Craig McConnon

  Thousand of people immigrate to different countries each and every year, but what happens to your pension? Before you jump on a plane and start your new life in a completely different country, you may want to take a closer look to how it is going to impact your pension along with any taxes payable. The majority of people will possibly have two pensions. The first is their British state pension and the other is a pension done through their work. Anyone who currently qualifies for a UK state pension can make to any EU country and is protected by the current triple lock. In addition t this, there are seventeen other countries that in agreement with the UK offer an annual increase. Countries such as South Africa and Australia, Canada and New Zealand are all frozen right now at the same rate. Right now if you decide to draw your state pension in South Africa for example, you will only receive £159.55 and that is for life with no increases, so this is something you d...

A tax loophole could mean that thousands of the lower earners are losing out when it comes to tax relief on pension contributions. This could apparently be the scandal of the future, according to a former pensions minister in the United Kingdom. This isn't the first time that this issue has been flagged. This loophole is affecting many non-taxpayers who are saving for the future in certain pension plans. The issue is a result of the method in which pension schemes increase the pension savings of individuals. Anyone who is contributing to a pension in the United Kingdom is entitled to a Government bonus. This includes non-taxpaying individuals. This bonus is paid out at a marginal rate of income tax as a tax relief for taxpayers. Those who do not pay tax as they earn below the taxable income per year are entitled to the bonus based on an overall cap. The minimum annual salary to quality for the bonus is £11,500 per annum. For any non-taxpayer, they can pay i...