Retirement Planning

At deVere Zambia, we believe that the moment you reach that age of retirement should be the same moment you can finally reap the benefits you worked so hard to achieve. Furthermore, we understand the appeal of holding your retirement abroad.

However you might find that retiring overseas could place you in a challenging position, especially when considering the true costs needed to support the desired lifestyle you would like to have during your retirement.

Our financial advisers in Zambia can help you identify these factors, highlighting key areas to work on through sound advice

With the resources granted by deVere Group, the worlds leading independent financial advisory firm, deVere Zambia can carefully construct tailored pension planning options that consider your needs and requirements whilst encouraging efficiency against the taxation in Zambia.

Some of the questions you may have regarding retirement planning include:   

•    When should I start saving?   
•    What are the implications if I delay?   
•    Should I join my Employer's scheme?   
•    How much should I contribute?   
•    Am I contributing enough?   
•    How much am I likely to receive?   
•    Can I be more tax efficient and pay more in?

Taking the decision to retire in a foreign country also means that you have made the decision not to return to your home country. This may seem obvious but - perhaps unbeknown to you - this brings with it a wide range of international protection services and investment opportunities which you can make use of.

Some of the options available to expats who plan to retire abroad include:   

•    Qualifying Recognised Overseas Pensions (QROPs)  
•    Qualifying Non-UK Pensions (QNUPs)   
•    Trustee Schemes   
•    Transfer Plans   
•    Regular savings plans

What are QROPS?

A QROPS (Qualifying Recognised Overseas Pension Scheme) is a pension transfer scheme that is recognised by HMRC and meets certain conditions and standards equivalent to a UK pension. Any UK pension can be readily transferred into an overseas scheme, provided that the overseas scheme is registered with HMRC as a QROPS, and meets the requirements of the jurisdiction in which it is domiciled.

Is a QROPS suitable for me?

If you have a UK pension, have left the UK, plan to leave, or are a resident but not UK domiciled, a QROPS is one of the most favourable pension schemes available to you. However, obtaining professional financial advice is a must to ensure that you do comply with the rules.

Why should I choose a QROPS?

QROPS give you more control over where your pension fund is invested, allows you to consolidate a number of pensions into one QROPS and does not require you to buy into an annuity.
Furthermore, the remaining fund is left to your beneficiaries without any deduction of UK tax upon death.

What are the key benefits of a QROPS through the deVere Zambia?

•    No need to buy an annuity   
•    Funds passed to beneficiaries in full after death: after completing 5 full tax years of non UK Tax residency, your pension will no longer be liable to UK income tax or death charges of up to 45%  
•    Flexible choice of currency your pension can be paid in   
•    Up to 30% pension commencement lump sum   
•    Secure jurisdictions   
•    Investment flexibility   
•    Transparent charges   
•    Greater investment freedom   
•    Succession planning   
•    Pensions can be consolidated in to one   
•    Free from UK lump sum death benefit charge   
•    Some jurisdiction allow your pension income to be paid gross

If I am residing in Zambia, which is the best QROPS jurisdiction for me?

Following the Finance Act 2012, the QROPS jurisdiction of choice for Spanish residents is Malta. Malta is highly-regulated, has a sophisticated and transparent tax system and is an integral member of the European Union.

To find out more about retirement planning, contact deVere Zambia today.