QF Focus Magazine
Changes to the Pension system in the UK – ‘Pension Freedoms’ has alerted a number of
If you left your employer before April 1975, it is likely that you will have received a refund of contributions. If you left the employer between April 1975 and April 1988 you will have a pension if you were over the age of 26 and had completed 5 years in the scheme. If not you will almost certainly have had a
refund of contributions……… Finally, if you left your employer after 1978 you will be entitled to a pension having completed two years of service. If you left within two years you would have probably received a full refund of contributions.
Two years ago I met a prospective client for a coffee in the square in Los Montisinos. I said, ‘Arthur do you have any ‘lost’ pensions from when you worked in the UK?’ ‘No’ he replied ‘I was a driver and worked for myself; sometimes on contract’.
‘So you never worked directly for an employer?’ ‘No, never’ he said, ‘……….though I did have a short spell with a Rank Hovis McDougall’. ‘How long were you there?’ ‘I was there for about three years but I never paid into a pension scheme!’
people to forgotten pension ‘pots’. There are tens of millions of pounds owed to savers who had lost track of their, or their deceased partner’s, pension funds.
‘Well’ I said ‘RHM was a Non- Contributary
scheme’ which
means that they paid in but you did not’.
‘Sign this letter of authority and I will find out for you.’ ‘No’ he replied ‘it’s not worth it after all this time - there won’t be anything there’. ‘Sign it’ I said ‘it won’t cost a penny - so what do you have to lose?’
He signed and three weeks later I met him in the same square. ‘Arthur, remember that pension you didn’t have with RHM?’ ‘Yes…I told you it was a waste of time.” he replied. ‘Shall I write a declaration for the funds to be given to the horse charity across the way?’ ‘Why - how much is there?’ ‘£102000 - do you want it?’ Needless to say, he was very very surprised. He stressed that he had only been there three years. I explained that in fact he had left after two years and ten months and during that time his employer had paid in just £2800!! He eventually took a large lump sum and has an additional £6500pa going into his bank! The point is………
..many thousands of people are in the same position but don’t realise it! We have a pension tracing service which is absolutely free of charge - our aim being to repatriate our clients with the pensions they worked hard to accumulate. If you want further information, please contact me, Mike Lewis Executive Wealth Manager at deVere Spain on 952 903 205.
Page 15
Good Advertising Doesn’t Cost
- It Sells!
Call Michelle on 663 178 228 or email
michelle@qffocus.com
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32