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Retiring abroad can be a daunting task, but luckily, deVere Spain is here to help you every step of the way.

Ensuring your financial stability and security is our priority, and our dedicated team of financial advisors are on hand to find the best solution for all the financial challenges you may face. Our experts will also answer any questions you have regarding retirement planning, including:

  1. When should I start saving?
  2. What are the implications of delaying my savings?
  3. How much should my contributions be?
  4. Am I contributing enough?
  5. How much am I likely to receive?
  6. Can I be more tax efficient and pay more in?
  7. Our expert and impartial financial advice is tailored to suit the needs of expatriates who are planning to or have relocated abroad.

Some of the options available to expats who plan to retire abroad include:

  1. Self-Invested Personal Pensions (SIPP)
  2. Qualifying Non-UK Pensions (QNUPs)
  3. Trustee Schemes
  4. QROPS
  5. Regular savings plans
  6. Can I be more tax efficient and pay more in?
  7. Our expert and impartial financial advice is tailored to suit the needs of expatriates who are planning to or have relocated abroad.

SIPP

What is a SIPP?
A SIPP (Self-Invested Personal Pension) is a type of UK-HMRC recognised personal pension scheme which allows clients and their financial advisor to choose from a wide range of investments that match the member’s individual circumstances. Therefore, a client can freely choose how their money is invested.

How does a SIPP work?
With the help of a financial advisor, a SIPP allows you to decide what type of investments to invest in depending on your risk appetite and timeframe until retirement.
You would likely have received UK tax relief on your contributions to UK pensions when you were a UK resident. Alternatively, you may be a member of a UK Group Scheme or a Final Salary Scheme wishing to transfer to a SIPP so that you can choose your investment strategy or decide when and how to take your benefits. It is essential that you start to plan for your retirement as early as possible so that you are able to live comfortably in the knowledge that your lifestyle needs are covered. This will mean careful consideration of your pension fund throughout your working life.
A SIPP gives you control of your pension, whereas most members of a company pension scheme have very little control and almost no idea where their pension money is invested. Also, with many of the UK’s largest companies closing their final salary schemes to all members, many individuals now have to consider taking their pensions into their own hands.
Indeed, there are many reasons why SIPPs are becoming increasingly popular. Some of the key features include:

  • Control
    A SIPP allows the individual, along with their financial advisor, to decide on the type of investment depending on their risk profile and timescale to retirement and the ability to change the risk as their circumstances change.

  • Flexible Investment
    A wide range of investments are available, including stocks and shares, unit trusts, investment trusts and OEICs. You can sit down with your advisor to discuss your needs and what solutions are available to you. However, it’s important to explore options that diversify your portfolio whilst also offering the greatest prospect of growth for as little risk as possible.

  • Charges
    SIPP trustee fees tend to be affordable on an annual basis, sometimes as low as a few hundred pounds per year. Funds, other collectives and shares are generally available via platforms or portfolio bond wrappers, allowing access to a whole range of assets at lower charges than individuals can achieve.

  • Taking Benefits
    Members of a SIPP can take income drawdown, meaning that income can be taken from the fund (subject to certain limits) while leaving the remainder of the fund to grow in value. An annuity need not be purchased. The benefits taken each year can vary depending on your individual circumstances and give real flexibility to match your income requirements. This enables you to match your income with your expenses, and you can take as little or as much of your pension fund as required each year.

  • Pension Consolidation
    If you have accumulated different pension plans, keeping your pension savings in different plan schemes may result in lost investment opportunities and unnecessary exposure to risk. Making the most of your pension plans now could significantly impact your happiness in retirement; getting it right could mean a higher income or even an earlier retirement date.
    The most obvious reason for transferring a pension is to obtain better investment performance and lower charges to potentially increase your retirement income. You might well have several different types of pensions.

Final salary schemes pay a pension based on your salary and years of service when you leave your job. They can be considered potentially secure but offer limited flexibility. But if you’ve got any other kind of pension – a money purchase occupational scheme or a personal defined contribution pension – it may be appropriate to consider bringing your historic pensions into one place. These pensions rely on contributions and investment growth to build up a fund. A key advantage of moving your funds into one pension pot is the ability to control and monitor fund performance and change assets more easily.

Consolidating your pensions into one pension wrapper can make keeping track of your pension savings easier: you can keep a closer eye on the value of your savings, and it could also potentially reduce the amount of management fees you are paying. It will also make things much easier when you eventually retire and want to start drawing on your pension savings.

QROPS

What is a QROPS?
A QROPS (Qualifying Recognised Overseas Pension Scheme) is a pension transfer scheme that is recognised by HMRC and meets certain conditions and standards equivalent to a UK pension. Any UK pension can be readily transferred into an overseas scheme, provided that the overseas scheme is registered with HMRC as a QROPS and meets the requirements of the jurisdiction in which it is domiciled.

Is a QROPS suitable for me?
If you have a UK pension, have left the UK, plan to leave, or are a resident but not UK-domiciled, a QROPS is one of the most favourable pension schemes available. However, obtaining professional financial advice is a must to ensure that you comply with the rules.

Why should I choose a QROPS?
QROPS give you more control over where your pension fund is invested, allows you to consolidate a number of pensions into one QROPS, and does not require you to buy into an annuity.
Furthermore, the remaining fund is left to your beneficiaries without any deduction of UK tax upon death.

What are the key benefits of a QROPS through the deVere Group?

  • There is no need to buy an annuity.

  • Funds can be passed to beneficiaries in full after death: after completing five full tax years of non-UK Tax residency, your pension will no longer be liable to UK income tax or death charges of up to 45%.

  • Flexible choice of currency in which your pension can be paid.

  • Up to 25% pension commencement lump sum.

  • Secure jurisdictions.

  • Investment flexibility.

  • Transparent charges.

  • Greater investment freedom.

  • Succession planning.

  • Pensions can be consolidated into one.

  • Free from UK lump sum death benefit charge.

  • Some jurisdictions allow your pension income to be paid gross.

Following the UK October Budget 2024, any transfer to a QROPS within the EEA (European Economic Area) will be subject to the Overseas Transfer Tax Charge of 25%.
Please note if you become resident outside of the EEA within 5 years of the transfer there is likely to be a retrospective tax charge.