Qualifying Recognised Overseas Pension Scheme
We are pleased to announce that we are now able to enhance our holistic approach to financial planning, by providing a service that specialises in advising anyone who has accrued UK pensions, on the benefits of transferring their UK pension funds to an overseas scheme.
Any overseas scheme recommended would have to be approved as a QROPS (Qualifying Recognized Overseas Pension Scheme) by Her Majesty’s Revenue and Customs (HMRC) as a QROPS.
Amongst the main benefits of QROPS is the possibility of tax free income, no requirement to purchase an annuity, greater than 25% of the funds value can be paid as a tax free cash lump sum, greater death benefits are available for beneficiaries and all funds held in a QROPS are not subject to UK inheritance tax (IHT).
The advisers at Global QROPS have many years of experience in recommending the right overseas scheme for an individual’s circumstances.
Police Pension Changes
The Police Pension is under going significant changes.
Some Officers are protected from these changes later in their careers, however the majority are left with a significantly altered pension outcome and uncertainty as to what this may mean for them.
- For these Officers there are a few issues to consider:
- What are the changes?
- How do they affect how much pension you receive?
- When you will receive your pension?
- How do these changes affect your personal financial planning?
What are the changes and how do they affect your Pension
The changes have been documented in the media, with the Police Federation and Home Office websites also providing definitive information.
The links for these websites are shown below, along with the titles of the documents we consider to be the most informative:
The Police Federation: www.polfed.org click on the Pensions tab
Many Officers are understandably disillusioned by the changes and may consider drastic action such as leaving the Scheme altogether. We would recommend speaking to your pension administrator first to ensure you fully understand the consequences.
Many of these consequences are detailed in the Federation’s document; Pension FAQ – 14th September 2012 (which can be found on their website as detailed above)
The cumulative effect of the changes to both the police pension and terms of employment is that police officers and their families may have to cope with a significant squeeze on incomes.
For many, this may mean going without and it is essential that Officers act now to secure their financial future. Here are some of the things you should be considering:
Mortgage Costs – for many of us the mortgage is our biggest monthly cost. With interest rates at their lowest for 300 years, mortgage costs are only likely to go up. Will your mortgage still be affordable? Perhaps it is time to review your mortgage?
Life Insurance and Critical Illness – It is essential to protect those who depend on you financially, but do you know that life insurance rates have fallen dramatically in recent years, so you may be paying out more than you have to? Why not ask us to review your cover?
Forces Financial is a trading name of Stuart Harvey Insurance Brokers Limited who is authorised and regulated by the Financial Conduct Authority. Registration Number 301858. Registered Office: Globe House, 24 Turret Lane, Ipswich, Suffolk, IP4 1DL. Registered in England & Wales, Registration Number 4224318.
This can be checked on the FCA register.