The benefits of undertaking a UK pension transfer to a UK SIPP or QROPS will differ for each client. However, some key benefits of transferring your UK pension include:
US Focused Solution
Using UK/EU pension providers dedicated to operating fully flexible pensions for US persons.
Having the ability to consolidate more than one UK pension into one easier to manage pension wrapper.
Being able to determine your own pension drawdown strategy and to retain the capital value of your UK pension.
Being able to determine your investment strategy based upon your risk appetite including having the option to invest and draw your pension in GBP or USD.
Full Pension Flexibility
Enjoying all of the UK pension flexibilities introduced by the UK Government on 6 April 2015.
Being able to take a 25% cash lump sum free of UK tax from age 55.
Full Death Benefits
Providing choices in the way any death benefits are paid to your dependents and/or beneficiaries and becoming a valuable wealth transfer vehicle down the generations.
We should note that your current pension may have certain guarantees which, upon transfer, could be lost. For this reason, it is important to get advice from a specialist financial advisor like Florin Pensions before making any decision to transfer your pension.