Focus-Ad Blu Pensions
We understand that the word “Pensions” is something most people find uninteresting and boring, something they put at the back of the pile of papers. “I´ll do that later” pile is always one of the last things to do, especially if you have just moved abroad. However “Pensions” can be interesting and can be of great benefit to you, if you have the right advice and guidance.
From April 2015 the UK Legislation has changed. Under the new legislation you are now able to access 25% of pensions tax free, however what most schemes don´t tell you is once you access these funds, you may need to move your scheme as you are starting a retirement plan so you will need to buy annuity, income drawdown or reinvest. You can also withdraw the whole amount however you will be taxed on 75% of the funds, so depending on how large your funds are combined with your income, you could be taxed at the higher rate of 40%.
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FF Focus on Property Services
Jan Van Asbroeck and Sara Igglesden Pension Managers, Blu Pensions
The new legislation has also now prohibited anyone with a Public Sector Pension such as NHS, Police, Fire Service, Army, Teachers, MOD, Civil Service to transfer these schemes to a Defined Contribution Scheme so that the funds stay in the UK.
The majority of pensions schemes in the UK have had a bad performance record and at best growth has been at a maximum 2%. Combine this with the death tax of 55% of funds to your beneficiary if you were to die, so WHY KEEP YOUR PENSION IN THE UK?
If you have proof of address here in Spain you are able to transfer your funds to a QROPS (Qualified Recognised Overseas Pension Scheme) the benefits of this is that at age 55 you can withdraw up to 30% tax free, obtain around 7% growth on your scheme and in the event of your death your beneficiary receives 100% of your funds. You also escape UK Taxes on your Pension and only pay tax in the country of the scheme, e.g. New Zealand Tax is 0%. So really it is a “No Brainer!”
Here at Blu Pensions we are here to help and advise you on the products we offer. We can offer you an excellent QROPS and even if you want to keep your pensions in the UK we have alternative products such as a Defined Contribution Scheme and SIPP with projected high growths. So whatever your needs are we can help. Let us take the boring out of Pensions so you can reap the benefits!
Contact us on
enquiries@blupensions.com or call us on 965 02 11 44.
The team at Blu Property Group
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