James is a 50-year-old British expatriate who has worked internationally during his career. His postings had seen him work in the UK, USA, France and South Africa before a consultancy role brought him to Hong Kong 6 years ago. He is married without children, and his wife is no longer working. He had several pensions from different employers in addition to an AVC (Additional Voluntary Contribution Scheme) to supplement his pension pot. A few years ago, he sold his UK property and invested most of the proceeds into a Personal Portfolio Bond (PPB) and a vacation home in Thailand, which he paid for in cash. His family and friends still live in the UK, but he is not planning to return for retirement.
Taking Back Control
James came to Platinum to simplify the five pension plans for his retirement in Asia. His current retirement plans were all paid up (no longer taking contributions). However, a thorough investigation by the Platinum consultant with the providers found some still had high ongoing charges. One had a significant penalty charge for transfer to any other scheme outside the UK.
Platinum’s Consultant conducted a Financial Planning Profile to determine James’s objectives and henceforth recommended consolidating his pensions into one scheme through a SIPP (Self Invested Personal Pension Plan). Doing this will not trigger significant surrender penalties, and James would benefit from a wider range of investment options under one, lower charging platform.
James now has access to an investment platform with an open architecture which means a much more comprehensive range of funds than the limited range available with his previous plans. Whilst James is interested in fund investment as a hobby, he opted to use Platinum’s ‘Discretionary Managed Service’ to have his funds professionally managed so that his money is sure to follow the line of his plans for retirement in Asia
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