What’s happening out there in the international financial markets? How will these changes affect you and your family? What new products are coming on the market? Are they any good? How do existing products really work?  Keep up with my financial advice based blog.

The 5 year expat master plan

Aside from the lure of sunnier climes many individuals are drawn to live and work in other countries for increased pay, better benefits, even lower tax, and in some cases no tax at all.

Becoming an expatriate can carry with it many financial benefits and the notion that one could come back to their home country not only more tanned, but somewhat richer too.

And so…. the plan is hatched!  The usual time scale considered is 5 years and many expats will spend time conjuring up their 5 year plan master plan. A plan of accumulating as much wealth as possible before moving back to their country of domicile or moving to another location.

But how many expats actually stick to this 5-year plan?

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The UK State Pension. What are you entitled to?

The old State Pension system has two parts – the Basic State Pension based on 1/30th of £119.30 (the full rate) for each qualifying year, up to a maximum of 30 years, plus additional State Pension, if any, based on earnings.

The new state pension came into effect on the 6th April 2016 and is aimed at providing a much clearer simpler mechanism for the payment of pensions.

In order to receive the new state pension you will need to be deemed as eligible and satisfy certain criteria:

Your national insurance record is used to calculate how much of the state pension you are entitled to.

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Thinking of transferring your pension? How will your transfer value be calculated?

Members of final salary pension schemes who have not yet retired can generally give up their pension rights under the scheme in exchange for a lump sum. This lump sum may then be flexibly accessed, following the introduction of Flexi-access drawdown. Note that transfers are only permitted before your retirement date. If you are already receiving a defined benefits pension you can’t get a transfer value.

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Would you take a slice of the pie?

A Pension Increase Exchange (PIE) exercise involves offering defined benefit (DB) scheme members the choice of exchanging future annual increases on their pensions in retirement, for a one-off immediate uplift. 

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Inheritance tax in a nutshell

Inheritance Tax or IHT as it is better known, is a tax paid on your estate. This includes property, money (including investments and cash in the bank), possessions and also life insurance policies if they are not put into trust.

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