Important changes to UK Pensions may impact your migration plans
The change will affect everyone who is due to reach the age of 50 prior to 6th April 2010 and those who are currently aged 50 but will not reach age 55 prior to 6th April 2010.
What Does This Mean For You?
If you fit this profile, you would not be able to access the pension commencement lump sum from your pension(s) until you reach age 55. If you had planned to review your pensions and access benefits prior to the age of 55, from 6th April 2010 you will not be able to do so. This may have a major impact on your upcoming migration, particularly if you were counting on using your pension commencement lump sum to finance your migration.
What Should You Do Now?
Whether you wish to access the benefits from your pension(s) in the near future or not, we recommend that you speak with a suitably qualified financial adviser to advise on your options in good time prior to 6th April 2010. It is also imperative that any advice takes into account your future migration.
How Else Can Montfort International Help You?
Australia and New Zealand have different tax systems to the UK. As a result any UK assets, investments, savings or pensions that a migrant may have could potentially be taxed “Down-under”. In addition to offering financial advice regarding pensions, Montfort International is able to offer assistance with helping obtain a visa for either Australia or New Zealand residency through our network of Registered Visa Agents.
For further information on how you can benefit from Montfort International’s years of experience of pension and QROPS advice, financial and tax advice and/or visa assistance, contact Nick Bond or Paul Lawson-Tyers on 01483 202072. Alternatively please visit our website www.miplc.co.uk.
Labels: Australia financial advice, Australian Migration, Retirement benefits, UK pensions overseas
