A different approach to retirement planning
Retirement planning is one of those things that many people neglect until it is too late to make the right moves. This happens because we are either not thinking about our future or because we lack the necessary financial knowledge to plan for it. However, governments and economists across the world suggest that a retirement plan should be the cornerstone of every financial plan we have in place.
In order to have a comfortable retirement, you need a solid plan. Reviewing your current financial situation and mapping out your retirement could be your first steps towards that goal. HWM clients though shouldn’t worry because we are here to advise you on every aspect of your plan, whether it is claiming your UK State Pension or transferring your pension overseas. With HWM supporting you every step of the way you are certain that you make the right decisions.
If you would like to build a retirement plan but don’t have the necessary knowledge, getting professional advice would be the recommended option. HWM changes the way you see retirement planning with its advanced solutions and its multiple years of professional experience in one of the most competitive financial sectors.
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Your UK State Pension with HWM
The UK basic State Pension is part of the UK government’s pension arrangements. The basic State Pension is payable to men born on or after April 6th 1951 and to women born on or after April 6th 1953.
The estimate of what you can expect in terms of your state pension is based on:
• Your National Insurance contributions (NIC)
• The number of full years you’ve accumulated
• Any additional State Pension you’ve built up
There is a significant number of British citizens who don’t know that they are eligible for the UK basic State Pension. There are also some who don’t know how much money they are entitled to by claiming such a pension. Whilst it isn’t a large sum in itself and cannot be compared to other types of pensions, the additional income would help you make ends meet.
HWM has extensive experience in retirement planning, with pensions being one of the sectors where we excel. HWM advisors are on hand to help you find answers to every question you might have regarding your UK basic State Pension. With our assistance and advice, you will be able to claim what’s rightfully yours with as little hassle as possible.
Transfer your pension, anywhere, anytime
Many British citizens move from the UK to countries overseas because they want to explore the world or a new career opportunity has come up. When the time for retirement has arrived, a pension transfer abroad should be one of the first things to consider. However, pension freedoms and regulatory complexity may cause confusion for future retirees.
For this, it is imperative to take financial advice from a regulated advice provider who will give you the answers you need and present you the best available solutions.
HWM advisors are among the most experienced professionals in the pension transfer market and hold all the necessary advanced qualifications which make them stand out from the crowd. Putting your trust into us means that we will help you build a plan that will be tailored to your personal requirements. Our advisors’ expertise and the wide array of options available in the HWM arsenal may ensure that you will have the largest tax-free lump sum you can get upon retirement in a tax-efficient way.
QROPS
A QROPS is a Qualifying Recognised Overseas Pension Scheme which satisfies criteria stipulated by Her Majesty’s Revenue and Customs (HMRC). A QROPS is run by a trustee or trustees in a jurisdiction outside of the UK, mostly based in Malta, Isle of Man and Gibraltar.
A QROPS can receive the transfer of UK Pension Benefits in the vast majority of privately administered personal or corporate pension schemes, without incurring an unauthorised payment and scheme sanction charge. UK expats can retain their pension with a UK provider or transfer their pension to a QROPS and benefit from avoiding paying tax in the UK.
As an HWM client, you are able to appoint an experienced investment advisor who will manage the investments of your pension scheme, according to your needs and guidelines.
Get in touch with us to learn more about the benefits of a QROPS and how HWM can help you maximise your funds.
QNUPS
A Qualifying Non-UK Pension Scheme (QNUPS) is a pension scheme based overseas that qualifies for an exemption from UK Inheritance Tax (IHT). No UK-based pension providers can offer QNUPS as the trustee must be outside of the UK. A QNUPS has no obligation to report details of the member’s fund to HMRC unlike other offshore pension schemes for UK expats.
A QNUPS is useful to people who are internationally mobile and look for tax-efficient retirement planning. UK-domiciled persons can also benefit from a QNUPS as it is exempted from the IHT.
Trustees hold funds for pension savers and can invest on their behalf. In order to provide top quality service, most QNUPS have professional independent financial advisors to manage investment portfolios. QNUPS offer a wide range of investments, including cash, bonds, property, commodities and even alternative investments such as art, wine etc.
HWM specialises in setting up QNUPS to assist you with your retirement plans. We stand out from the competition by scrutinising your needs and propose the best solutions to achieve your financial goals. If you would like to benefit from our expertise in QNUPS, get in touch with our experienced team of advisors now.
SIPP
SIPP is the acronym for Self-Invested Personal Pension. SIPPs are a form of personal pension which give individuals the freedom to choose and manage their own investments. Anyone who is a UK resident or is a Crown employee or their spouse or civil partner who is working overseas and is under 75 can open and pay into a SIPP. Both regular and one-off payments can be made into your SIPP. Even a small contribution made early could make a difference in how much money you will eventually have for your retirement.
SIPPs are versatile investment vehicles as they can hold a range of defined assets. However, not all people have the necessary knowledge and expertise to design an investment plan. If you belong to this category, HWM’s expert independent financial advisors can do this for you, in line with your requirements and ambitions. We choose the right mix of investments for you and manage your portfolio on a daily basis, making sure we make the correct moves to ensure that you achieve your financial targets.
Planning for tomorrow will bring you peace of mind today
Proper estate planning is an essential part of any wealth management strategy. Something which people often overlook or put off is writing a will.
Anyone with dependents or assets they wish to pass on should make sure they have a Last Will and Testament in place.
A Last Will and Testament makes your final wishes known and provides your loved ones with the security they deserve. Not only that, having a will in place brings peace of mind, knowing that your estate is in order.
As an expatriate, it is essential to make sure that your will is compliant with local laws.
An existing will may be legally binding in your home domicile but not in your current country of residence. Writing a will that complies with local laws will ensure that your loved ones financial future is secured.
HWM offers a highly personalised approach to estate planning, tailored to your situation and wishes. As a client of HWM, you can take advantage of our partnerships with some of the leading legal advisories, so you can rest assured that your will is airtight.
Our end-to-end service ensures that you leave the legacy that you intended.
Trusts provide the perfect solution to complex estate planning matters
The best and most efficient way to pass on assets to loved ones can be a problematic part of estate planning.
A trust is a legal structure that can hold certain assets such as property and investments to pass on to individuals (beneficiaries). Trust’s give you the flexibility to pass assets on to loved ones and safeguard your estate.
Trusts can be advantageous when dealing with certain taxes, such as Inheritance Tax (IHT). There are various types of trusts available, with each serving a different purpose or function.
The rules and regulations surrounding trusts can be complex, so expert advice is essential.
Our team of wealth managers are experts in trusts and their implementation in an effective estate planning strategy.
HWM offers a bespoke service to help clients set up a trust that meets their needs and situation. We have partnerships with some of the leading legal advisories to ensure that all trusts are compliant with local and international laws.
Start planning with HWM today to secure your estate and protect your wealth.
