Guardian Wealth Management: July 2011

Tuesday 12 July 2011

Pension Choices – British Pensions and Pensions Abroad

We would all like to think that we will be young forever, but unfortunately old age comes to us all. Therefore, your wealth management strategy should certainly involve planning for your retirement by taking out a good pension, or several pensions, to cater for your life after work.

Your wealth management advisor can talk you through the various UK pensions and other overseas options that you may have. By investing carefully in a pension you can look forward to a happy retirement we will have the opportunity to enjoying new experiences and are comfortable lifestyle. Talk to your wealth management advisor about the different UK pensions available, such as Self-Invested Personal Pension Schemes or SIPPS. If you're looking at retiring abroad and living as an expat, an alternative to UK pensions that you might want to consider is a QROPS. QROPS can have multiple benefits over a UK pension, providing that you meet the criteria and source the best QROPS scheme for you. Your wealth management professional will be able to talk you through the various advantages and criteria of a QROPS and offer advice regarding your other pension options.

QROPS Advice for Expats

Before making any wealth management decisions, you need to make sure that you are armed with all of the most up-to-date advice to enable you to make the best choices. One wealth management solution that you would be well advised to look into in-depth is a QROPS or Qualifying Recognised Overseas Pension Schemes.

It is true that QROPS can provide an advantageous wealth management solution, but you need to be realistic and take a step back to get a whole view. An independent wealth management advisor will be able to talk you through all of the pros and cons of transferring your UK pension into a QROPS. Any wealth management decision needs to be assessed thoroughly, so that you can understand the full implications of your choices. While there are many advantages to transferring your UK pension funds into a QROPS, they certainly do not suit everybody’s personal situation.

QROPS Advice for Expats – Dont leave it too late

If you’re about to make a move abroad to start a new life as an expat, make sure that you get good wealth management advice as soon as possible. Some wealth management issues need to be taken care of as soon as possible as they may be time critical. If you have a preserved or frozen occupational pension scheme, it might be worth getting wealth management advice regarding QROPS (Qualifying Recognised Overseas Pension Schemes) as it may be an option worth considering.

Transferring your UK pension into a QROPS could offer some great advantages that will make your wealth management strategy more beneficial for you and your retirement plans. QROPS transfers are sometimes restricted by deadlines, so getting wealth management advice as soon as you have decided to look into a QROPS is absolutely vital. Your wealth management advisor will be able to help you understand the different rules of transferring your UK pension into QROPS and help you to assess whether your wealth management situation will be improved by making such a transfer.

QROPS Advice for Expats – The Importance of Information

When making wealth management and financial planning decisions, it can sometimes feel like you are fighting to keep ahead of the game. Since the introduction of QROPS or Qualifying Recognised Overseas Pension Schemes in 2006, more and more expats are transferring their UK pensions into QROPS to take advantage of the enhanced tax benefits that a QROPS can offer.

Because there are constant revisions being made to pension and tax legislation, the only way to be sure that you have the latest information on QROPS or any other wealth management matter is to seek professional advice from a qualified wealth management advisor. There is absolutely no substitute for proper wealth management advice, so if you are considering transferring your UK pension into QROPS it is highly recommended that you speak to a wealth management adviser in the first instance. This will ensure that you have all of the latest information regarding any reforms or rule changes that may affect your QROPS or pension.

Financial Advisors Foresee Continued Growth of QROPS

Qualifying Recognised Overseas Pension Schemes, or QROPS, have been offered as an alternative wealth management pension solution for expats since 2006. Despite some initial teething problems with QROPS, wealth management advisors have this year predicted that the popularity of QROPS will increase, as more expats turn to them as an alternative to their UK pension.

As confidence grows in QROPS, more wealth management advisors are offering in-depth guides and information regarding the benefits that QROPS can present to expats. This growing accessibility of information helps wealth management professionals to substantiate to their clients just why a QROPS could be beneficial to their overall wealth management strategy. As more expats turn to QROPS to take advantage of the tax and investment benefits that they offer, the more wealth management companies are arming themselves with quality information and QROPS specialists to help their clients source the best QROPS for their circumstances.

