Whether you are moving to Spain or already living in Spain you should take a fresh look at your pension planning to ensure that you maximise the benefits from any savings that you have accumulated towards your retirement. Your existing arrangements need to be reviewed to take into account your new country of residence and the tax rules that apply in Spain. Taxation in Spain is very different to that in other countries, especially the UK, and you may be unwittingly paying more tax on your pension arrangements or savings than you should.
We are offering you a specialist cross border pension advice service. Our pension advisors who have a full understanding of UK and Spanish tax rules can help you maximise the benefits of moving your UK pensions into an offshore retirement benefit scheme.
You may well have accumulated retirement assets in a number of different UK pensions and to make sure you get maximum benefit these all need to be assessed. UK pensions legislation is notoriously complicated, has been subject to numerous legislative changes and of course your existing schemes will likely all be sterling based when your base currency has probably changed to become Euro. There is a real opportunity for you to improve your retirement planning by allowing us to review your existing schemes.
British expats in Spain have number of potential choices from maintaining your existing UK pensions to transferring your pension to an alternative offshore arrangement. You will be bombarded with information about QROPS, SIPPS, International Pensions and more and if you have previously worked with UK financial advisors, they will probably not be able to carry on servicing you because they will not be familiar with all of these options and in any case are unlikely to have the required regulatory permission to continue to advise you in Spain. Our pension advisors can help you cut through the noise and find the best pension solution to help you on the way to enjoying a prosperous retirement.
As a Gibraltar based company, we are in the unique position of operating on a similar model to UK financial services but with a thorough knowledge of Spanish retirement products and how these are taxed.
For those close to the Pension Lifetime Allowance limit, you have the option of transferring your pension outside of the UK, allowing it to continue to grow beyond the lifetime allowance limit without fear of a large tax bill when you access your benefits or reach age 75. There are many more considerations such as this which you should consider when assessing which is the best pension plan for you amongst those available in Spain.
There is no one size fits all solution and expert guidance is required to ensure you find the best pension solution for your own individual circumstances. We are here to help you make the right choices so that you get the best return from your pension investments and minimise your tax liability wherever possible. Our pension advice specialists will review your current pension arrangements and discuss your goals and income requirements to create a holistic report detailing our recommendations.