15 Jun Maximise Your Retirement Income with International Pension Transfer Plans
Transferring your pension benefits internationally can be a daunting and complex process, which is why many individuals choosing to retire or move abroad turn to international pension transfer specialist and professionals who can help them navigate the process. Using a pension transfer adviser can save you a great deal of stress in dealing with all kinds of regulations and requirements that these international transfers entail. Experienced professionals with the right expertise, especially when dealing with international pension transfers can help you maximise the success of the transfer as well as the amount of retirement income you could get. Working with an international pension transfer specialist can help you maximize the chances of protecting as well as growing your wealth and minimizing your tax liability.
There are two broad groups of UK pensions, Defined Benefit Scheme and Defined Contribution Schemes. Defined benefit or final salary scheme is often referred to as gold plated schemes because they provide guaranteed benefits upon retirement. Defined contribution or money purchase schemes, on the other hand, do not have the same guarantee as defined benefit schemes. In place of guaranteed benefits, pension relies upon factors like the level or amount of contributions paid, the investment returns earned by the fund, as well as its annuity rate.
People who plan to retire abroad often look into pension transfer options such as a self-invested pension plan or SIPP or qualifying recognised overseas pension scheme or QROPS. An international pension transfer specialist can help you decide which scheme or plan to use to maximise your benefits. When you have pension benefits in the UK and are considering a transfer using an international pension transfer plan, seeking help from a qualified specialist will allow you to explore your best options and decide whether or not a transfer is indeed the most suitable option for your situation.