New Zealand QROPS – Code of Conduct Discussed

If you are an expat with an interest in making sure that your wealth management strategy provides the best benefits or you, then you have probably heard of Qualifying Recognised Overseas Pension Schemes or QROPS. In response to the complexity of QROPS and to enable those seeking wealth management solutions to make sound decisions, some jurisdictions have introduced a code of conduct to ensure that QROPS advisors and providers are acting in the best interests of those wishing to transfer their pensions into a QROPS fund.

One such QROPS jurisdiction is New Zealand - where they are developing a voluntary code of conduct to help disperse negative comments that had been made about the New Zealand QROPS market over recent years. This voluntary code of conduct will help to bolster the reputation of New Zealand QROPS and is a welcome move in the opinion of professional wealth management advisors.

QROPS – Why professional advice matters

QROPS (Qualifying Recognised Overseas Pension Schemes) were introduced in 2006 and can provide a great alternative to UK pensions for expats. While you can find out a lot of information about QROPS online, it is always best when it comes to wealth management matters to seek advice from a qualified independent financial advisor.

A wealth management professional will be able to give you the most up-to-date information regarding QROPS in the various jurisdictions from which they can be sourced. Your wealth management advisor will be able to assess your current UK pension and help you to decide whether a QROPS would be a more financially beneficial solution for your personal circumstances and wealth management objectives. Professional QROPS advice from an independent adviser will also help to ensure that you are sourcing the best QROPS from all available on the marketplace.

Pensions for expats – financial planning for the future

Let's be honest, wealth management and financial planning can be confusing. Because of this it is absolutely vital that you seek professional advice from a wealth management organisation who are used to dealing with financial planning advice and solutions.

Pensions are one wealth management subject that can be the source of great debate. Many people are dissatisfied with the complex rules and regulations surrounding UK pensions, and many expats are starting to look towards QROPS as an alternative retirement wealth management solution. It is certainly true that for many people QROPS can offer many advantages over a UK pension. If you are an expat looking at your retirement planning options, getting some professional wealth management advice regarding how QROPS may benefit you is a great idea. QROPS can offer better benefits in terms of taxation if you compare them to a UK pension. There are certain restrictions that do apply in terms of transferring your UK pension into QROPS though, so getting wealth management advice is essential before you make any decisions.

QROPS – The New Pension Regime

On 6th April 2011, amendments and additional guidelines were announced regarding the UK pension tax legislation. It is important to consider how these changes could have an effect on UK pension holders, who have transferred or are considering transferring their pension funds into a QROPS or Qualifying Recognised Overseas Pension Scheme.

The main impact of the amended tax legislation for QROPS holders concerns taking benefits if you have been an expat for less than five years. You may be liable to pay UK income tax on these benefits. The best way to see if these new legislations will affect your own QROPS position is to speak to a wealth management advisor. As with any matter of wealth management, it is important to seek professional advice and this is definitely the case when it comes to QROPS. QROPS can still offer fantastic benefits for expats, as opposed to a UK pension, and qualified wealth management advice will help to make sure that you are making sound decisions regarding your pensions, QROPS and any other aspect of expat wealth management.

Then read more about QROPS

Thinking of leaving the UK to start a new life in Qatar, Dubai or elsewhere in the Middle East?

Starting a new life as an expat in the Middle East? If so, there are many things that you need to get organised - not least your wealth management strategy. By seeking professional wealth management advice from a reputable financial planning company, you can be sure that you'll get everything in place and in good order, ready for your new life abroad.

One of the main things that can be positively affected when you become an expat is your pension plans. If you have one or more UK pensions, you may be able to transfer these pension funds into a QROPS or Qualifying Recognised Overseas Pension Scheme. QROPS can provide many advantages including tax benefits and more flexibility with your investments. A good wealth management company will be able to talk you through the various pros and cons of transferring your UK pension into QROPS.

In the meantime, there are many other important issues that you will need to consider to help prepare you for your new life as an expat.

Then read our essential top tips first.

