Female Focus - Now in our 22nd year!
Page 6 Pension Tracing - In the money or not?
Last month I discussed the Pension freedom changes in the UK offering the opportunity to extract your cash from the pensions pots built up during a working life in UK. For non UK Residents in some cases this is not the best option and the payment of tax is high, but could be the best result for small pots of pensions which are currently frozen.
As the largest IFA in the world we get involved in tracing pensions for client and non clients every day and we deliver back values of pensions for people who give us very basic information and no paperwork. The first step of assessment of advice on pensions,
is to establish the values and types and details of pensions people have left behind in UK.
WE do NOT charge for this service and it is important to understand the values, as this money will form your income in retirement.
SO what you need to do is very simple - send me an email or ring me on my mobile and register your interest, a simple form follows and you are under no obligation to proceed on attainment of the figures. In fact, my advice may be not to move the pension or take the cash in its present form.
Update and actions
1. Tax Return 2014, see your accountant and submit your return. The deadline is 30th June. 2. Wills - Got one? British or Spanish or both? Are they up to date? Make an appointment with a lawyer. 3. Check your residency date. If you are living in Spain for more than 180 days a year then you are automatically a Spanish Tax resident, so ensure you don’t pay your tax to the UK - there are some exceptions. 4. Getting little of no income from your UK or Spanish bank investments? Then it is time to change and get above inflation returns with no requirement to report under Modelo 720 and a simple process to pass these assets to beneficiaries at a later stage.
On all these points don’t make a decision without full fact finding advice from a company who are REGULATED here in Spain and not just registered in Spain. Devere- Spain is fully regulated in Spain with the DGS.
For more information on any financial matters you may have contact me on
steve.iball@devere-spain.es or mobile 610 822 484.
Female Focus
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