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Fund Advisers Dubai Spencer Lodge. Spencer Lodge MD ad fund-advisers.com. Spencer Lodge has been at the pinnacle of international financial services sales and management for over 18 years. His ...

Fund Advisers Dubai Spencer Lodge. Spencer Lodge MD ad fund-advisers.com. Spencer Lodge has been at the pinnacle of international financial services sales and management for over 18 years. His company Fund Advisers are one of the leading financial services companies in the Middle East.

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Fund Advisers Dubai Spencer Lodge Fund Advisers Dubai Spencer Lodge Document Transcript

  •      A Beginners Guide To Successful Retirement Planning:Creating a brighter future for youIntroductionA growing number of professionals of all nationalities have been moving to andworking in different countries in the last decade. Whether you are a youngexecutive or already have a diverse portfolio of global assets, you will havespecific financial goals and objectives. The growing range of offshore financialproducts and services can help you achieve financial security and provide youwith the quality of life you want when you decide to retire.Investing in international accounts is no longer the sole premise of the rich andfamous; all expatriates living abroad may now enjoy flexibility, among otherbenefits, by investing their money overseas. The offshore financial industry hasbecome more popular and financial institutions from around the world haveentered the offshore market as a result of rising demand. There are now manyproviders that offer a broad range of services ranging from saving schemes topension and retirement plans, wealth management accounts to lump suminvestment products.Fund Advisers has developed strong partnerships with some of the world’s leadinginvestment houses and insurance companies, which provide some of the mostcompetitive products in the marketplace, offering real flexibility, good growthpotential and/or capital protection.In this guide, we set out some of the basic information you need for effectiveretirement planning as an international investor or expatriate. In addition, one ofour experienced financial advisers can assist you further and take you throughsome of the options available to you that will help you start saving for yourretirement.Right Now is the Best Time to StartPlanning For Your RetirementThey say the best time to plant a tree is ten years ago, and the second best isright now. However young you are it is important to understand the negativeimpact that not planning properly for your retirement will have on you and yourfamily. Even if you have just started your working life, it is essential to startthinking about making regular contributions to set you up for the future. Theyounger you start to contribute to your pension, the more opportunity you willhave to secure yourself an enjoyable retirement.Unfortunately for those starting out in their career now, their retirement outlooklooks bleak. They could be facing an uncertain future relying on companypensions instead of taking steps for themselves to secure a sizeable personalpension. As a result of the global downturn many pension schemes have hugedeficits, meaning that a number of companies are closing final salary schemesand even the majority of existing schemes have major solvency issues.
  •      It pays to start thinking about your retirement options as soon as possible toensure that you have enough to live on when you start drawing your pension. Forexample, if a 25 year old and a 35 year old started saving towards retirementwith the aim to retire at 55, the 25 year old could invest £300 a month, while tocreate the same return, the 35 year old would have to save £803 a month. Youmay feel that your retirement is a long way off and that you do not really need tothink about it just yet. However, if you look at your pension in terms of howmany pay days remain until your retirement at 55, you will see that you do nothave long remaining to save an adequate amount.State PensionsIf you continue to pay your contributions towards your state pension and decideto move abroad, then it could prove problematic when investing for yourretirement. You can continue to pay class 2/3 contributions to the UK statepension scheme, but your final entitlement will almost certainly not keep you in aluxury lifestyle in your retirement years. Another issue is that the age ofretirement for state pensions will be rising in the coming years, meaning that youwill have to work beyond the current 65 year old threshold.On the other hand, if you do not continue to pay contributions into your UK statepension (since you don’t have to if you move abroad), then this could potentiallyreduce your entitlement completely. This would mean that you would have tostart saving towards your pension through other means if you have not beeninvesting already. In order to overcome these problems with state pensions, youwill need to start saving or investing towards your retirement as early as possible.Women Will Benefit From Saving TooIt is a hard reality to consider, but statistically, one marriage in two will end indivorce, and women who have not planned for their retirement could end up withnothing to live on. So do you rely on your husband to support you through yourretirement years, or will you start saving and investing in your own pension fundfor yourself?Only about 20% of all women will receive an adequate pension when they retire.The large majority of women are approaching retirement without any financialsecurity measures in place leaving them open to potential hardship should theirmarriage break down. Even in this day and age, a woman’s earnings will typicallybe much less than any man’s meaning that they will automatically have lowerpension benefits. That is, if a woman has a pension in the first place. Around 50%of working women do not have a company pension plan and are less likely than aman to receive an adequate pension.So, what can you do to ensure that you are financially secure when you retire?Start planning your pension while you are young and begin investing as much asyou can each month into your future pension fund. Although your spouse willmore than likely have a larger pension fund to retire on than you, at least youhave prepared for the worst with your own retirement plan. Above all, yourretirement could be more luxurious than planned.