If you’re heading for a new start in Europe, here are top tips to get you on your way

Any move abroad highlights the need for good wealth management and financial planning. Guardian Wealth Management is a great source of advice for strategic wealth management planning, for people embarking on a new life as an expat.

Some important wealth management matters that you need to consider when planning to become an expat include getting life insurance/life assurance and medical insurance in place. Another potentially beneficial wealth management move could be the transfer of your UK pension into a QROPS. If you plan to be a non-UK resident for five years or over, a QROPS can provide many benefits for your retirement future. QROPS provide tax advantages and greater investment flexibility, so getting advice from a reputable wealth management company about QROPS could be well worth your while.

There are many other important wealth management issues and organisational matters that you will need to include in your plans to become an expat.

QROPS Will Grow Regardless of Legal Reforms

April 2011 saw the introduction of new legal reforms regarding flexible drawdown. This created fear within the wealth management industry that these reforms would have a negative effect on QROPS. Chief Executive of Guardian Wealth Management, David Howell, shared his opinions with the Overseas Property Professional magazine on how he feels the QROPS market may or may not be affected.

QROPS can be a great strategic wealth management move for expats looking to gain greater advantages from their pension funds. QROPS can provide an opportunity to avoid the high taxation that affects UK pension holders, as well as many other key benefits. QROPS can offer tax-free withdrawals of up to a massive 30% for expats who have been living outside of the UK for five years or more. QROPS also negate inheritance tax liability and provide much more flexibility in terms of investments.

Monday 11 July 2011

Private Medical Insurance In Association With Bupa

When making your wealth management and financial plans, you should make sure that you consider whether or not you need private medical insurance. The need for private medical insurance can be applied to anybody, but it is a particularly important wealth management matter for expats. Private medical insurance will enable you to access good quality healthcare in your country of residence when you most need it.

If at all possible, look for private medical insurance that is provided in line with wealth management support from a reputable company. Private medical insurance for expats is absolutely vital, as in many countries outside of the UK free health care does not exist. This means that without private medical insurance, if you were to fall ill or suffer an injury in a foreign country, you may end up having to pay thousands of pounds in medical and surgery fees. If you're an expat looking for private medical insurance, talk to a wealth management professional in the first instance.

Read more about Private Medical Insurance

Wealth Management – International Life Assurance and Expat Life Insurance

Read more about Private Medical Insurance

Wealth Management – International Life Assurance and Expat Life Insurance

Life assurance or life insurance is an important thing to include in your wealth management planning. We want to face the future with optimism, but it's important that we are also realistic; life insurance or life assurance can help to make sure that your family are protected in the event of something unforeseen happening to you.

As with any wealth management matter, you should always get professional advice from an independent financial advisor when looking at taking out a life assurance or life insurance policy. Your wealth management professional will help you to make key decisions depending on your circumstances, allowing you to get the very best life insurance/life assurance policy for your needs.

Wealth Management – QROPS Pension Funds

If you’re making wealth management plans and you’re an expat living or working abroad, it may be worth your while paying a visit to a professional wealth management advisor, to find out as much information as you can about Qualifying Recognised Overseas Pension Schemes or QROPS.

QROPS can provide a brilliant alternative to a UK pension for expats. A professional wealth management adviser with experience in QROPS can help to explain all of the various advantages that a QROPS can present. QROPS can often be much more beneficial in terms of taxation if you're an expat, so it's well worth investigating whether moving your UK pension into QROPS would be a shrewd wealth management move.

Wealth Management – Financial Planning Advice

If you want to develop a robust wealth management strategy, then financial planning advice from the experts is vital. Financial planning can be very complicated with many different elements to consider. Everybody's needs are different and we all have our own individual goals and objectives in life. Good wealth management and financial planning will make it easier to achieve these dreams.

If you’re an expat then you need to make sure that the financial planning advice you receive is from a wealth management specialist who really understands the life of an expat. Different laws and regulations may affect your wealth management and financial planning if you’re an expat living or working abroad, so getting advice from an expert who understands the different laws in various jurisdictions will put you at an advantage. You should also ensure that your wealth management and financial planning organisation is regulated to operate by the relevant authorities in the country from which they are based.

