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We live in times of greater job mobility; changing jobs is a common part of the modern career path. These days there is a tendency to change employers more frequently, but this can leave a trail of broken pension pots which are all too often neglected.
Pension planning for expats can be somewhat complicated. This is due not only to the wide range of international investment opportunities and tax advantages available, but also to the very nature of expat life, which often sees career and country moves.
Company pension schemes can offer a great opportunity to boost retirement funds with employers’ contributions, but if you have changed job and employers many times, it is quite possible to lose track of these various little pots of gold. Fragmented pension pots are not an efficient way to manage your retirement planning.
The solution is to consolidate pensions within a single fund which can produce significantly better returns. Asia’s expats enjoy the additional advantage of being able to leverage all the advantages of tax efficient international savings and investment solutions. The time you spend working overseas is the perfect time to address pension consolidation.
Obviously, the best way to ensure your retirement investments are not lost due to career moves is to keep good records. Good financial planning with regular reviews will keep your pension funds in sight. It is essential to keep an up-to-date and comprehensive list of details of previous company pension schemes. It is also important to update pension providers with your current address. This can easily be achieved with well managed financial planning. What may not be so easy however is creating a solution to consolidate the various pots into a more efficient fund.
Retirement planning requires good advice and expertise at the best of times. For Asia’s expats, pension planning to consolidate various funds left in the wake of a busy overseas career can present some genuine challenges if you attempt it on your own. Although there are services such as the UK government’s pension tracing service, consolidating pension funds from employers in different countries can become complicated. An experienced financial adviser can help track down the pots and advise on international savings and investment options.
Consolidating various pension funds into one plan may well be the best option for those with fragmented pension schemes. The peace of mind knowing that your retirement plan is in one easily managed place is valuable in itself. Pension consolidation can create more efficient financial solutions for your investments, not only in terms of the returns and growth of your retirement fund, but also by making things a whole lot simpler to plan and manage.
Savings made on charges across several plans can be used to further boost the pension pot. However, it is also important to be aware of any exit or transfer fees or penalties; these may outweigh the financial advantages of consolidating into one policy. Independent advice and guidance can help ensure that you choose the correct solutions for your own individual situation.
At Infinity, our independent advisers are experienced in pension planning for Asia’s expats and can offer good advice on creating retirement planning solutions to include pension consolidation planning. If you would like assistance with any aspect of pension planning please get in touch today.
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