English Informer in France

Recent Changes to Pension Legislation


Recent Changes to Pension Legislation

by Beacon Global Wealth Management

The International Retirement market has been changing so much over the last few months.

In the last quarter alone there has been a raft of changes to the international pension scene, forcing financial advisers to dramatically rethink the way they plan for their clients.

One hugely significant change affecting the qualifying recognised overseas pension schemes (Qrops) market came in April when HM Revenue & Customs updated its list of these international pension products after a temporary suspension. Nine countries fell off of HMRC’s list completely when it was republished on 18 April. The suspension followed a shock announcement by UK chancellor Philip Hammond to impose a 25% charge on pension transfers outside of the EAA if the ‘QROPS’ destination is not the same country in which the retiree is living. This list will again be suspended on the 2nd June and republished on the 5th June. To be clear, this does not affect currently those who live and have their pensions in the EAA. So for those living and paying tax in France who have a pension in the UK, you will remain unaffected.

This makes uncertain times for those looking to move their UK pensions into something more international and flexible. Currently, Beacon Global Wealth Management are treating these concerns seriously, and as with all of our advice we obtain full information from the client and the pension scheme before providing any advice which as a minimum comes in two stages. We only use jurisdictions for pension transfers that are within HMRC regulation and in the best interest of the client to move their pension with a full explanation of the options, advantages and disadvantages.

The current pension regulation still provides a marvellous opportunity for people to take control of their funds inside their pensions and have more flexibility for income and cash.

Please do contact me for further information.

Written by Jennie Poate of Beacon Global Wealth Management.

jennie@bgwealthmanagement.net  Tel: France 0033634119518 


Beacon Global Wealth Management link - http://www.englishinformerinfrance.com/business/Beacon-Global-Wealth-Management-1

The information on this page is intended only as an introduction only and is not designed to offer solutions or advice. Beacon Global Wealth Management can accept no responsibility whatsoever for losses incurred by acting on the information on this page.