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FINANCIAL ANSWERS with STEVE IBALL
Question 1: I moved to Spain some time ago and have lost track of my UK pension. I’m sure it’s all OK, so should I worry?
by Steve Iball Consultant deVere Spain
There is no better time to find out about your UK Pension, and yes, you should take action to establish the current value of your scheme, along with its terms and conditions. For example, if your scheme is based on retiring at 65, and you want to retire at 60, there will be a negative effect if you start drawing your pension early. The advice I always give, is to (1) establish the facts and then (2) consider your options. deVere is one of the largest companies in the world establishing facts, and it is completely free with no obligation. That’s right, you can simply call me, and in a couple of weeks, you’ll know where you stand – no charge, no obligation.
Question 2: I have a lump sum of money sitting in a UK bank account. Should I consider moving it to Spain? I’m worried because I heard the Spanish authorities are freezing larger transfers.
The truth is that interest base rates are down to 0.25% so with inflation at around 2-3%, the reality is that you are losing money if you have a lump sum sitting in a bank. There are many alternatives which depend on
how adverse you are to risk. In any case, I always advise that you should retain a lump sum for emergencies and health care. Many clients end up transferring into the very popular – and relatively secure – National UK institutions. There is no right answer for everyone so the first step to stop losing money is to call me, again no obligation to get the ball rolling. We do an in depth analysis covering risk, return and yes, even the international tax position. Regarding the frozen money issue, since the beginning of the year, large transfers will be questioned, but so long as we can show that the cash is ‘clean’ there should be no problem!
I always say that doing nothing is never an option. Chances are you spend more in the summer, so the Autumn is always a good time to get your house in order before the end of the year. And we’re here to help!
To book your free financial health check, just pick up the phone and call Steve Iball at deVere on 610 822 484 or emailyour questions to
steve.iball@devere-spain.es.
Female Focus
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