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Why choose S&P?
Mr DEF, United Arab Emirates
- A desire to retire at 60, if financially affordable
- A focus upon individual planning and wealth protection, as recently divorced, suffering a reduction in personal wealth and pension value.
- A strong desire to retire in Europe.
This client recently moved to Dubai, UAE, in order to maximise his earnings and savings potential following a costly divorce. At 55, he has just five years to achieve his financial goals for retirement, and having now settled his divorce, the client was seeking long-term savings and cashflow modelling in order to feel confident in his financial plan and individual security.
While unsure of retirement location plans, he was certain that he would not return to the UK, and therefore is increasingly aware of his assets (including pension) being in GBP, which could present long-term currency exchange risks and costs.
We helped the client set realistic personal financial targets, and assessed what was required in order to achieve these. We discussed the cost of living in his desired retirement location, and whether it was time to sell his UK property in order to fund his forever home and put in place a positive plan for the future.
In order to ensure his wealth was best-prepared for retirement abroad, we advised upon new investment wrappers for his money to maximise international tax efficiency and conducted a pension review in consideration of his UK defined benefit scheme, which was due to pay a lifetime income in GBP from age 65, to the value of c.£1.000 per month.
While a good and secure pension, the long-term risk and cost of such a modest monthly currency exchange was not suitable to the client’s plans, and the in-built spousal pension death benefit was of no use to a client who’s chosen beneficiaries are his grown-up children.
In this case, in addition to wealth re-structure, we advised upon the transfer of pension benefits to an International SIPP, in order to ensure he retains UK financial and regulatory protection over his pension wealth, while offering total control, currency options for investment and income, tax efficient and flexible death benefits as well as a sensible long-term investment and withdrawal strategy to compliment his other wealth and income.
Cost: As this case involved a restructure of investments, and new pension policy, our advisory costs were paid for by wealth held within the new policies taken out, with no personal costs charged to the clients.