Why Do You Need an International Pension Transfer Specialist?
In a world of ever-increasing global mobility, investment goals and retirement policies of several
who have moved to work overseas from the UK are under increased focus. With people moving
around the world for work and settling down in new countries, there is a requirement for specialist
expertise in helping these people deal with their finances and pensions successfully, especially
where these are assets are located abroad. International pension transfer specialists help the
expatriates and others to deal judiciously with their finances to achieve their pension goals and
objectives.
The job of an international pension transfer specialist is
to help guide investors through the complexity of
international financial and pension decisions, and where
relevant to transfer assets relating to pension and others
across international borders. The transfer of pension
funds across boundaries usually requires advice
(especially where final salary pensions are involved) and
a strong understanding of the client’s financial priorities,
objectives, residency situation, tax differentials and
investment risk profile. Once it has been decided that a
cross border pension transfer should be undertaken, the
process commences to ensure that the implementation of
the international pension transfer is properly undertaken.
This needs a thorough review to ensure a seamless
transaction to provide the required outcome. This is only
possible with the help of experts who have an in-depth
knowledge of international pension policies and transfer
procedures.
Every country has a different law and therefore, requires experience in closing or re-opening
pension plans when they move along the international borders. Pension advisors will also usually
help in setting up investment strategies for any transferred pension and therefore, help the clients
to make well-thought over investments in line with their risk profile and properly working for their
retirement.
The benefits of an international pension transfer include reducing exchange rate risk, protecting
death benefits for dependents, significant tax savings through having your pension in your local (or
a more favourable) tax jurisdiction, or gaining flexibility on how you use your funds in retirement.
Disadvantages can include forgoing a guaranteed income stream, loss of inflation linking, or in
some cases paying additional taxes. Whilst the benefits of a transfer can be significant, professional
advice should be sought in each case as each client’s situation is different and a transfer is not
always in your best financial interests.
As well as transfers, many international advice specialists can also aid in building a successful
portfolio for further investment of non-pension assets in the new arena. Since it is about the years
of hard-earned money, it is essential to ensure that these funds are properly invested.
All it takes is a call to an experienced international pension transfer specialist to help you make an
informed decision as part of preparing for what for many will be their best stage of life - the
exciting phase after the long years of well-managed jobs and transfers have been completed.