  •      Retirement FactsA man who retires at age 65 can expect to live a further 19 years in retirementon average. A female at age 65 has 22 years left. This means that you couldpotentially spend 25% to 30% of your life in retirement and will therefore need asubstantial fund to support yourself. According to recent figures, individuals agedbetween 25 and 44 are saving only about one third of the amount that theyshould be in order to support their current lifestyle in retirement. In countriesother than the UK, people are required by law to make sure that their pensionprovisions will meet their needs in order to live comfortably, but the UK arebehind in this thinking.A good, well constructed personal offshore retirement plan should allow you to dothe following:• Reduce or increase contributions — usually after an initial period ofabout two years.• Switch investments between different funds to respond to changes in themarket, without penalties• Have the option of retiring when you choose to.• Allow you access to what you have invested, after an initial period.• Be realistic about how much you should be contributing.• Provide you with regular status checks to ensure that your prospectiveplan is suitable for your individual requirements.To make sure that your pension covers you for your retirement lifestyle youwould be wise to seek advice from a financial consultant who specialises inretirement planning. It is essential that you explore all avenues available so thatyou can live comfortably in your retirement years.SIPP (Self-Invested Personal Pension SIPPA SIPP is a personal pension plan that is suited to the more sophisticated pensioninvestor. There are very few restrictions on what is available to invest yourmoney in, meaning that you will have complete control over your own funds. Withthat comes full responsibility for its performance, which is why sound advice is socrucial.With a SIPP plan you are able to invest in most funds, listed shares or commercialproperty, both in the UK and internationally. All assets within a SIPP fund benefitfrom IHT mitigation, but can be subject to the death benefit charge of 55% ondeath.Investing within a SIPP can have great benefits for those who regularly pay intothe fund, such as:
  •      • You can claim full tax relief on contributions based on an annual incomeof £50,000 (2012/2013) if you have relevant UK earnings.• You do not need to purchase an annuity— the earlier quasi-compulsionto purchase an annuity has been abolished.• Prior to taking benefits, the fund can be made available to yourbeneficiaries free of the death tax charge should you die.• If you retire abroad, you are able to move your SIPP to anotherjurisdiction using a QROPS scheme.• Having a wide choice of investment options available to you creatinggreater flexibility, but you need expert advice to ensure goodperformance.• You may also benefit from staggered or phased retirement.Further information on SIPPs can be found in the SIPPs guide.QROPS (Qualifying Recognised Overseas Pension SchemeQROPS schemes allow you to transfer you UK accrued pensions to anotherjurisdiction if you decide to retire/reside abroad.Any individual can qualify for a QROPS if they are between the ages of 18 andmaximum age of 70/75 and have retired/reside, or are seriously consideringretiring abroad to another country in the next 12 months. You must also haveaccrued a pension of over £50,000.If you are planning to move abroad, a QROPS scheme can offer you greaterbenefits than by leaving your pension in the UK, especially after 5 years of nonUK residency.• The pension income is more tax efficient.• You can take a lump sum of up to 30%.• There is much greater investment freedom.• You can take income and benefits in the currency of your choice.• All unused pension funds can be left to your beneficiaries.• No need to take an annuity or pay a UK tax charge upon death.Further information can be found in the QROPS guide.How To Find Whats Best For YouAlthough researching and investing in pension schemes yourself may seem likethe best idea, sometimes it is just not practical especially if you are new toinvesting. You must also consider whether you will have the time, patience andexpertise to make important decisions about your future.Retirement planning is essential, as is gaining valuable advice that will set you upfor your retirement years. Help yourself by finding the right pension solutions foryour circumstances.At the Fund Advisers Group we take positive steps to help you gain the most fromyour retirement planning with a group of professional retirement planners basedglobally. For more information, contact us on the details below.About Fund Advisers
  •      The Fund Advisers is a large independent financial consultancy group with g;obaloperations. We work with international investors and expatriates to find financialservices products that best suit their medium to long-term requirements forinvestments, savings and pensions.With in excess of US $2 billion of funds under administration and management,Fund Advisers has more than six thousand clients in twenty countries. Ourindependence and ability to offer financial products that are tailor-made to fit anindividual’s needs are behind our success, and our work ethic is without equal inthe industry.As a result we now have offices in over six countries. You can find us in AbuDhabi, Geneva, Johannesburg, Dubai, London, Brussels and Moscow amongothers.The advice we provide is free and without obligation.All opinions expressed in this Guide constitute the author’s ownjudgement as of the date of the Guide. Please note that as we have onlyindicated the general position, and whilst every effort has been made toensure the accuracy of the information, we can accept no responsibilityfor any act or failure to act based upon its content. The views expressedherein are purely those of Fund Advisers employees and are not to beconstrued as instructions.Contact Uswww.fund-advisers.comThis material is for information purposes only and does not contain (and shouldnot be construed as containing) investment advice or an investmentrecommendation, or, an offer of or solicitation for, a transaction in any financialinstrument. Always seek independent financial advice before investing in anyproduct. The information provided and contained in this brochure are believed toreliable, but are subject to change without notice and Fund Advisers makes norepresentation as to the completeness or accuracy of the information or of anyopinions expressed.Copyright Fund Advisers 2013 © All rights reserved.