Brexit Pension & Tax Update

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Brexit!

The votes have been cast and counted and Britain has voted to leave the EU.

We are now in uncharted territory and it will take some time to understand what this means for the UK and for expats around the world.

Brexit and Tax

Will George Osborne bring forward a tax raising Emergency Budget or will the dust be allowed to settle? Will the UK tip into recession leading to tax rises and interest rate falls? Will the UK settle quickly into a new reality and nothing much will happen?

The truth is that we do not know and that only time will tell but you can rest assured that AAM Wealth Solutions will continue to monitor this and update you when anything changes.

Brexit and Your Pensions

Since joining the EEC in 1973 UK law has developed in line with EU rules and we have seen a number of financial freedoms introduced including the right to transfer a UK pension to an overseas pension without a tax charge by HMRC.

Introduced in 2006, this freedom has allowed many thousands of expats to improve their retirement options, and to escape UK tax on their pensions, by transferring to a Qualifying Recognised Overseas Pension Scheme (QROPS).

It is unclear if this freedom will be preserved, or if we will see a return to the bad old days of being trapped in a Sterling based pension subject to UK taxes, but what is clear is that expats wanting to be able to take control of their future should act now to see if a QROPS would benefit them.

AAM Wealth Solutions offer an independent pensions review, based on UK FCA principles, which will enable you to consider your options and make an informed choice on the best way to ensure your retirement security.

The review will consider the following options:

  1. Keeping your existing UK pensions
  2. Moving to a different UK pension if this better meets your needs
  3. Transferring to a QROPS if you would benefit by removing your pensions from the reach of HMRC

Don’t miss your chance to secure your financial future – review your pensions now to find out if you would be better off by moving your pensions out of the UK while you still can.

What should you do?

Let AAM review your pensions now so you know if you would be better off by moving your pensions out of the UK while you still can.

Contact your AAM Financial Planner or email [email protected] now to make sure you don’t miss your chance to secure your financial future.

Ian Black
Head of Wealth Solutions
AAM Advisory Pte Ltd

Disclaimer:

This article is an op-ed piece from Ian Black. The views expressed in this article are those of the author and do not necessarily reflect the views of AAM Advisory Pte Ltd. This document/article should not be construed as an offer, solicitation of an offer, or a recommendation to transact in any securities/products mentioned herein. The information does not take into account the specific investment objectives, financial situation or particular needs of any person. Advice should be sought from a licensed financial adviser regarding the suitability of the investment product before making a commitment to purchase the investment product. Past performance is not necessarily indicative of future performance. Any prediction, projection, or forecast on the economy, securities markets or the economic trends of the markets is not necessarily indicative of future performance. Whilst we have taken all reasonable care to ensure that the information contained in this document is not untrue or misleading at the time of publication, we cannot guarantee its accuracy or completeness. Any opinion or estimate contained in this document is subject to change without notice. The above report may contain data obtained from third parties and as such we cannot guarantee the accuracy of this data.