People are on the move and less tied to their origins. The centre of gravity for many companies are changing fast as are individuals 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 the United Kingdom.
Individuals from abroad come to the United Kingdom to work and then move on. Others, while living abroad, derive part of their income from United Kingdom sources 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 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.
Nigel Sloam and Co provides a full advisory service in relation to the pension planning of these cases. We counsel on existing UK pension entitlements for those who move abroad as well as those living overseas who may have benefited or wish to benefit from the very flexible UK pensions system.
For those who move abroad with accrued UK 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 the UK and in the 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 - advisors from other disciplines, both in the United Kingdom and abroad. 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 Nigel Sloam & Co has developed a considerable expertise in this area.
NSS Actuarial Monaco SARL not only advises within the Principality but provides the thrust of the NSS Group advice to our offshore clients.