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.
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.
As with anything there are myths, stories and old wives tales in respect of financial issues but what are they and what is the reality?
In this article I cover several of the common myths and explain the reality of the situation.
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.
I’m not one for scaremongering, but for once there is a genuine deadline to take action for people in certain UK pension arrangements. If you are an expat with a UK occupational pension, often known as a Final Salary scheme, then you need to be aware of these changes.
It’s amazing how quickly time passes as we get older and our good intentions go by the wayside. A topic that we all need to address is that of how we will manage financially in our later years.
Pensions and retirement planning can be a complex issue and is frequently an emotionally difficult topic. The simple fact is that we’re all living longer and so we need to set aside more money to live on. The real value of company pension plans is diminishing and the burden falls more and more on the individual, away from both the employer and the state.
The sooner you address these issues, the better prepared you will be, so you can relax and enjoy life now. Make an appointment for a chat, free of jargon and without obligation, to plan for your financial future.
If you have UK pensions, whether personal or linked to an employer, these plans should be reviewed to ensure that that they are managed effectively. Some of the options available to expats will be adversely affected by legislation that is due to come into effect early April 2012, so it could be in your interest to have your plans reviewed now.
The world of pensions is full of jargon – SIPPs, QROPS, SERPS and more – and I will explain your options in clear English, with all the details you need to make a clear, informed decision. No myths, no hyped-up sales pitch, no false promises – just simple facts.
Please contact me for more details or to arrange a free consultation keren@holbornassets.com
