With your authorisation, we will trace and contact all UK pension schemes where you hold benefits. Pension schemes and the benefits they offer can differ significantly, therefore, our analysts will request detailed breakdowns of all the benefits you hold and their specifications.
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The Site has been approved for issue in the UK by AHR Financial Planning Limited trading as AHR. AHR Financial Planning is authorised and regulated by the Financial Conduct Authority (“FCA”), and is entered on the Financial Services Register with the firm reference number 208467.
AHR Financial Planning is part of a global group of businesses known asThe AHR Group. AHR Financial Planning Limited is registered in England and is established at 56, Wentworth Road, Blacker Hill, Barnsley, United Kingdom, S74 0RP, which is its registered office.
Unless otherwise stated in relevant sections of the website, this website is targeted at investors who are generally classified as qualified, professional, accredited or institutional. The information contained in this website is directed only at persons in a country or jurisdiction where access to the information and the use thereof is not contrary to local law or regulation. It is your responsibility to be aware of and to observe all applicable laws and regulations of any relevant jurisdiction when accessing the information contained in this website. In particular, no offer or invitation is made to any US persons (being residents of the United States of America or partnerships or corporations organised under the laws of the United States of America or any state, territory or possession thereof), who are excluded from the services, funds and products included in this site. There will be no public offering of services, funds and products in the United States.
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In these Terms
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Changes to our Terms
You acknowledge that we may amend these Terms from time to time, at our sole discretion. If we elect to amend these Terms, the revised version will be posted on the Site. You undertake to check the Site regularly for any changes we may have made since your last visit to the Site, since any such changes will be binding on you. By using the Site after we have changed or amended these Terms, you acknowledge that you will be accepting those changes or amendments.
These Terms & Conditions were last updated on 6th February 2019.
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The Content, including layout, of this Site or products or services available via this Site may be wholly or partially suspended, withdrawn or changed at any time.
We also reserve the right at any time to immediately suspend the provision of all or any part of this Site to you and/or block your access to this Site.
The provision of financial services or products
Not all the products and services that you may be able to view via the Site are available in all geographical locations. The relevant AHR Group member reserves the right to make the final determination on whether or not you are eligible for any particular product or service.
If you choose to enter a website outside your country of residence, you are advised that it may not be legal in that jurisdiction for you to access or use the facilities available on that site and the legal requirements of that jurisdiction may prohibit you from dealing or otherwise transacting in that jurisdiction. No member of the AHR Group will be liable for any breach of local law or regulation that you may commit as a result of using and accessing a website in a country in which you are not resident.
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Other than the warranties and representations contained in these Terms, all other warranties and representations, whether express, implied or statutory are, to the fullest extent permitted by the law, excluded. We do not exclude or restrict our liabilities or duties to you where or to the extent that this is prohibited by law or regulation. Use of this Site is at your sole risk.
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We reserve the right to suspend access to the Site in the event that we suspect that an unauthorised person is attempting to access the Site using your Password.
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- create any data base in electronic or structured manual form by systematically downloading and storing all or any of the Content; or
- redistribute any of the Content (including by using it as part of any syndication, content aggregation, archive or similar service); or
- remove the copyright or trademark notice from any copies of Content made in accordance with these Terms.
Internet and e-mail communications
Messages sent over the Internet (including e-mail) cannot be guaranteed to be completely secure as they are subject to possible interception, monitoring, delay, loss or alteration.
Neither we nor any other member of the AHR Group are responsible for any such messages nor liable to you or anyone else for any damages or otherwise in connection with any messages sent by you to us or any other party or any messages sent or appearing to be sent by us or any third party to you over the Internet (including e-mail). You should not include any sensitive or confidential information in such messages.
Our monitoring of communication
To help us improve our service and in the interest of security, we may monitor and/or record communications (whether over the Internet, telephone or otherwise) between you and us. All recordings are our sole property.
Data protection and Privacy
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The courts in England and Wales will have non-exclusive jurisdiction in respect of any dispute which may arise in connection with the Terms or your use of this Site.
A three-step process
Financial Planning provides a route from your current position to your future goals. In order to provide advice on your current financial plan or the suitability of your existing pension arrangements, we require a full understanding of your current circumstances. Only after a full financial review, can we assess the suitability of your current UK pension benefits.
