I work for a company called IIMG, we have been operating in all the major international financial centres for many tears assisting expatriates with a wide range of wealth planning advice.
The UK pension crisis is in an awful state of affairs. 96% of of UK pension funds are unsustainable and growth rates are not matching inflation, so your fund is actually declining in value.
Have you been made aware of your legal rights to take your UK pension out of the country?
Our area of expertise is assessing frozen UK pension funds and recommending a HMRC approved scheme known as QROPS (Qualified Recognised Overseas Pension Scheme). The benefits far outweigh a UK pension structure.
Please take a look at the company website: Protected content
Some of the many benefits offered by QROPS are as follows:
• Earlier access to the fund (aged 55, not 65 in many cases)
• No required to purchase an annuity, much higher income pay out from the fund value.
• 0% Inheritance tax on death (Currently, a UK pension cannot be passed to children, and only 50% on income can be passed onto spouse)
• Greater access to tax free lump sum at point of access (30% with QROPS, 25% in the UK)
• Reduced or no income taxed on drawdown (Income is taxed at source in the UK, within QROPS in certain cases it can be paid gross with no income taxed, saving the member 40% income tax in certain instances)
• Multi-currency options (USD / EUR / AUD)
• Greater level of investment choice, secure asset protected structures
• Protection of assets outside of the UK
Our Senior Wealth Advisor based in Bahrain is happy to meet with any expatriates who require advice on UK pension transfers, or any other wealth planning advice. Meetings are typically 30 minutes long and we can come to your offices/home to suit your convenience.
Please contact me Protected content if you have any questions or require further advice