There has been an increase in numbers of people who are switching their pension. Whatever the reason may be for wanting to transfer your pension, pensiontransfer4u.co.uk is here to provide a hassle free option giving you access to independent financial advisors. We believe everyone should have access to specialist pension advice with concerns about costs.

Contact us now and we can give you access to our expert pension broker. Simply complete our short form, our service is free and gives you the option to quote and buy online you are under no obligation to follow the advice or recommendation.

 

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Moving money abroad should be cheap and easy Posted on : 15/05/2012

Over five million retired Brit expatriates still have pensions paid in sterling in UK accounts that they may need to move in order to meet mortgage payments in other countries.
Expats in this position may need to move their money regularly to their current place of residence efficiently and safely, and so it is essential to get the most they can when moving their UK pension payments overseas.
Speaking to The Telegraph, Mark Bodega, Marketing Director of HiFX said:
“In just the last few years, retired British couples all over the world have seen their monthly pension incomes hit by sterling’s depreciation. Worst-hit are pensioners in South Africa, New Zealand and Australia, who have seen the domestic value of their state pension in their new countries of residence slashed by market volatility. Based on the typical monthly state pension of £628, a British pensioner in Australia now gets an income of A$968 a month but four years ago he would have received A$1,700."
Mr Bodega added:
“With further sterling volatility predicted, any British pensioners who are on a tight budget and who cannot afford to see the value of sterling decrease any further should consider one of the many regular payment schemes offered by a currency specialist in the UK such as HiFX. By using a direct debit scheme, UK pensioners wanting to move their pensions to their new home every month would save around £300 on fees on the costs charged by the high-street banks."
Also speaking to The Telegraph, David Kerns, private client dealing manager for Moneycorp, said:
"Not only can it be cheap to use a broker to move money abroad it also means customers can be clever with exchange rates and fix at current rates. Should a client believe the current level represents great value, and is looking for peace of mind in knowing the exact costs, then it could be a good time to lock into the current rate, guaranteeing a favourable rate of exchange for the months ahead. Transferring a large amount of money through a high-street bank is likely to incur a transfer cost of £25 to £40 while our charges are a mere fraction of the cost.”
The banks are starting to hit back. Speaking to The Telegraph, Lloyds TSB International's Director Nicholas Boys-Smith, said:
“For people with banking requirements in two different countries, it’s generally easiest and cheapest to use multi-currency accounts. This means expats can have a sterling current account to receive and make payments in the UK, as well as an account in the currency of their country of residence. Lloyds TSB International’s Premier International Account can move money between multi-currency accounts with no transfer fee and the money moves across on the same day. We’re now also seeing some people switching from foreign exchange brokers to use our services.”
When it comes to moving your state pensions, the cheapest option is one offered by the UK government. Mr Boys-Smith added:
“The Department for Work and Pensions’ service was recently moved from RBS to Citibank and as a result, British pensioners can transfer their state pensions at close to the inter-bank exchange rate and incur minimal charges of around £1 per transfer. As a result of this cheap deal, expat pensioners should consider moving only their private pensions through a regular payments scheme. Of course it does mean your state pension will be subject to currency fluctuations – but then you can hedge against that with your private pension."
Although moving your money between countries can be nerve-wracking, as long as you take care and check out the bona fides of the company you are using then you should be able to sleep easier with a sound mind that your pension is in the right hands.

FSA's new rules set to eradicate 'inappropriate' pension transfers Posted on : 27/04/2012

A public service regulator has released plans to redefine its benefits pension transfers rules, which they insist will make it “less likely” that an adviser will transfer final salary pots to a personal pension.

The Financial Services Authority's new guidelines will help those who are considering moving their money into personal pensions, designed to help deal with their “concern” that in most cases a pension transfer is not in the best interest of pension scheme members. By raising the standards, the FSA hopes the new guidelines will make it “less likely” that an adviser will be able to recommend a transfer from a defined benefit pension scheme to a personal pension when a pension transfer value analysis is made. Speaking to FT Advisor, Sheila Nicoll, director of conduct policy at the FSA, said:
“In the vast majority of cases someone in a defined benefit pension scheme will not be better off transferring to a personal pension. The new assumptions will make it tougher for advisers to make the case for a transfer. As a result of these new rules, we would expect the number of pension transfers to decrease, leaving pension scheme members better off.”
The regulator claim there was a huge vote of support for the move, which will see the current system updated and clarify some assumptions.

 

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