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Increased life expectancy, a falling birth rate and the coming of retirement age of the baby boomer generation are all contributing to the need to raise the state pension age as the old age dependency ratio, defined as the ratio between the number of people aged 65 and over and no longer working as a […]
It’s fair to say that the UK’s vote to leave the EU has caused havoc with the pensions of British workers. The interest cut has also caused huge problems for companies offering old salary-linked pensions who collectively were already responsible for a shortfall of £25bn in 2015, an astounding figure which has now risen to […]
It is no secret that pension fund managers have had a tough time balancing the books in recent years. Not only have they had to face the fact that many people are living longer than expected but low interest rates over a sustained period coupled with quantitative easing measures by the Bank of England have […]
When I went to bed last night the markets were unbelievably calm and sterling remarkably buoyant given that Britons had been voting all day on whether or not to stay in the European Union. It indicated a general last minute belief that when it came down to it Britain would vote to remain. This morning […]
The fact that public sector pensions are being mismanaged may not come as much of a surprise but the scale of the mismanagement just might raise an eyebrow. According to a press release issued yesterday by the London-based economic thinktank, the Adam Smith Institute, ‘hidden’ national liabilities totalling £1.85 trillion, yes, that’s trillion, dwarf the […]
Another year, another UK pensions crisis! Worries that the current pensions system is unsustainable in the long term have led the government to commission yet another review of the pensions regime which will inevitably mean a hike in the state pension age. Future retirees will almost certainly look back enviously at today’s retirees who can […]
A just-released OECD study on pensions has revealed how British retirees experience a bigger drop in income on retirement than those in almost every other country in the organisation. From the 34 member states, only Mexican and Chilean pensioners are worse off. According to the figures, on retirement the average UK earner will receive a […]
When the new UK pension freedoms were announced last year, Pensions Minister Steve Webb famously quipped that people were free to blow their retirement savings on a Lamborghini if they so desired and the government leapt to defend his comments. Pension freedoms became a reality for over 55s on 6th April this year and while […]
Polling day in the UK is almost here and it is the tightest election in decades. The manifestoes have been published, the party leaders have slogged it out on national TV and are now resorting to last minute promises to woo voters who are as yet undecided. But it is anyone’s guess as to how […]
Up to 400,000 expats living abroad could be adversely affected by UK government proposals to take away their personal tax allowance. Last year, Chancellor George Osborne raised the UK personal tax allowance to £10,000 with a further increase planned in 2015 to £10,500. However, in new proposals under consultation, the Treasury is seeking to abolish […]
The UK government has made much of its “pensions revolution” with Chancellor George Osborne describing the changes currently being introduced as “the most far-reaching reform to the taxation of pensions since the regime was introduced in 1921”. Legislation already introduced this year has relaxed the rules with the raising of limits on drawdown income, but […]
Brits are particularly attracted to the expat life however, it seems that many of us embark on life in a foreign country without proper planning and a worrying number get into hot water as a result. So many in fact, that the Foreign and Commonwealth Office (FCO) launched a campaign last year to warn Britons […]
MPs from all the major UK parties have taken up the case of British expats whose state pension payments have been frozen. And it seems that they may just have caught the ear of the Prime Minister, described by one member of the all-party parliamentary group, Conservative MP, Sir Roger Gale, as “sympathetic” to the […]
Technically, the majority of British citizens living abroad are not currently eligible for treatment on the NHS when they are visiting the UK, even if they have made National Insurance contributions for some or all of their working lives. This has long been a big bugbear for the UK expatriate community; however, this could be […]
The Telegraph recently reported that the number of expats transferring their pensions out of the UK into a Qualifying Recognised Overseas Pension Scheme (QROPS) increased dramatically last year. QROPS are pension schemes based outside the UK which have been recognised by HM Revenue & Customs (HMRC) and are able to receive ‘transfers-in’ from UK based […]
In the wake of the Chancellor’s 2014 budget, raising the higher-rate tax threshold below the level of inflation, experts are predicting a mass exodus of professional Britons seeking to escape Britain’s punitive tax regime. In his spring budget, George Osborne announced a below-inflation rise in the highest rate of tax threshold from April 2014 from […]
A QROPS is a Qualifying Recognised Overseas Pension Scheme which can receive transfers-in from UK pension plans held by British nationals and other British pension holders who live outside the UK. Although they must meet certain requirements of HMRC, unlike UK-based pension schemes, QROPS fall outside of UK regulations and tax laws and deliver a […]
In the wake of the Chancellor’s April 2014 Budget the media seized upon the UK pensions shakeup giving retirees more flexibility to invest their pensions as they wish. As a result, the announcement of a review for personal allowances of UK non-residents may well have escaped the notice of the five million Britons living outside […]
On 6th April 2014 changes to the lifetime allowance threshold for pensions could affect hundred of thousands of people who have diligently saved for their retirements over many years. Introduced in 2006 when it was set at £1.8 million, the lifetime allowance threshold is a cap above which pension savings are taxed at punitive rates […]
As HM Revenue & Customs cracks down on expats claiming non-residency, it is essential to keep detailed records of your trips to the UK. If you live abroad and claim exemption from UK income and capital gains tax according to the Statutory Residency Test, it is crucial that you keep detailed records of visits to […]
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