Pension Helpline

CLICK TO VIEW OUR UK PENSION BROCHURE

TRACE MY PENSION

CURRENT STATE OF THE UK PENSION SYSTEM

UK Pension Deficit

Brexit & more recently Covid has also worsened the already enormous (size of 1 year's UK GDP) pension deficit.

TYPES OF PENSION SCHEMES

Q: What type of pension do I have & what difference does it make?

A: There are 2 types of pension schemes:

Defined Contribution Scheme

New type of scheme (normally 2006+ schemes)

You contribute to a pension pot together with your employer (typically 40/60). Money is invested & growing.

Usually tied to UK bonds (aka gilts). Defined Contribution schemes very commonly underperform and your investment choice is extremely limited.

Defined Benefit Scheme / Final Salary Scheme

No personal pension pots have been set aside for you.

Often underfunded given the record low interest rates of the recent years, hence susceptible to high risk of insolvency.

Money is not yet physically there for you since it is only a "promise" to pay you a certain amount every year when you retire. If the company goes insolvent you may lose a large proportion of your pension income.

PENSION ENHANCEMENTS

Since many schemes are currently underfunded, it makes more sense for the scheme to reduce their liabilities by offering to remove members from their books; hence offering the enhanced buy-out offers. Transfer or 'buy-out' values of this magnitude allow for income to be sustained and for your pot to be preserved at a very low rate of return – with the additional benefit of being able to pass significant funds onto loved ones.

From our professional experience we have seen pension administration companies offering as much as 70+! annuities (unlike an average buy-out value of 20 times your annuity - ie. from age 65 living until 85).

http___com.ft.imagepublish.upp-prod-us.s

UK PENSION TRACING & REVIEW

"The Association of British Insurers (ABI) estimates that more than 1.6 million pension pots worth £19.4bn are “lost” – the equivalent of £13,000 per plan. " - The Guardian

Why trace your pension?

Your pension will remain lost if you don't find it! Over the last half a decade we have located numerous pensions for people who weren't aware they had one. If you worked in the UK and not sure if you had pension - we advise you to take advantage of this complimentary tracing & review service.

Why review your pension?

- Do you know your Guaranteed Minimum Pension (GMP)?

- Current value? Type of sheme (DC or DB)?

- Your funding level?

- How safe the scheme is?

- What are your options of securing your scheme?

Complimentary UK Pension Review Now Available for all Asia Expats

Utilise our complimentary pension tracing service if you are also interested in receiving a simple breakdown of the following:

✓ Full valuation of all schemes; occupational or private

✓ National Insurance Contribution status (£8,296 per annum available)

✓ Legal entitlements (significantly enhanced as now a non UK tax-paying resident)

✓ Debt level/solvency of scheme

✓ Current/past fund performance

✓ Current death benefits (how much is passed to whom upon death)

✓ Guaranteed minimum pension (GMP)

Simply click below to contact us - full review currently an entirely complimentary service for East-Asia based expats.

Review My Pension