Wealth Management – Pension and Retirement Planning

Your wealth management strategy should always include plans for your retirement. Good pension and retirement planning will allow you to make the most of your later years, which is surely the least that you deserve after working hard for such a huge proportion of your life. An independent wealth management professional will be able to advise you about the different types of pensions and ways to plan for your retirement.

Retirement planning should involve good pension choices and your wealth management advisor should be able to talk you through the different options available. Your retirement planning may include setting up several different UK pensions; you may decide to go with a SIPPS or even invest in a good savings plan to help support your other pensions and the funds contained therein. If you're an expat or are planning to move abroad, your wealth management professional can give you information on Qualifying Recognised Overseas Pension Schemes or QROPS. A QROPS can provide a better alternative to a UK pension for many expats, so ask your wealth management advisor for more details.

Read more about Pension and Retirement Planning

Wealth Management – Inheritance Tax Planning

If you want your family and love ones to benefit from the fruits of your hard work after you have gone then you must consider incorporating inheritance tax planning into your overall wealth management strategy. Wealth management means making the most out of the money you've worked hard for during your life and leaving a financial legacy after your death.

A good wealth management advisor will help you to deal with inheritance tax planning sensitively and with kindness. For expats, inheritance tax planning is even more important for your wealth management. A professional wealth management expert will be able to help you understand the various implications on your inheritance tax plans regarding the country that you live in and other tax laws that may need to be considered.

Read more about Inheritance Tax Planning

Wealth Management – Education Fees Planning

If you have children, education fees planning should be a fundamental aspect of your wealth management strategy. Education fees planning will help you to make sure that you have the funds available to provide the very best educational opportunities for your children's future. For the best advice on education fees planning, always make sure you approach a professional wealth management specialist.

Education fee planning is particularly important for expats and international workers who are living abroad with their families. If free schooling is not available, you will have to fund your children's education yourself, making education fees planning an absolutely crucial aspect of expat wealth management. If you live in the UK, education fees planning will help you to help your children with further and higher education, or private schooling.

Friday 8 July 2011

Employment Law - Guardian Wealth Management Legal Services

If you are experiencing difficulties with your employer and feel that you have been treated unfairly, or that you are being discriminated against, then Guardian Wealth Management Legal Services can help. Through Irwin Mitchell’s specialist team of employment lawyers we will carefully explain to you what is involved and will ensure that you are given the best advice and support.
Not all cases necessarily proceed to an employment tribunal. We can often advise you on the most cost effective, commercial and non contentious resolution to any difficulties you may be having with your employer. Should it be necessary, however, for a case to be taken to tribunal we have significant expertise in protecting the interests of employees and over the years our employment team have acted for employees in many notable and reported cases.
Read more about the Employment Law service.

Corporate Law - Guardian Wealth Management Legal Services

If you require any support in the area of Corporate Law, Guardian Wealth Management Legal Services provided by Irwin Mitchell is in an excellent position to help you negotiate your way through the often complex legal aspects of business and commerce. Our team has significant experience of dealing with legal matters relating to businesses of all sizes and complexity.
Read more about the Corporate Law service

Family Law - Guardian Wealth Management Legal Services

International lifestyles bring with them international relationships. Sadly, like any relationship, these can break down. When they do, it is vital to have a law firm that is experienced in dealing with such complex issues and can help you manage the separation and its effects quickly and sensitively.
Whether you are experiencing a relationship breakdown or want to set up a pre-marital agreement, Guardian Wealth Management Legal Services provided by Irwin Mitchell can deliver all of your legal requirements with sensitivity and expertise. We offer local experience, national reach, and access to international advice.
Read more about the Family Law service

Probate and Estates - Guardian Wealth Management Legal Services

There is a great deal of uncertainty surrounding the legal requirements when someone dies and the need for Probate and Estate Administration services. It is a common misconception that estate administration is a quick and easy task. In fact it is likely that most people faced with the task of winding up a relative’s estate will need advice and assistance and that is where Guardian Wealth Management Legal Services can help.

