Proving Branson’s adage that succeeding in business is all about making connections, GETS have recently developed our relationship with the Government’s UK State Pension Team, to benefit hugely overseas clients in their old age.
We have worked hard to develop an offering based on the UK Government’s system that allows certain expats who meet the criteria to retain their entitlement to UK state pension, and to increase the annual income considerably on retirement.
Oliver Heslop, based in our London offices, has been working with his expatriate clients to increase their UK state pensions at retirement, even though many have not lived in the UK for many years, commented “I have now personally carried out a number of projects with startlingly good results; just recently enabling a client to claim an additional £30k in pension income."
Our client had paid into the UK National Insurance system for 10 years before leaving the UK, and had not paid in since. He was entitled to claim an annual flat rate pension at age 68 of £2,300. The GETS team worked to increase this annual pension pay out to £4,600. Therefore, between the ages of 68 and 80, claiming additional income of £30,000. The client investment paid, before professional fees, was £1,400; to deliver a benefit of an extra £30,000 in income.
Global Expatriate Tax Services offer free consultation without the requirement to switch from established accountancy or tax advisors for this one-off exercise, and we urge ex-pats to act quickly as the option to increase is due to expire in Spring 2018.