Retirement Planning

Are you fantasising about an early retirement – or keen to implement a strategy to ensure you’re on track to maintain your current lifestyle once you stop working? Optimising your plans – from an early stage, as you approach retirement, and once you’re a retiree – we provide bespoke advice and solutions.

As in all successful ventures, the foundation of a good retirement is planning

Earl Nightingale

Retirement Planning

Pensions, Pensions, Pensions

As life expectancy increases, so too does the importance of effective retirement planning – whether you’re based in Europe or elsewhere. For most of us, pensions form the largest chunk of our retirement plans.

From reviewing your current pensions to creating a bespoke plan and cutting through the complexity of pension legislation, we’ll guide your path to retirement and beyond – optimising your returns while minimising your tax liabilities.

Thinking of transferring your UK pension?

  • Defined benefit (or final salary) schemes offer guaranteed benefits – and can be transferred into SIPPs or QROPS
  • Defined contribution schemes rely on level of contributions, investment return and annuity rate – they can also be transferred

SIPPs

Self-Invested Pension Plans (SIPPs) are tax-efficient UK-based plans that combine your pensions into one pot, boosting control of your pension funds. They give you the freedom to choose your investments from a broad range of assets – from government bonds to commercial property and exchange-traded funds to real estate investment trusts. SIPPs also offer:

  • Greater tax efficiency – SIPPs are free of UK income tax and capital gains tax
  • Up to 40% tax relief on contributions of up to £60,000 per year
  • Flexible income options when you retire – you can take 25% of the fund as a lump sum, for example
  • The option to pass the fund to your beneficiaries on your death, free of inheritance tax
  • If you’re no longer based in the UK, the chance to benefit from double taxation agreements
  • Fleixiblity if you might, one day, return to the UK

Not sure where to start? Let us help. With bespoke service that’s personalised to you, the Hays Mews Capital Wealth Management Division retirement experts will explore your options and help you weigh up the pros and cons before deciding whether a SIPP is right for you.

QNUPS

Qualified Non-UK Pension Schemes (QNUPS) are overseas pension schemes that are regulated by HMRC yet give British nationals exemption from UK inheritance tax. Unlike QROPS, they’re not specific products. Rather, they’re recognised international pension schemes.

A good option for high-net-worth individuals who live permanently outside of the UK (as well as frequent travellers), QNUPs offer a range of benefits:

  • The ability to transfer assets to beneficiaries on your death with little or no inheritance tax
  • Assets can be started in any currency
  • No conditional minimum value – and often no limit on invested funds

However, this is a complex area – and there are many factors to consider. Leveraging our holistic, targeted approach, we’ll give you peace of mind that your retirement plans are on track, whatever decisions you make about your pension.

QROPS

If you’re a UK resident who’s relocated overseas, a Qualifying Recognised Overseas Pension Scheme (QROPS) could be the right choice for you. Combining retirement income with significant tax benefits, they’re international pension plans that are recognised by HMRC.

Benefits of QROPS include:

  • Favourable tax conditions – though this depends on your country of residence so you need to secure tax advice
  • Greater investment freedom
  • Protection from currency risk – withdrawals in your currency of choice

Remember though, if you have a defined benefit pension, transferring to a QROPS means giving up those benefits – so you need to bear that in mind. In fact, it’s a legal requirement to seek financial advice when transferring a defined benefit scheme – and it’s advised for defined contribution schemes, too. But the Hays Mews Capital Wealth Management Division experts are ready to help.

Wealth Management, Exquisitely Wrapped

Hays Mews Capital brings you wealth management as you’ve never experienced it before. We’re not just about devising strategies to make your dream retirement a reality. Our expertise comes wrapped in luxury service that’s curated to your unique needs.

Whether it’s a long way off or fast approaching, let’s have a chat about what you’d like life to look like then – and how we can formulate a plan that realises your goals.

Enterprising

Imaginative and intelligent, we create dynamic strategies and unlock innovative opportunities to optimise your portfolio and achieve your financial goals.

Steadfast

There at every major milestone – and at all the little moments in between – count on us to keep your financial plans on track, whatever life throws your way.

Warm

Refreshingly friendly and down to earth, every interaction you have with us is characterised by warmth – one reason of many that clients work with us year after year.

Let's Work Together

Get in touch to discover how we’ll help you plan for the future with confidence

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