15:59 20 March 2013
The quality of life for those who will be retiring in 10 to 20 years might not be the same with what they expect. With several businesses closing down one by one and with the recession getting worse and worse, the dream to retire in Spain or in a tropical country sipping wine every now and then, may not become a reality.
When businesses close down, it is more likely that the pension scheme might go down as well. Without pension, the quality of the life of retirees will surely be affected.
The good new is, there are still things that you can do to protect your pension. Given the current state of the economy, it’s important that you now consider your different options.
One of them is QROPS or Qualifying Recognised Overseas Pension Scheme. These are tax effective and best for those who have UK pension rights and live overseas permanently. They also offer flexible retirement schemes that remove the drawbacks of holding a UK pension.
With QROPS, your money will be invested and will be paid out in many different currencies, which include Euros and US dollars. With this, the effect of currency exchange fluctuations that affect the pensioner’s spending power will be removed.
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