Following our analysis of your existing pension benefits alongside a full financial review, we will be able to provide you with a financial planning recommendation. This comprehensive recommendation will not only focus on your retirement planning, but on all aspects of your financial planning requirements.
Pension Transfers from one Defined Contribution scheme to another Defined Contribution or Personal Pension, are reasonably straightforward because you are moving a pot of money from one pension provider to another pension provider offering the same type of scheme. However, there are three key things to consider:
- The charges (costs) – are the charges higher or lower than the scheme you’re considering transferring away from and how much will it cost to make the transfer? There may also be exit penalties to consider.
- Investment risk – the level of risk of the pension fund you’re invested in and the fund or funds you’re considering investing in. Are they suitable for your appetite for risk?
- Guarantees or ‘safeguarded’ rights – does the existing scheme provide any guarantees like bonuses or a guaranteed annuity rate (income) at retirement? Losing these may be very costly.
Transferring benefits from a Defined Benefit pension scheme to a Defined Contribution or Personal Pension is a completely different exercise. By definition, you are giving up certain guaranteed benefits in favour of benefits that are not guaranteed. The benefits will rely on future investment returns, charges and inflation.
Before transferring a Defined Benefit pension scheme that is worth more than £30,000, you must receive professional advice from someone who is registered with the Financial Conduct Authority (FCA) as a ‘Pension Transfer Specialist’.
Defined Benefit Pension Transfer/ Final Salary Pension Transfer
You should be very cautious about transferring benefits from a Defined Benefit pension scheme and we recommend that you avoid firms who are actively promoting the idea of doing this.
However, there may be specific reasons or circumstances that mean a DB transfer would make sense. For example, your health and the death benefits, whether you have any dependants, when you want to retire, how much the lump sum benefit might be and what other income or assets you have available for your retirement. However, you need to fully understand the options and risks as well as the potential benefits.
UK Pension Types
Members and their employers typically contribute a percentage of the members salary into a defined contribution scheme where a fund value is held. This fund value is then invested and will rise/fall depending on investment performance as well as further contributions.
Defined Benefit/Final Salary Pension
A final salary scheme is pre-defined in its structure. A structured income for life is provided, with elements such as; age of access, death benefits and benefit escalation also structured by the scheme.
Self-Invested Personal Pensions – SIPP
A SIPP is a flexible pension structured that allows individuals to make their own investment decisions from the full range of investments approved by HM Revenue and Customs. SIPP’s are renowned for being able to provide flexible retirement options.
Small Self-Administered Schemes – SSAS
A SSAS is primarily set up by private and family run businesses for the benefit of the owner directors and family employees. The number of members for a SSAS generally does not exceed 11.
A SSAS can offer particular benefits to business owners including:
- Commercial property can be bought and leased back to your business (or any third party)
- Loans can be advanced to your business.
- Investing in your company via the SSAS by purchasing an equity stake
To get the basic State Pension you must have paid or been credited with National Insurance contributions.
The basic State Pension increases every year by the ‘triple-lock’ or whichever is the highest of the following:
- earnings – the average percentage growth in wages (in Great Britain)
- prices – the percentage growth in prices in the UK as measured by the Consumer Prices Index (CPI)
Non-UK alternatives e.g. QROPS, QNUPS etc
QROPS – Qualifying Recognised Overseas Pension Scheme
QROPS stands for Qualifying Recognised Overseas Pension Scheme (QROPS) and is a retirement package based outside of the UK that has similar rules to a UK registered pension scheme.
QROPS were designed to allow individuals permanently living overseas to simplify their affairs and enable them to continue to save to provide an income for retirement by transferring their UK pensions to a pension based in their new country of residence.
QROPS are complicated packages and are not a one-size-fits-all solution for every expat.
QNUPS – Qualifying Non-UK Pension Schemes
A Qualifying Non-UK Pension Scheme can allow individuals to invest more into their pensions than the usual UK limit in terms of both annual contributions and lifetime allowance.
In order for a pension scheme to be considered a QNUPS it must:
- Have the same earliest retirement age as would apply in the United Kingdom, currently age 55.
- Not provide an income prior to retirement.
- Be available to the local population in the jurisdiction in which it is located.
- Be recognised for tax purposes in the jurisdiction in which it is located.
QROPS and QNUPS are highly similar pension schemes. Which is most appropriate for an individual depends on their financial circumstances and the country in which they are domiciled and/or resident.