insurance. 3. To protect the income of the breadwinner in retirement. This is covered by adequate pension planning. Three simple steps to protect the family's income, no matter what life throws at them! We want to help expats with getting moving on having their finances in order, and we would like to give to you a free copy of a kick up the backside expat financial guide. The 5 essentail milestones you need to have peace of mind and financial success Get your FREE 100 euros worth of financial services including consulting, accounting, legal work and 100 euros in your bank account!
Views: 101 squaremilefs
If my UK pension is so small is it worthless?
 
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http://bit.ly/expatguide http://squaremilefs.wordpress.com My UK pension is so small as to be worthless, should I just ignore it? We discussed the " lost pension" issue recently. Having got an up to date valuation and an estimate of benefits at retirement, there will be cases when it seems that the pension is not worth claiming. As an example, a male aged 45 with a 10,000 pound fund could expect a fund of 15,600 pounds at the age of 60 , if the fund grew at 3% a year. Assuming that he drew his pension commencement lump sum of 25% ( 3,900 pounds) then the remaining fund would be 11,700 pounds. At current annuity rates that would provide a pension ( assuming married with inflation protection ) of only 5 pounds a week! So, should this be ignored? The answer is absolutely not. We can provide a solution that may dramatically improve the benefits without requiring any additional financial input from the pension holder.
Views: 151 squaremilefs