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To you it
might just be a "frozen pension", a "paid up pension" or
even just a "deferred pension", but if you're an UK
national, or have lived and worked in the UK and have
contributed to a pension in the UK, then it is important not
to overlook what could be a very valuable asset.
High
charges and poor performance?
Some UK
funds, especially with-profit or "zombie funds" don't even
keep pace with inflation, and for some the situation is
unlikely to improve.
What's
more, if you have an older style contract you could be
paying more than you should in charges!
The UK
pension market has undergone massive changes over the past 8
years or so, and the pension legislation was completely
overhauled in 2006. The new rules brought in greater
flexibility and to a large degree greater simplicity.
Sipps too
have grown in importance and popularity due to their greater
flexibility. Did you know for example that the rules now
allow you to buy a commercial property anywhere in the world
with your pension, and this extends also land (but not
residential houses).
At CLR
Overseas we have a dedicated pensions department dealing
purely with UK pensions. Our Cyprus based UK pension service
will:
Once this has been done we will
make a mathematical assessment as to whether you should move
your old scheme to a new one. If the maths stacks up, we
will recommend that you transfer your old UK pension to a
new provider in the UK, and select appropriate investments
for you. Its then down to you if you want to proceed. This
is without cost or obligation.
If you want
to know more about what you can do with your UK pension, then contact CLR
Overseas, independent financial advisers for
expatriates,
free and without obligation on +357 22 898684 or
contact
us online.
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