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THE DEUX-SÈVRES MONTHLY

Ask Amanda.

Money Talk...

After reading  an   article  in   a  mainstream  UK   newspaper  recently,  a  customer  asked  me;  

Following on   from   last   month   here   are   some   more   ways   of   transferring  monies  with  Currencies  Direct:

“I understand that when I come to retire I can take my UK private pensions & purchase an annuity. I saw recently how someone had done this and taken an option which gave maximum income now, but provided no benefit to the spouse in the event of death. Their partner had died & now their widow received nothing. Is there a way to use my private UK pensions more effectively as the money forms part of our long term French plans?” Helping people  to   get   the  best  out  of   their   private   pensions  is   an   area  where  I  spend   a  lot   of  time.  It  is  possible  to  provide  UK  expats   with  certain  flexibilities  not  enjoyed  by  UK  residents  when  it  comes   to   private  pensions.  Since  2006,   expats  have   been  able   to   move   private  &  company   pensions   into   QROPS   (Qualifying   Recognised   Overseas  Pension  Schemes). QROPS  can  be  a  way  to  enhance  pension  flexibility  through: • Reduced  taxation  in  the  event  of  your  death. • Increased  investment   choices  which   are   in   line  with  your   own   attitudes  to  risk. • The   ability   to   change   your   investments   should   your   circumstances  change. • Protection  against  currency  risks. • The   ability   to   pass   benefits,  in   the   event   of   your   death,   onto   whomever  you  wish;  however  you  wish. QROPS   are   not   suitable   for   everyone  and   it   is   important   to   get   professional  advice  from  a  company  located  and  regulated  to  offer   financial   guidance  in   the   country  where  you  live  before  you  make   any  decisions. The   Spectrum-­‐IFA   Group   charges   no   fee   for   consultations.   This   allows   you   to   explore   whether   a  QROPS  is  right   for   you   without   incurring   up-­‐front   costs;   we  get   paid   by   the   companies  we  deal   with.  Please  ask  for  a  copy  of  our  customer  charter   which  explains   how  we  work. If  you  have  any  questions  that   you  feel  I  may  be  able  to  help  you   with,  please  “Ask  Amanda”   or  use   the   contacts   below  and   I  will   call   you   to   discuss   your   questions   and   arrange   the   most   appropriate  answer.  

Amanda Johnson,  The  Spectrum  IFA  Group.  Tel:  05  49  98  97  46 Email:  amanda.johnson@spectrum-­‐ifa.com or “Ask Amanda” at finance@thedeuxsevresmonthly.fr

by Sue Cook

Limit orders Limit   orders   are  a  great   way   of   achieving  the  rate   you   want   and   ensuring  you   don’t   miss   the  exchange  rate  when  the  markets  are   moving.  If  the  exchange  rate  is   close  to  where  you  want  it,  you  can   target  your   desired  rate  with  your   dealer  using  a  limit  order  which   monitors  the  rate  24/7.  As  soon  as  the  rate  reaches   an  achievable   level   for   us  to   buy  your   currency,  then   your   limit   will   trigger   the   purchase  of  your  currency.  These  deals  are  good  until  cancelled,  so  if   the  rate  doesn’t   reach  the  level  you  want  it   to   in  the   time  frame   available,  then  you  can  cancel  the  contract  at  no  extra  cost. Contract  Type

Spot

Min. amount

No min.

£10,000 £10,000

n/a

12 mths 12  mths

Max. length  of   contract

Forward Time Regular   Op4on   Transfer £150

Limit

£20,000

Good unol   Good  unol   cancelled cancelled

No deposit

10%

10%

No deposit

No deposit

Transfer dates

n/a

n/a

n/a

1st,10th, 15th, 20th,   25th

n/a

Transfer fees

No fee

No fee

No fee

No fee

No fee

Deposit*

*Depending on  the  size  of  the  transfer  and  the  length  of  the  contract,  deposits  can  be   nego6ated

Rate watch This  is   a   service  that   our  dealing  team  provide  for  registered  clients   looking  to  move  their  money  overseas.  If  you  wish  to  be  informed  of   movement   in   the  market   to  allow   you   to   make  the  most  of  your   money  when  you  transfer  it,  then  your  dealer  can  call  you  to  tell  you   which  way  the  market  is  moving  to  help  give  you  all  the  information   you  need  to  make  a  decision  on  when  to  transfer  your  money. iPayFX Our   new  online   international   payments   system   designed   to   make   online  international   payments  easy.  You   can   store  your  beneficiary   details   on   the   system,   make   regular   payments,   add   new   beneficiaries  or  edit  existing  ones  whenever  required.  iPayFX  has  live   market  rates  which  constantly  change  with  the  fluctuating  market   so   you  benefit  from  the  most  current  market  position.  Once  you  agree   the  rate,  it  is  locked  in  and  you  know  exactly  what  price  you  will  pay   for   your   currency.   You   can   review   a   statement   of   all   your   transactions  in  the  system  providing  you   with  a  record   of  all  online   payment  platform  payments. I  hope  this  information   has  been  helpful   please  do  not  hesitate  to   contact  me  if  you  have  any  questions.  

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DSM-July13online  

English language magazine for the French department of Deux-Sèvres