Pension providers are giving a retirement health and wealth warning after a study revealed millions of pensioners are hit by major life changes in the first five years after giving up work. Almost a third (31%) say their health worsened, with 10% confirming doctors diagnosed they were suffering from a serious illness. More than a […]
Retirement Savers Ripped Off By Hidden Pension Fees
July 24, 2013
Regulators are investigating how to ensure retirement savers are not ripped off by high pension charges. The Financial Conduct Authority is looking at the fees charged to savers by advisers and pension providers. The FCA believes many savers do not understand they are paying the charges, what they are for or how they impact on […]
High Court call to outlaw pension liberation
July 18, 2013
The Pensions Regulator wants to play claimant and defendant in an odd High Court case to test the legality of pension liberation schemes. The point the regulator wants clarified is whether a retirement saver can transfer a pension into a company fund run by a firm that does not employee them. To do this, the […]
Expats Keep Spending Instead Of Saving For Retirement
July 11, 2013
Many British expats prefer to follow their dream lifestyle rather than save for their retirement when working abroad. High incomes and low taxes leave expats with plenty of cash, but they may pay the price for their lavish spending, warns financial firm Standard Life. Researchers looked at the lifestyles of British expats in Singapore and […]
Global Balance Of Economic Power Is Shifting
July 10, 2013
Ebbing and flowing economic power around the globe has caused the British government to look at how changing wealth patterns will affect government policy – but they are also a useful indicator for investors as well. The report points out that financial power is not shifting inside traditional national boundaries, but in other more subtle […]
HMRC To Axe Hundreds Of Pension Liberation Firms
July 6, 2013
Hundreds of dubious pension firms servicing discredited pension liberations schemes face closure by HM Revenue and Customs. An HMRC task force has been combatting gangs of alleged fraudsters as part of the secret Project Bloom. Duped retirement savers have helped compile a list of almost 500 pension providers involved in pension liberation. The Financial Conduct […]
HMRC QROPS List FAQ
July 3, 2013
HM Revenue and Customs QROPS list is a public resource that tells investors and pension administrators if a Qualifying Recognised Overseas Pension Scheme is recognised as a bona fide scheme by the tax authority – with some reservations. HMRC explains how the list works in a manual for tax inspectors that is also freely available […]
New governor takes over at the Bank of England
July 2, 2013
A new governor has taken over the helm of the Bank of England as former governor Sir Mervyn King stepped down to retire. Mark Carney has joined the bank from the Bank of Canada and is now officially installed as governor. The £874,000 a year job makes him one of Britain’s best-paid public servants. Chancellor […]
Osborne Axes Winter Fuel Pay For Expat Pensioners
June 30, 2013
British government spending cuts offer cold comfort for thousands of expat state pensioners living in warmer climes as Chancellor George Osborne has axed their winter fuel payments. Around 100,000 British pensioners claiming the benefit live in warmer European countries – with most in the south of Spain. As state pensions living in the European Union, […]
How much inheritance tax will your estate pay?
June 29, 2013
The concept of inheritance tax astounds most people who have paid tax on their earnings throughout their life, only to find their wealth is taxed again when they pass on. The wealthy can have some dreadful experiences with inheritance tax in Britain, and even if they move overseas, cannot escape the net if they still […]
