For most of us retiring in the 21st Century our income will eventually be derived from different sources and assets. It is therefore essential to have a long-term plan taking into account all of your assets and liabilities, then follow it through and review it regularly.

• Offshore Retirement Savings
• Pension transfers
• Ten Point Guide

Offshore Retirement Savings
Most of our clients use an offshore retirement savings vehicle to accumulate capital for the longer term and enjoy a worthwhile return while they save. There are a wide range of simple, inexpensive and flexible schemes available.

As an independent brokerage we are able to identify and recommend the most cost effective and appropriate solution for each clients circumstances, objectives, budget and risk profile.

• Schemes available from at little as €150 per month.


• Rising bonuses and discounts for higher regular investments


• Wide range of fund managers, free switching between funds


• Very cost effective way to access a wide range of investment funds


• Tax-free growth and secure investor protection legislation


• Premiums can be increased, decreased, paused or stopped*


• Premiums can be paid in different currencies


• Premiums can be paid by internet transfer, bank mandate or credit card (after an initial period).


• Proceeds do not have to be taken as an annuity


• No restriction on chosen retirement age


• Often used to pay off remaining mortgage at retirement


• Often used to enable early retirement, bridging the gap before company and state pension benefits become payable


• Often used to address pension gaps or shortfalls


• International portability means no more stop-start retirement planning. [^ top]

Pension transfers
When considering your overall retirement picture, it is important not to overlook past or "frozen" pension benefits from previous company scheme membership or personal pension plans you no longer contribute to.

For many years, British expatriates and those who have accumulated rights within UK approved pension schemes have had few choices in terms of moving these accrued benefits once you have relocated and are no longer part of the UK tax system. However, recent charges in the UK now allow far more flexibility and access to these assets than has previously been possible.

The introduction of overseas schemes now means there are tax-efficient methods for transferring these UK pension benefits into foreign plans, known as QROPS (Qualifying Recognized Overseas Pension Schemes). These schemes allow for consolidation of pension rights into a single offshore vehicle without penalty, giving a far wider range of investment options than previously available and, crucially, tax-free access to those funds.

If you have frozen UK pensions and would like to know if a QROPS is the best solution for this part of your pension savings, please contact one of our professional advisors for an initial consultation. An exploratory meeting is completely free of charge and could have a significant impact on your overall retirement plan. [^ top]

Ten Point Guide
Here is our ten-point guide to securing a worthwhile retirement plan;

• Know what you have got. Dig out old “frozen” pension information. Find out what your current and projected company benefits are


• Check and review the value of your pension-related investments and assets. For many people this can include a combination property, savings schemes, cash deposits, investments and stocks.


• It is important to factor in issues such as when mortgage loans are repaid and when children will be attending fee-paying schools or university as this will obviously have an effect on your income requirements at the time


• We can help you project the overall values forward. This will give you a realistic view of what your capital will be worth to you after the effects of inflation


• We can also help you work out what you would like to (and need to) receive as an income at retirement. With the above calculations a picture will emerge of whether you are on target or need to make additional provision


• You should also be realistic about when you want to retire. Most people would like to retire early given the choice and structured planning can make this achievable. You should however keep in mind that early retirement gives you less time to accumulate the capital required to maintain a comfortable lifestyle (i.e. a higher commitment to investments is required) and that this capital has to last longer than it would if you chose to stop working at the “normal” retirement ages of 60 or 65.


• If you have a shortfall, you now need to decide how you plan to fill the gap. Essentially, this is about earmarking lump sums and/or monthly savings to your retirement plan and using internationally-portable structures that you can maintain wherever you go in the future.


• As a general "rule of thumb", you should be making a regular provision of at least 10-15% of gross earnings towards your pension in order to accumulate a worthwhile retirement fund.


• Decide on what investment risk profile is appropriate for you. Your age and proximity to retirement is something of a guide; clearly it is unwise to be invested in high-risk instruments just prior to retirement and it could also be argued that if you have a long time to go, investing too conservatively is also unwise.


• And finally Take Action! Delay costs money.
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