Wealth Management

 

Wealth Management means more than investment advice. This service for our clients encompasses the entire range of money matters throughout all phases of life – from financing to tax optimisation to retirement planning. The focus is on a long-term, trusting relationship between the client and one of our advisors. The better our advisors understand their clients' needs and goals, the better equipped they are to put together a package of solutions that is right for them.

 

QROPS

 

What is a QROPS?  

A QROPS is a pension scheme available to individuals with UK pension rights who have or will become non‐resident in the UK for tax purposes.  

The rules of the scheme should broadly resemble the rules governing the authorized UK pension scheme. The trustees must report to Her Majesty’s Revenue and Customs (HMRC) any information about certain events for up to a 10 year period.

     

What are the potential benefits?  

• Lump Sum Flexibility – a transfer to a QROP could mean the pensioner may be entitled to a larger commencement lump sum than under UK arrangements.      

• Tax efficient income – A QROP can pay out income gross with no UK tax payable, leaving only tax to pay, if applicable, in their country of residence.      

• Generation planning – In the event of a member's death, the remaining fund, even if income has already been taken, can be passed to a spouse or dependents, usually without the deduction of any UK taxes.      

• Greater Investment Control – A QROP allows the member (or their advisor) to take a much more active role in investment decisions, to help in trying to provide maximum growth or income.   

 

QROPS, whilst giving many potential advantages, will not be the right option for everyone and this will depend very much upon personal circumstances and objectives.  However, I strongly recommend you to dig out those details of your old Employers Pension or your old private scheme and bring them to your next meeting with your advisor.  At the very least, some context can be put around these existing schemes regarding what they mean to you, in real terms, at retirement or possibly these existing and, potentially, long-forgotten pension rights could be used to greatly enhance your retirement years through the use of a QROP.

 

WILLS

 

Wills are something that people tend to forget, either being seen as a mystery or too costly to put in place.

SCS has removed much of this myth and streamlined the process, using our International partners. You can now get an effective will at nominal cost, which covers your worldwide assets, through us. Wills are and should be seen as one of the most important areas of estate planning. Do not put off getting specialised advice – you may lose more than you save.

 

If you do not have a Will in place, the government decides for you and it is accomplished according to old rules called the Laws of Intestacy, which were drawn up in the 1920's. This means that your spouse (husband or wife) might end up sharing your wealth with your children or parents. It also almost certainly means that your partner gets nothing at all if you are unmarried. By having a will you stipulate exactly how your estate (all your possessions, assets) is distributed and in what proportions. What is the point of accumulating wealth and assets throughout your lifetime, if someone else decides how it is given away? By having a will in place, you might also avoid unnecessary arguments and squabbles between family members or relatives.

 

A major benefit of a professionally-drafted will, is the fact that it can significantly reduce or even eradicate your Inheritance Tax bill – meaning that there is much more money to pass on to those you care about. This is primarily done by establishing Trusts, which take advantage of the IHT Tax Free allowance, that all people have (your Nil Rate Band). You can also avoid funds being seized by local authorities, should a partner require long-term care.

 

INSURANCE

 

Insurance is a wide-ranging and important subject. It ranges from protecting yourself and the ones you love, through to protecting your assets and business, to estate planning and travel insurance. Although diverse, with the right guidance, SCF can help you get the best product at the best value and further work with you, as your circumstances change.

 

Insurance we can provide through our partners, ranges from home and contents insurance, car insurance, medical insurance and life insurance. Other related services we offer include:

 

• Term Assurance

• Whole of Life Assurance

• Key Man cover

• Income Protection

• Critical Illness Cover

• Major Medical

 

SAVINGS

 

If you plan to retire abroad, or are currently in the process of doing so, you will have decided that the quality of your retirement years is paramount to you. However, have you considered how your pension will provide you with the financial support you deserve?

 

By retiring overseas and thus deciding that you will not be returning back to your home country, there is a wide range of international investment opportunities available to you as an expatriate. If you carefully plan your retirement, there are investments available that have the potential of earning you an income to supplement your pension, in addition to savings options available, which have the benefit of being tax efficient.

 

It can be daunting dealing with a move overseas and wondering how your pension will work for you, which is why it can be beneficial to start planning your retirement as soon as you can, in order to make sure you can support yourself financially.

 

Planning for your retirement abroad has never been so easy and beneficial to pensioners. International pensions have more benefits than regular pensions, with tax efficiency being a major advantage. Overseas pensions also have the added bonus of remaining inheritance tax free and will be passed on to your beneficiaries should you die.