Why should I buy a personal pension?
Expatriates, who may have paid into a UK pension scheme prior to becoming
expats, can only continue to contribute for up to 12 months from the time of
leaving the UK scheme. There are, however, exceptions to the rule such as a
secondment from a UK parent company or government employees etc.
We will help you select and set-up
a flexible offshore pension plan to meet your specific requirements. If you
work overseas and need a pension plan that allows you to continue saving
wherever you live then we have the solution.
Offshore Pensions Plans
Most offshore insurance companies offer this product in one form or another.
The plans offer a very effective method of ensuring some form of forced
saving for the inevitable RETIREMENT. In addition these have the added
advantage of permitting the pension holder to select the underlying
investment funds, such as Commercial Property Funds, amongst many others.
The major difference is that they do
NOT come under the UK pensions sledgehammer. In actual fact none of the UK rules
apply.
The Offshore Pension Plan is very flexible
The benefits
-
You can invest lump
sums whenever you like with no restrictions.
-
You can invest,
monthly, a predetermined amount, which can be increased or decreased within
parameters. Some plans allow you stop payments for a limited period.
-
You, and not the
government, can select you own retirement age
-
saving plan, regular saving,
financial saving plan
|
-
You are not forced
to purchase an annuity
-
You can take the
total pension fund as cash at the end of the day.
-
You can invest this
Capital sum wherever you wish, even in a bank account.
-
If you should die
the TOTAL asset will go to your surviving spouse and upon their death the TOTAL
asset remaining will go to the next of kin i.e. the children.
-
It is an asset that
can be used as collateral against a loan should you require an extension to the
house, education fees or to establish your own business.
-
You are in complete
control of the investment funds and can change the strategy at any time.
-
You can continue to
contribute premiums, if you wish, after your originally selected retirement
date.
-
You have access to
part of the pension funds during the plans term but need to be aware that these
will involve surrender penalties.
-
You will have no tax
liability depending on where you live. If that is in UK you will still have to
fill in your tax returns (sorry).
saving plan, regular
saving, financial saving plan
|
The offshore pension plan is as close to investment freedom
as you will get.
There is a significant difference
between the pension systems. Additionally, whereas the UK resident is, by
law, obliged to contribute to some sort of pension scheme this is NOT the
case with the expatriate. The expat. is at liberty to decide whether or not
to plan for his future!!
It has been our experience at
Hamiltons Investment Group S.L. from talking to Expats about their finances
that over 70% have NOT done any form of pension planning since they left the
UK.
Here’s some food for thought: If you
are 45 years old and wish to retire at age 60, you only have 15 years or 180 pay
cheques left in order to provide for a life long pension. At age 50 you have
even less time.
Delay is expensive
If you wait 5 years to start your pension you will double the amount you
need to save to achieve the same amount.
Therefore € 500 mthly at age 30 becomes € 1,000 mthly at age 35 and € 2,000
mthly at age 40.
90% of people who say they need to
think about it don’t do it!!!
How will they survive?
Don’t be a 90% statistic!!!
saving plan, regular saving,
financial saving plan
|
|
