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Pension Transfer

Pension Transfer

We only deliver holistic, RELEVANT, TRANSPARENT, EVIDENCE BASED ADVISE TO YOU

UNDERSTAND YOUR CHOICES

If you no longer live in the UK, it’s important you properly understand the choices you have so that you can best achieve your personal financial goals. You have three choices regarding your pension: Leave it in the UK. Transfer it to a SIPP (Self Invested Personal Pension). Transfer it to a ROPS (Recognised Overseas Pension Scheme).

SIPP

A SIPP (Self Invested Personal Pension) is one of the best tax-efficient ways to save. Traditional pensions tend to limit the choice of funds to those run by the pension company’s own managers, where as a SIPP allows you to invest almost anywhere you choose and pick your own investments. A SIPP offers up to 45% tax relief as all pensions, on contributions. There’s no UK income tax or UK capital gains tax to pay. The tax benefits depend on your individual position and tax rules are as usual open to change by the government. A SIPP provides you control of your pension, whereas most people who are part of a company pension scheme have little control and no idea where their pension money is actually invested. Also, as many of the UK’s largest companies are closing their final salary schemes, many are now having to look at managing their pensions individually.

ROPS

A ROPS (Recognised Overseas Pension Scheme) allows you more control over the investments of your pension fund. With a ROPS you are able to combine various smaller pensions into one larger one. In addition you are able to do away with having to buy an annuity, because of this scheme. ROPS will also let you pass on the rest of the fund to your beneficiaries without having to pay UK tax upon your death, providing you have lived outside of the UK for over five years. If you are planning to leave or have already left the UK, then a ROPS could be suitable for you, depending on in which new country you now reside. However, it is always important to meet with a professional and get the correct advice before you take steps to set up a transfer of your pension.

We offer a free no obligation review that makes it simpler for you to understand the options that are available and which of those options offer you the largest amount of pension income.

We only deliver holistic, RELEVANT, TRANSPARENT, EVIDENCE BASED ADVISE TO YOU

UNDERSTAND YOUR CHOICES

If you no longer live in the UK, it’s important you properly understand the choices you have so that you can best achieve your personal financial goals. You have three choices regarding your pension: Leave it in the UK. Transfer it to a SIPP (Self Invested Personal Pension). Transfer it to a ROPS (Recognised Overseas Pension Scheme).

SIPP

A SIPP (Self Invested Personal Pension) is one of the best tax-efficient ways to save. Traditional pensions tend to limit the choice of funds to those run by the pension company’s own managers, where as a SIPP allows you to invest almost anywhere you choose and pick your own investments. A SIPP offers up to 45% tax relief as all pensions, on contributions. There’s no UK income tax or UK capital gains tax to pay. The tax benefits depend on your individual position and tax rules are as usual open to change by the government. A SIPP provides you control of your pension, whereas most people who are part of a company pension scheme have little control and no idea where their pension money is actually invested. Also, as many of the UK’s largest companies are closing their final salary schemes, many are now having to look at managing their pensions individually.

ROPS

A ROPS (Recognised Overseas Pension Scheme) allows you more control over the investments of your pension fund. With a ROPS you are able to combine various smaller pensions into one larger one. In addition you are able to do away with having to buy an annuity, because of this scheme. ROPS will also let you pass on the rest of the fund to your beneficiaries without having to pay UK tax upon your death, providing you have lived outside of the UK for over five years. If you are planning to leave or have already left the UK, then a ROPS could be suitable for you, depending on in which new country you now reside. However, it is always important to meet with a professional and get the correct advice before you take steps to set up a transfer of your pension.

We offer a free no obligation review that makes it simpler for you to understand the options that are available and which of those options offer you the largest amount of pension income.