Please enter your data into the form to start the process and then click on the SUBMIT key.
We opt for a change every time we are not happy with the current situation, which is the reality of life. It applies in our personal life and professional life and almost in any situation. The same applies to our finances too; we work hard to earn money for the present and the future, so that we can have a good life now and a comfortable tomorrow when age doesn’t permit us to work and when we wont have a salary. If you plan to invest your funds in different schemes, the best bet and your primary investment should be in an annuity fund, also commonly known as a pension plan.
We invest in pension plans so we ensure we have an income after retirement and also since they help us save huge money on taxes. However if you are not happy with your current arrangement then the best option for you is to opt for a pension transfer, which means change the existing plan and you can transfer pension from you current plan to another firm. The reasons for opting pension transfers are many, most importantly if you feel your current investment schemes will not give you the kind of rates you wished for or maybe if some one else is willing to offer you much more financial profit than your existing plan holder, you should opt for a transfer. Sometimes your current firm doesn’t offer you good service and that makes it difficult to do business with them, if you feel so then you should look out for other options who would provide good service and better rates of returns. Also investing in a pension scheme gives you big time tax benefit, so if you feel you have extra cash, rather than investing it elsewhere, you can start putting more on your pension plan so you get extra tax benefit and also make provisions for a better salary later on.
British expats residing outside the UK can now get more power on their pensions, if they decide to retire offshore, thanks to the initiative by the government known as the qualified recognized overseas income schemes, better known as the QROPS. Anyone who desires to retire outside the UK can benefit from QROPS as it allows UK expats to transfer their pension account to any international firm. People who live in or out of the UK can now transfer their annuity funds through QROPS. Thanks to QROPS, all expats can reap the benefits of tax aid while investing in their pensions. However it is best to talk to a certified financial adviser before transferring your pension values or making the final decision about transfers as they know the loopholes and fine print and can advice you if you are taking wrong decisions.
To sum it up transferring your annuity funds from your existing institution to a new firm should be done subject to better returns and lower charges. However always ensure you do a transfer value analysis which will tell you if the final change it profitable or you will just break even. If it offers you better returns and profit, you should definitely opt for it to improve things for a better tomorrow.