THE DEUX-SÈVRES MONTHLY
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 firstname.lastname@example.org
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
12 mths 12 mths
Max. length of contract
Forward Time Regular Op4on Transfer £150
Good unol Good unol cancelled cancelled
1st,10th, 15th, 20th, 25th
*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.