Pensions

[SARC]

I wonder if anyone can advise me on what to do about my pension ??

I know, it's dead boring, but I don't want to be working till I'm 105!!

I had a company pension in the UK, which is currently in limbo. I tried to start a personal pension before I left the UK, and transfer my work pension into it, but all of the companies I spoke to said you can't do this if you're not going to be living in the UK

As I'm an ex pat on a 3 year contract, I know I can't start any pension savings in Singapore, but are there any other options ??

As you may have guessed, I don't have a clue about this type of thing, but I guess there's a few people out there who make a good living out of advising people on pensions, so come on....how about a freebie ?!

[Bewildered]

Sarc, I went through the same issue about 4 years ago when I left the UK. Basically speaking the Inland Revenue does (or did then) allow employees on overseas assignment to continue as members of occupational pension schemes (ie schemes provided by yr employer) however you are not allowed to contribute to a UK personal pension scheme.
Many people open up offshore pensions in places like Jersey, Isle of Man etc with the offshore operations of one of the major Uk fin services companies. This might be the best bet in yr case. Unfortunately you will not get the same tax breaks as in the UK because you will be contributing post rather than pre-tax, but at least you're putting something away.
The other option is to become a PR here and join CPF.

[KimS]

Your other option is to take out an offshore pension. Most UK banks/Financial Institutions have offshore companies that will give advice many of whom are on the internet. There are also several other offshore financial specialists floating around Asia that will be most willing to help.

My advice is shop around, and check the tax implications. If you are unsure the UK inland revenue also has a web sight.

I would also advise you to set up an offshore account in the Isle of Mann or Jersey. If you are zero rated tax in the UK as an expat then it is easier to get gross interest rates from offshore banks than to go through all the form filling with building societies in the UK. Also the interest rates offshore are often better than in the UK.

[This message has been edited by KimS (edited 11-06-2001).]

[Scot abroad]

We have just sorted all this out and now have offshore savings plan/pension in Isle of Man.
Post your email and I will contact you with the details of the advisor we used-he was good and we were happy with all his advice.

[KimS]

SARC,

Funnily enough I just gor called this lunchtime by an independant advisory service for expats. No idea how good they are but they have a web sight www.britex.net.  The guy who called me was Craig Groves on 731 4396.

Another web sight you can check out is www.lansonfinancial.com  they also provide offshore pensions.

These are not recommendations - just places you can check.

[Scot abroad]

SARC,
The company that I was going to recommend to you is Britex !I found them spot on and the name of the chap that I met was Tim McNulty.His contact no. is 7314433.Good luck.

[Dodgy]

Mmmm pensions.....

A pension is nothing more than a savings scheme. They are popular in the UK because there are tax breaks. As an ex-pat you don't get these tax breaks......if someone is selling you a pension I would be wary...for excellent independant advice go to www.fool.co.uk  and go to the ex-pat message board....

[SARC]

Thanks very much for all the replies.

I've contacted both sites that were mentioned, and will feedback on the message board what happens.....

[Hoop]

I agree with Dodgy.  Offshore Pension plans / insurance plans are normally stuffed full with very high charges with terms & conditions that are hard to get out of, making the investment case weak in the extreme. I hear so many horror stories as people realise the full amount they have "lost" through poor advice.  
If you are determined to do this check, check & check again the charges (always in small print) & get a letter from the advisor explicitly stating the exact amount of their compensation  (which comes out of your pocket).  This might help if things go wrong.  
An alternative idea is set up a regular savings scheme in an Investment trust / Unit trust back in the UK (or offshore).  Likewise check charges & yes there is no tax benefits if your are onshore but as the glib phrase goes - "don't let the tax tail wag the investment dog"