After the Brexit vote in 2016, the Bank of England reduced its benchmark Bank Rate to 0.25%. This was decided upon by the Monetary Policy Committee (MPC) to limit the risk of the recession resulting from the decision to leave the EU. On the 2nd November 2017, we witnessed the first Bank Rate increase in … Continue reading The Effect of Expected Interest Rate Increases on Defined Benefit Pension Transfer Values
Traditionally, bricks and mortar retail stores have been synonymous with the way we choose to shop. However, as E-Commerce rises in popularity, there is growing uncertainty over what the high street will look like; let’s say in the next ten years or so. The bitter truth is, the future looks bleak for the high street … Continue reading Toys ‘R’ Us closing down. How is Online Commerce Killing the High Street?
The retirement plans of millions of workers in the UK are going into turmoil because of the existing deficits in two-thirds of the pensions schemes. Of the 5,588 pension schemes that the Pension Protection Fund (PPF) monitors, there exists deficits in 3,710 of these schemes. This report by the PPF at the end of 2017, … Continue reading The £210bn Two-Thirds Pensions Time Bomb: Worrying Times Ahead for Retirees
In 2018, just like it has been in the past years, changes and trends in wealth management will be inevitable. Amongst the trends that wealth managers should prepare themselves for includes changes in regulations, intergenerational changes in property ownership and innovation. Then, there is the impending issue of Common Reporting Standards (CRS) and Markets in … Continue reading Trends to Watch in Global Wealth Management in 2018
Back in 2015, the government introduced the pension freedoms act. Research by Old Mutual has shown that in the first two months, a staggering £72.8m in tax was generated due to these freedoms. This is equivalent to an annual tax boost of nearly half a billion pounds, significantly higher than expected. It was originally feared … Continue reading Are You Fully Aware of the Tax Implications on Your UK Pension?
By Jak Ali The University Superannuation Scheme (USS) is the largest private-sector pension system in the UK and the issues surrounding the scheme continue to cause mass uproar amongst academia professionals. There has been a complete mismatch between the money currently held and the amount that needs to be paid out. The USS boasts more … Continue reading USS Pension Debacle
Many British expats flock to Australia in retirement, due to its lifestyle, culture, and the English language. A large portion of expats take their pension with them, by transferring any personal pensions to an Australian scheme. This leads to tax advantages, freedom of choice, and the consolidation of your assets into one portfolio. There have … Continue reading Claiming your UK pension in Australia
Qualifications to transfer UK pensions to an Australian QROPS Self-Managed Superannuation Fund (SMSF) 55 plus Individuals should be 55 years of age and above but not beyond 65 years unless employed in Australia Only certain schemes that are not ‘in payment’ can be transferred. They are: private pension schemes, Self-Invested Personal Pensions (SIPPs), and final … Continue reading How to transfer your UK pension to Australia (Updated 2018)
Based on recent surveys on various pension schemes in the UK, a worrying trend is developing. This is the increase in deficits faced by some of the biggest companies in the UK in their Defined Benefit Pensions. Based on reports, this deficit skyrocketed to about £460 Billion as of September 2017. This figure, however, dropped … Continue reading Deficit Pension Schemes in the UK
Knowing the type of personal pension that you have is key to understanding what will happen to your pension in the event of your death. The type of your scheme, as well as whether you have already begun to draw the pension, will determine what your partner, children and any other beneficiary will receive. In … Continue reading Are You Fully Aware of the Death Benefits on Your UK Pension?