Moving abroad and becoming an expat may not always be easy, but it opens up a wide range of investment opportunities which would otherwise have been unattainable. At deVere Ghana, part of the deVere Group, we strive to ensure that UK nationals opting to retire in Ghana are financially secure and able to enjoy their well-earned retirement.

Retiring abroad is becoming more and more popular with soon-to-be pensioners and it is now also possible to earn an additional income whilst also benefitting from tax-efficient savings and improving your pension pot.

At deVere Ghana, we look to safeguard your rights and make sure to provide you with all retirement options there are available to you.

As part of deVere Group – one of the world’s leading financial advisory organisations with over 80,000 worldwide – feel we are the perfect fit to help you make the most out of your overseas retirement.

deVere Ghana will assign you an independent financial adviser, who will help you start planning your retirement in a way that will benefit you, addressing any problems or issues you may have.

Everyone has different needs and goals for their retirement. That is why with deVere Ghana, you will have one-to-one sessions to iron out the details of your retirement plan. The sooner you start planning and saving, the sooner you can enjoy the peace of mind that comes from financial independence and security, well after you stop working.

Contact deVere Ghana for a free, no-obligation consultation.

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QROPS

What are QROPS?

A Qualifying Recognised Overseas Pension Scheme (QROPS) is a HMRC-recognised pension transfer scheme that is based in a jurisdiction outside the UK but still keeps the same standards or equivalent as a UK pension.

If you are thinking of moving away to Zimbabwe from the UK but have a local pension, then those savings are easily transferrable into a QROPS, provided that the overseas scheme of your choice is registered with HMRC and fully compliant with the standards of the jurisdiction it is domiciled in. The popularity of QROPS schemes has risen considerably following the introduction of new pension rules in 2006 by HMRC.

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International Retirement Planning

A high standard of living, low taxation and its overall idyllic beauty are all traits that make Switzerland a dream place to retire. Retiring abroad can be a daunting task but luckily, deVere Switzerland are here to help you every step of the way.

Ensuring you financial stability and security is our priority and our dedicated team of financial advisers are on hand to find the best solution for all the financial predicaments 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 specifically tailored to suit the needs of expatriates who are planning to or who 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. Transfer Plans
5. Regular savings plans
6. Can I be more tax efficient and pay more in?
7. Our expert and impartial financial advice is specifically tailored to suit the needs of expatriates who are planning to or who have relocated abroad.

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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 have a significant impact on your happiness in retirement; getting it right could mean a higher income, or even an earlier retirement date.

The most obvious reason for moving 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 pension.

Final-salary schemes pay a pension based on your salary when you leave your job and years of service. 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 monitor fund performance more easily.

Consolidating your pensions into one pension wrapper can make keeping track of your pension savings more easy: 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.

SIPP

What is a SIPP?

A SIPP (Self-Invested Personal Pension) is a type of UK-government-recognised personal pension scheme which allows clients and their financial adviser 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 adviser, a SIPP allows you to decide what type of investments to invest in depending on your risk appetite and timeframe until retirement.

It is likely you would 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 so you can 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, a lot of individuals are now having to look at 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 adviser to decide on the type of investment depending on their risk profile and timescale to retirement.

Flexible Investment

A wide range of investments are available including stocks and shares, unit trusts, investment trusts and OEIC's. You can sit down with your adviser 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 fairly 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 offshore wrappers, allowing access to a whole range of assets at lower charges than individuals can achieve.

Consolidation

There are a number of people who have several small pensions that they have either forgotten about or the funds are not growing as they should. The National Association of Pension Funds and the Trades Union Congress believes that an average UK person changes jobs eleven times during their career. A SIPP can consolidate all these pensions into one, allowing for easier management and better control.

Taking Benefits

Members of a SIPP can take income drawdown, meaning that an income can be taken from the fund (subject to certain limits) whilst 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.