High pension transfer values are driving many more people, including expats living abroad, to take control of their pensions and transfer to a SIPP or QROPS. Recent research by UK consultants Barnett Waddingham showed that pension values in 2017 increased by a median of 56%. Indeed, some pension funds saw a hike of more than 200 per cent in the amounts paid in transfers.
Many expats’ retirement plans are being ruined by financial planners overcharging for UK pension transfers and ongoing management. And often the fees being charged are hidden or not fully disclosed. Large chunks of savers’ pension pots are taken as commission without their knowledge. As a consequence, by the time some savers have retired and are ready to start drawing down on their pension money,
It’s only natural we all want more money to live on in retirement. But let’s be honest, pensions can be a bit dull and often a bit of a hassle – something we quite often put off for another day. The key for most people is to get the right advice and plan so your pension money is working as hard as possible for