Expats vulnerable after pension freedom

Expats vulnerable after pension freedom

Warning, expats are most vulnerable after pension freedom.

With the new pension flexibility rules coming into effect, James McLeod, head of pensions at AES International, is warning that British expatriates are among the most vulnerable to pension scammers following pension freedom reforms.

“The introduction of the new pension freedoms in the UK is a watershed moment for retirees. Many pensioners will now be free to make decisions which could benefit them immensely, particularly in the UK where there is a high level of investor protection.

“However, those retirees who are based overseas, or who are planning to retire in the sun, need to be very careful about what they do with their precious retirement savings. Unfortunately there are many unscrupulous salesmen who specifically target expats as they are not very well protected in many countries by local laws.

“We urge anyone considering making any decisions to check to make sure the firm they are dealing with is regulated and would say that if you are unsure do not do anything. It takes a lifetime to build a pension, but only minutes to sign it away.”

To coincide with ‘pensions freedom day’, AES International has launched a free, no obligation pension review service for expatriates which will help to test the financial health of people’s retirement savings.
AES International is also offering expatriates a free guide to their pension choices. To download “Expat pensions: The ultimate guide” click here.

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