ChiFRA

After four years of uncertainty, we can now expect Brexit to start taking effect after the transition period ends on 31 December 2020. While nothing should change for UK nationals living in Spain until then, the countdown is on to prepare.

Once the UK sheds its EU obligations – including freedom of movement for capital – the government gains more scope to tax UK nationals abroad. Pensions are a particularly likely target. With only months to go until things change, there is increasing urgency to review your pension options and take advantage of current opportunities before it is potentially too late.

The New Year is a time when most of us take stock of our situation and set goals to improve our health, happiness, lifestyle and wealth. This year, make it one of your resolutions to check your financial planning is on track to meet your needs and protect your family’s long-term financial security.

British expatriates today can benefit from tax-free QROPS transfers and high final salary pension transfer values – but Brexit could change the rules.

Pensions are often the key to a comfortable retirement. But with more pension options than ever and the Brexit clock ticking, with no certainty beyond 2020, it can be difficult to establish the best approach. Make sure you are aware of the current pension issues that could affect you and the available opportunities, before they potentially disappear.