Who Should Get Hong Kong Pension Advice?

Who Should Get Hong Kong Pension Advice?

Defined benefit plans are necessary for everyone in the workforce. They are a way to ensure that you’re taken care of during retirement. Laws and regulations concerning defined benefit plans have changed over the years. This is why Hong Kong pension advice is highly recommended for people who want to secure their futures.

Retired Expatriates

Recognised overseas pension schemes (ROPS) are a way to transfer funds from benefit plans to another country. This option is available to retirees who chose to reside in a country other than the UK. Because they’re still eligible for their benefits, this system facilitates and regulates the fund transfer.

Retirees Who Want to Invest

Self-Invested Personal Pensions (SIPPs) allow retirees to put their money into any investment they want, as long as it’s approved by the HM Revenue and Customs. This gives people a chance to grow their hard-earned money. Advice from a professional will guide them on the best opportunities with the highest return of income.

Laws for both ROPS and SIPP have changed over the years. It leaves retirees with a lot of unanswered questions, including:

  • How much will I get during retirement?
  • If I retire at another country, will I still pay UK taxes?
  • If I pass away, where will my money go?
  • Will it be beneficial to convert my money into another currency?

Planning for a Certain Lifestyle

Most people will have an idea of what their retirement years will be like. Some would like to live on an island, near the beach. Others would prefer to settle down in a cosy home with family. Regardless of what you want in your golden years, it’s important to prepare for the expenses that come with it.

Your contribution plan should support the lifestyle you want when you retire. Getting advice from a professional will help you adjust your scheme in order to achieve your goals in the future.

Need Hong Kong pension advice? Consult Pyrmont Wealth Management today.