Tag Archives: pension

Planning your financial future – the top 10 mistakes you want to avoid

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Too many people bury their heads in the sand when it comes to planning for their financial future so we need to face some facts.

The reality is that most people are facing a significant shortfall in their retirement income.

According to recent figures, the average UK pension pot totals just £50,000 and the average pension income is £500 a week. That income will not just be from the pensions, but from other sources such as the state pension, personal investments or property.

The average UK resident has savings of just £17,365 and 34% have no savings or less than £1,000. Equivalent figures are not available for GCC expats but given that our incomes are higher than UK averages I would hope it is rather more. That said, I all too frequently come across people without any savings or investments.

In this article I  look at some of the mistakes you want to avoid and issues that you really cannot afford to ignore.

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Time to update that QROPS?

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If you are looking at this wondering what on earth I am on about, a QROPS is a Qualifying Recognised Overseas Pension Scheme – an overseas pension arrangement into which existing UK pension plans were transferred. A strange acronym but there will be many UAE residents who have one.

If you have one you need to read this article as there may be a better, more suitable, and cheaper option for you.

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Are your investment funds in the dog house?

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It is estimated that in the UK alone more than £8 billion is languishing in under-performing investment funds. Add all the money in offshore funds and other jurisdictions and the number is worryingly large.

These poorly performing funds, known as dogs, can be found in all sectors but action can be taken. If your money is stuck in the dog house you can do something about it.

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The retirement time bomb & why it’s even worse for women

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Retirement planning is rarely seen as an exciting topic but no one can deny that planning for your financial future is important. It becomes even more important when you find out that the vast majority of people are woefully underfunded and are sleep walking into retirement. You cannot rely on a government for full financial support so you have to take action yourself.

Most Western countries, and the UK is a prime example, are sitting on a retirement time bomb. With factors such as an ageing population, falling birth rates, and a combination of the widening gap between what people are saving and the amount they would have to put away to adequately fund their retirement, there are major concerns for the future. This was the finding of a World Economic Forum report, published in 2018.

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Are your funds in the dog house?

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This article has been updated so please see link for the latest version:

Are your investment funds in the dog house? | Financial Planning in the UAE (financialuae.me)

If you would like a chat about your investments and are interested in active future management, or have queries about any aspects of personal financial planning email me at keren@holbornassets.com

 

When your investments are more than just money

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This article has been superceded so please see:

FinancialUAE – Why investing can be more than just money

 

For advice and assistance on the widest range of personal financial planning issues, to make an appointment, please contact me at keren@holbornassets.com and see other articles on this website for more useful information.

UK National Insurance payments & the State Pension – what expats need to know

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The rules regarding entitlement to the UK State Pension have just changed so if you are not fully aware of the changes, and how they might affect you, and studies show that few people are, you need to read on.

EDIT – March 2025

This information has been superseded so please email me for copy of the fact sheet with all the latest information and links. 

Email me at keren@holbornassets.com

 

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News: Brooklands Trustees – no cause for concern

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Anyone who has a SIPP or QROPS with Brooklands Trustees Limited will have received emails in the last few days which may have caused concern as it suggested that the company had gone into administration  but I want to reassure everyone that there is no cause for concern.

All pensions funds are ring-fenced and protected by HMRC rules. There is no risk to anyone’s pension and this affects the management company  of the pension scheme but NOT the underlying investment funds which are with another company.

The role of a Pensioneer Trustee and Pensions Administrator is highly regulated and under UK law, under which Brooklands operates, all interested parties must be notified of any changes to the company structure. They are regulated by the Financial Conduct Authority (FCA) which has to approve any changes.

It has now been announced that Heritage Pensions Ltd are purchasing  Brooklands Trustees Ltd and so it will be “business as usual” and the transfer of administrators has been approved by the FCA.

I would reiterate that there is no cause for concern, no risk to anyone’s pension and I have every confidence that all we will see is a new name on some paperwork. Such things happen but all the safeguards are in place to ensure that no client of investor loses out. I have a SIPP with Brooklands myself and have zero concerns.

I am currently on vacation, with limited internet access, but will be in touch with clients shortly after my return.

For specific queries please email me at keren@holbornassets.com but please bear in mind that I am unable to answer immediately at the moment.

 

 

 

Will you outlive your money?

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For most of us living longer is one of the benefits of modern life but has it occurred to you that this can also be a problem?

This means is that you may last longer than your savings. As it becomes a reality for many people, this is something we really need to talk about, especially as a recent report claims that old age starts at age 74.

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10 pension mistakes you really want to avoid

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Too many people bury their head in the sand when it comes to planning for their financial future. In this article I want to look at some of the issues that you really cannot afford to ignore. When I use the term ‘pension’ I am referring to any kind of investment being used as retirement provision, rather than just traditional plans and as expats such arrangement are rarely available to us.

The facts are that most people are facing a significant shortfall in their retirement income, According to the Association of British Insurers, the average UK pension pot at retirement is less than £40,000. In the US, the Employee Benefit Research Institute has calculated that 46% of all American workers have less than $10,000 saved for retirement and 29% of all American workers have less than $1,000 saved for retirement. Worrying figures indeed.

If you want to ensure you have enough money to live comfortably when you retire, here is my list of the top 10 pension mistakes to avoid.

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