Clive Evans IFA Pensions

<< Investments/Savings   Medical Insurance >>

>>> Setting up your pension plan

>>> Pension recovery (Retiring before 60?)

 

Setting up your pension plan
Zurich International Life

Zurich International Vista

Global Solutions for Global Thinkers

Based in the Isle of Man, Zurich International Life offers a simple, flexible, package for medium term retirement planning – Vista.

Vista provides you, the working yachtsman, with the possibility of a secure and prosperous retirement/ future core income. At a glance it offers:

  • Retirement Investment Strategy
  • Expert fund management
  • No bid/offer spread
  • Total Portability
  • Total flexibility of contributions, payments can be increased, decreased or suspended
  • Range of optional benefits, including accidental death benefit and spouse’s income benefit
  • No penalty for non-annual payments

Zurich International Life understand that when you are investing larger amounts you expect exceptional terms.

Available on Vista, the "Exclusive Star Bonus" is an additional 1.5% (Silver) or 2.5% (Gold) for each year of the term of the savings you plan to make, and is allocated during the first year of your contract.

Zurich International Funds

Formerly known as Eagle Star International, Zurich International has been part of the giant Zurich Financial Services Group since 1998. One of the largest financial services groups in Europe, represented in over 60 countries world-wide, investments are managed by Zurich Scudder Investment Management in London, and consistently receive awards for investment performance, including three first placed funds in the Micropal 2001 awards.

Call or E-mail Clive Evans IFA today for further details.


Application Forms

The following application forms are in Adobe Acrobat format, and can be downloaded and printed.

  Zurich Vista Application form

  Supporting Documents for a Zurich Vista

  The wealth Appointment Beneficiary form

  The family Succession Beneficiary Form

  Zurich Vista Application form

  Zurich Vista Additional Contributions

  Zurich Certifying Signature Form

  Zurich Vista Incremental payment

  Zurich Vista CC authority

  Zurich Vista Method of Payments Form

  Get Word Viewer

[Top of page]

 

Pension Recovery
Clive Evans IFA and Friends Provident International

Pension recovery - How to make the most of what you already have!

Like many yachtsmen, you may be sitting on a significant asset, which seems to be out of your grasp...

If you can answer yes to the following questions you may have access to a tax-free cash lump sum at the age of 50 which you may not have expected!

  • Are you British?
  • Have you worked for any significant length of time for a British employer and been a member of a British based pension scheme to which you are no longer a member?
  • Are you up to date with the retained benefits accrued to you under that scheme?  Does the scheme have a retirement date of age 60 or beyond?
  • If you are not a former member of an employers pension scheme do you still have UK based personal pension plans or retirement annuity contracts in a paid up form?

If the answer to the majority of these questions is yes, particularly the question relating to membership of a former employers pension scheme: chances are that you can gain access to your retained benefits at the age 50, and not normal retirement age 60 (in many cases 65)

What do you mean by Tax-Free Cash?

Until April 2001 the United Kingdom Inland Revenue had restricted the tax-free cash available on benefits transferred from a former employers pension scheme into a personal pension plan. The balance [after tax-free cash payment] must be used to purchase an annuity, which is of course taxable.

This meant that the tax-free cash available under the personal pension plan (normally 25% of the accrued fund at the age of 50 and beyond) was restricted to the maximum payable under the former employers scheme, assuming the personal pension plan resulted from a transfer from that scheme.

In most cases the tax-free cash available under a frozen pension arrangement will be less than 25% of the transfer value.

Following the relaxation of this rule in April 2001, 25% of the accumulated personal pension fund is now available as tax-free cash, even if it was following a transfer from a former occupational scheme.

What does this mean to me?

Here’s a real example of a transfer from a Merchant Navy Pension for a professional yachtsman.

Pension transfer value = £86,000

Tax-free cash available under Merchant Navy scheme = £18,000

Tax- free cash under transfer scheme = £21,500.

Obviously the greater the transfer values the greater the free cash enhancement!

Is that all?

No, you can now get at your money when you want it!

Not only can you maximise your tax-free cash, but it is available from the age of 50, much more in line with the age at which most professional yachtsmen expect to start taking it easy.

In many cases this is 15 years before benefits would have been drawn!

How does it work in practice?

The crux of all this is a thorough review of your employment history to date with Clive Evans IFA.

Together we will be able to compile a list of pension schemes where you have retained benefits and more than likely, hidden financial entitlements that had previously been overlooked!

He will then ask an actuary [pensions expert] to contact these schemes on your behalf, and to provide an analysis of these benefits, highlighting whether a transfer is both possible, and advantageous. It really is that simple!

Clive Evans IFA will make no charge for this review. If you proceed with the recommended pension transfer, then commission will be paid by the company, that manages the personal pension plan into which your funds are invested, as a result of their normal charges.

Are there any other considerations?

If you are considering returning to the UK in the future it is important to transfer to a scheme which will allow you to recommence contributions, which will not only attract valuable tax relief but further enhance the value of your fund in the most tax efficient way.

What happens when I’m 50?

There are several benefit options available to you; once again you will need your financial advisor to analyse what’s available [including what to do with the tax-free cash!]

I’m already over 50, is it too late?

It’s even better for you, because you don’t have to wait!

If you are over 50 and still have not drawn benefits from a previous pension scheme, then you can take benefits immediately!

Your financial advisor will not only discuss the pros and cons of pension transfer, but will also tell you what immediate benefits can be taken from the transferred amount and how they compare to what they could have had from your previous frozen arrangement.

So, whatever your age, dig out your old pension documents, and see how you can make the most of your money!

Call or e-mail Clive Evans IFA TODAY for further details!


Application Forms

The following application forms are in Adobe Acrobat format, and can be downloaded and printed.

  Personal Pension Plan

  Brochure

  Request for Information

[Top of page]

Clive Evans is a member of the PYA.


 
<< Investments/Savings   Medical Insurance >>

Call or email Clive Evans IFA : Tel no:+33 4 93 34 36 00 or email: contact@clive-evans-ifa.com


 
Copyright © 2003-2008 Clive Evans IFA
All rights reserved.