We provide a pension consultancy service for clients who are not in the UK. If it is optimal…
The world is getting smaller! People are on the move and less tied to their origins. The centre of gravity of many company’s financial operations is changing fast as are individual’s work and domestic locations. As a result of these factors and of economic and taxation considerations - there is a continuing, significant migration in and out of many major centres.
Individuals from abroad come to Monaco to work and then move on. Some, while living in the Principality or elsewhere, derive part of their income from other locations and/or have retained pension resources. Examples of these include entrepreneurs, key personnel in multinational companies as well as partners in international law or accountancy firms who, for example, derive income from their UK practices.
All such persons need first class professional advice to cover the complex factors involved in planning and taking benefits. There are legal, immigration, taxation and domestic factors to be taken into account - as well as preparing for a new environment.
We offer a full advisory service in relation to the pension planning of these cases. We counsel on existing pension entitlements for those who change residence. We have a particular speciality, in conjunction with our parent group, of advising those who live outside Great Britain on how they can maximise the use of any existing UK pensions - as well as continuing to benefit from the very flexible UK pensions system.
For those who move country with accrued pension entitlements, it is necessary to consider first whether it is beneficial and sensible to also move these offshore - or whether it is better to retain pension entitlements in the UK. In the latter case, it is important to check whether existing pension formats are the best placed to cope with the new circumstances.
We always advise in conjunction with expert specialist lawyers, tax and other advisors both in Monaco and in appropriate overseas territories. It is vital that advice is coordinated and integrated properly. Nigel Sloam is a member of the International Tax Planning Association and we maintain close contact with - and monitor - experts in other disciplines, both in Monaco and elsewhere. If clients do not have access to experts who can cover all the issues required, we will recommend appropriate contacts.
International pension planning is a highly complex and skilled task and we, together with our parent Nigel Sloam & Co have developed a considerable expertise in this area.