QROPS and the cost of Retirement

Many experts believe that in the aftermath of the global market turmoil, we will be left in an ever increasing world of inflation. Added to the bad news is that according to a recent report, pensioners are suffering a much higher rate of inflation than expected.

The research showed a rate of around 9%. The cost of living has increased with pensioners electricity bills rising by up to 17% over the past year. Gas has risen by a shockingly 22% to 35%!

The cost of retirement can be significant, taking control of your pension while you can is one of the most important financial decisions you can make. Beating inflation is of prime importance.

Due to this inflation, deciding what annuity to buy is becoming a tricky decision for many. In general two choices are available; take a flat rate annuity that pays an initial higher income but is eroded by inflation or buy an escalating annuity that pays a lower rate initially but rises each year.

Hundreds and thousands of individuals with UK pension are retiring or moving overseas. This is opening up many investment opportunities and since 2006, allowing them to transfer their UK pension to a QROPS. Transferring to a QROPS removes the need to ever buy an annuity. Leaving you with the freedom of investment and the real ability to position your pension to beat inflation.

QROPS Adviser offers a free pension review and can advise you on what steps to take to make the most out of your pension funds. Contact QROPS Adviser experts today by filling in the contact form here.