PENSIONS
UNDERSTANDING UK PENSIONS
Welcome to the UK Pensions section of our website, where we demystify the world of pension planning and empower you to make informed decisions about your financial future. Whether you're just starting your career, approaching retirement, or already enjoying your golden years, understanding your pension options is crucial for securing a comfortable and fulfilling retirement.
In the United Kingdom, pensions are a cornerstone of retirement planning, providing individuals with a source of income to support their lifestyle after they stop working. There are several types of pensions available, each with its own features and benefits.
STANDARD TYPES OF UK PENSIONS:
ALTERNATIVE PENSION OPTIONS FOR EXPATRIATES:
For individuals who have worked in the UK but now reside abroad, there are additional options available to enhance and optimise their Workplace or Personal Pensions. Expatriates may have already reached their lifetime allowance or may be seeking alternative ways to increase contributions to their existing pensions. Exploring enhancements to these provisions can open up additional avenues for retirement savings and financial security.
To explore alternative pension options or learn more about maximising the value of your UK pension, click on your area of interest:
At Horizon Associates we are committed to helping you navigate the complexities of UK pensions and develop a tailored retirement plan that aligns with your financial aspirations. Our team of experienced advisors is here to provide personalised guidance and support every step of the way.
Explore our UK Pensions section to learn more about your pension options and how we can assist you in achieving your retirement goals.
“WHAT IS A SIPP?”
SIPPs are designed for investors who want control over their pension without being dependent on any one fund manager or insurance company. As such, a SIPP requires active management and a degree of investment expertise. Furthermore, the charges (levied by the SIPP manager) may be higher than for a personal pension or stakeholder plan.
Unlike a standard personal pension, a SIPP member has a much wider choice of assets to invest in, each of which can be selected to meet the individual’s personal circumstances and requirements.
INVESTMENTS WHICH CAN BE HELD IN A SIPP INCLUDE:
It’s possible to use a SIPP to raise a mortgage to fund the purchase of commercial property, where the rental income paid into the SIPP either completely, or partially covers, the mortgage repayments and/or the property’s running costs.
Please note SIPPs are not suitable for everyone investing into a pension, and your Horizon will need to assess your situation to determine suitability.
“QUALIFYING RECOGNISED OVERSEAS PENSION SCHEME”
This type of pension scheme is based outside the UK and is available to individuals who have UK based pension funds but who primarily living outside the UK. HMRC defined the legislation in April 2006 allowing the transfer of UK pension funds to other schemes which meet their requirements.
It is particularly valuable to individuals who have left company pension funds in the UK but who reside abroad and have little intention of returning to the UK in the near future. For any individual who has entered into a pension scheme in the UK (regardless of Citizenship) there is a possible advantage in moving the fund into an environment where the proceeds of the pension may be treated more favourably.
Through FSN Horizon has agreements with several pension scheme providers so our Business Partners clients can choose from a wide range of schemes, in their chosen jurisdiction, at their preferred price.
Issues such as currency, residency, and tax status of the country of retirement are paramount in making sure an investor has chosen wisely when transferring a pension fund from a UK scheme into a QROPS and using such a scheme allows freedom of movement, whilst ensuring the pension is in the best possible environment for the investor’s future.
At Horizon we are dedicated to making sure you receive the best, most professional advice concerning your pension and your retirement. Please contact Horizon for comprehensive advice.
WHAT IS A QNUPS?
A QNUPS could provide you with a structured pension scheme that conforms with legislation and rules in the jurisdiction in which it is set up. For example if the QNUPS is set up in Malta, the Maltese legislation and rules apply. These rules give you clarity over when you can take income from your pension fund and how it will be paid.
A QNUPS is portable and flexible, particularly with regards to currencies, making it ideal if you work freelance abroad, regularly change jobs, or move to different countries and are concerned about the impact of exchange rate fluctuations on your investments.
INVESTMENTS WHICH CAN BE HELD IN A SIPP INCLUDE:
TRANSFERRED UK PENSIONS
How Long Ago Did You Transfer Your UK Pension?
You answered “NO” to one or more of these questions, it may be time for a comprehensive assessment of your pension strategy. Contact Horizon for a free pension health check, where our experts can provide personalised insights and guidance tailored to your financial needs and aspirations.
If you answered ‘No’ To ‘any’ of these questions fill out the form bellow
If you’ve responded positively to all the questions regarding your UK pension transfer, congratulations on your satisfaction with the outcome of your pension decisions. At Horizon, we understand the importance of proactive pension management and ensuring that your retirement plans align with your financial goals.