We can provide initial advice and where needed, give assistance at whatever level is required. This ranges from a comprehensive end to end service which deals with all aspects of administering an estate including the sale of property and businesses, completion of Inheritance Tax returns, identification and collection of all assets, paying creditors and tracing beneficiaries.

Read more about Probate and Estates service

Taxation and Trust Services - Guardian Wealth Management Legal Services

Whatever your tax requirements, Guardian Wealth Management Legal Services provided by Irwin Mitchell has the experience and expertise to provide the support you need. Every member of our team is professionally qualified as a Chartered Tax Adviser, Taxation Technician or member of the Society of Trust and Estate Practitioners. They undertake regular professional training to keep up to date with changes in legislation.

Administering a trust can be a complex, time-consuming and stressful process. Guardian Wealth Management Legal Services can explain the process at every step, take a great deal of the burden and ensure the process is as smooth and straightforward as possible.

Read more about Taxation and Trust services

Lasting Powers of Attorney - Guardian Wealth Management Legal Services

With an aging population the need to protect our affairs against incapacity is becoming ever more important. If, during your lifetime, you lose the ability to make decisions for yourself you would undoubtedly want some reassurance about who would be making those decisions on your behalf. Who, for example, would operate your bank accounts and pay your bills if you did not have capacity? Arguably as important as a will, a Lasting Power of Attorney (LPA) should form part of your overall succession planning ensuring all your affairs are in order should the worst happen.

Read more on our Lasting powers of attorney service

Will Writing - Guardian Wealth Management Legal Services

Guardian Wealth Management Legal Services offer a cost effective yet high quality solution through the will writing service. We recognise that everyone is different and we tailor our service to meet your needs; it all depends on the complexity of your individual circumstances and the level of service you need.

Whilst our service is quick and efficient, we are able to offer the advice you need and can provide detailed and individual guidance on a range of issues including saving inheritance tax, setting up trusts for children and vulnerable beneficiaries and ring fencing assets for future generations.

See how Guardian Wealth Management Legal Services can help you with your will writing legal needs.

Legal Advice (Prepaid Legal) and Wealth Management

Expert legal advice and wealth management planning go hand in hand, as there are very often legal implications involved in wealth management decisions. This extension in our services allows us to build a more solid and beneficial relationship with our clients both in the UK and abroad.

Guardian Wealth Management’s Commercial Director, Ian Sweet said: “Guardian is about delivering the best for our clients both in terms of quality and range of services. Financial planning will often involve legal issues and it adds value to our proposition to enable our clients to have direct access to the expert legal advice offered by Irwin Mitchell.”

Guardian Wealth Management’s expat and UK clients can access this expert legal advice at a rate of £45 per half hour consultation, via our new legal advice helpline. Alternatively, you can arrange an appointment in order to instruct a solicitor.

Expat Life Insurance

Life insurance for expats is a vital part of a comprehensive wealth management strategy. International financial planning company, Guardian Wealth Management, has teamed up with Global Benefits Europe to offer high quality expat life insurance at competitive prices, via the Life Protector Plan.

Expat life insurance offers a contingency to provide for your loved ones and families in the event of your unfortunate demise. Life insurance will enable your family to feel protected financially at an otherwise vulnerable and difficult time. Expat life insurance offers peace of mind, knowing that your wealth management strategy is embracing your family’s needs, even after you have passed on.

Expat life insurance via the Life Protector Plan is easy to apply for and you can pay your premiums on your chosen basis, of either monthly, semi-annual or annual payments.

Read more about online life insurance cover

Prepaid Legal Advice

Guardian Wealth Management offers expert legal advice to expats and clients in the UK. Working in collaboration with leading law firm, Irwin Mitchell, this fantastic legal service will allow our clients to access premium quality legal advice on a pay-as-you-go basis to help with all of their wealth management and financial planning needs.

When making wealth management decisions and planning your financial strategy, it is often the case that you will need to seek legal advice as part of this process. Guardian Wealth Management has a wealth of experience in dealing with financial planning matters for expats and UK customers. By providing a resource for legal advice alongside our other wealth management services, we are able to offer for a comprehensive provision so that our clients can access all of the information that they need to make the best financial planning decisions possible.

Read more for any of your legal requirements