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Good news for Brits with UK pensions!
Do you have a UK company pension? Have you been a UK non-resident for 5 consecutive years? If the answer to both is ‘yes’, you could now be eligible to take your pension offshore, free of tax!
For years, British expats have faced insurmountable difficulties when dealing with UK pensions. However, recent legislative changes mean there are now tax-efficient methods of transferring UK pensions offshore.
On April 6th, 2006 a host of new regulations for pensions were introduced. An unintentional by-product of the legislation means that British expats can move their UK pensions into ‘recognised’ overseas schemes without the usual tax levy.
These schemes are known as QROPS (Qualifying Recognised Overseas Pension Scheme). A QROPS has to be registered in a country with an acceptable regime of pension legislation (Singapore for instance) and must allocate a substantial percentage of the funds transferred to providing an ‘income for life’ for the investor. As a result, peace of mind is achieved along with substantial tax advantages.
Your pension funds can be transferred into a QROPS, free of tax, if you are (or will be) UK non-resident for at least 5 complete, consecutive tax years. You will be able to take control of the funds personally.
This is a relatively new area of UK expat pension planning so it remains to be seen how the taxman will tackle early withdrawals or non-residents taking full lump sums after 5 years, without any tax charge.
But the benefits are clear – you now have an opportunity to consolidate pension rights, invest into a single offshore vehicle without tax penalties and, crucially, have tax-free access to those funds. The UK requirement to use the funds to purchase an annuity by age 75 no longer applies.
However, pensions are complex, so it’s important to consult an advisor with the proper qualifications and experience. And that’s where we come in. We can help you decide whether a QROPS will be the most suitable option for your pension savings.
For further information call us at 02 654 1150 or
e-mail: ROSIIP@lawtonasia.co.th
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Commodities
In order to be successful in investing in commodities (agriculture, energy, base and precious metals) it is important to adopt:
• Diversified exposure
• Active management, and
• A stop-loss strategy across the entire portfolio, providing downside protection |
Demand/Supply fundamentals, inflation/currency considerations and Political concerns are all still positive for commodities.
The return outlook for the next 5-10 years is very favourable due to:
• Global underinvestment in infrastructure
• Low inventory levels, and
• Emerging markets increasing demand |
We have indentified a fund, which encompasses all the above criteria, and is available in USD, EUR and GBP, share classes, with weekly liquidity.
A diversified investment portfolio should have a level of exposure to commodities as an important asset class, and any pull backs in spot prices should be seen as buying opportunities.
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Between a Rock and a hard place.
The on-going problems of the UK bank Northern Rock highlight the case for purchasing D&O (Directors & Officers) insurance through a knowledgeable broker.
According to The Telegraph newspaper, “Royal & SunAlliance, the bank's current underwriter, has already received 82 potential claims against former management.” However, the bank has had to turn to its brokers ‘to resolve its frustrations with what is clearly an extremely complex claim”. The insurance publication, Post magazine quoted an industry source as criticizing the bank for placing its insurance directly with RSA, “ Clients that place their insurance programmes directly with carriers do not necessarily have the ability to relate to the insurance company when claims happen.” Northern Rock have called in their brokers because of their “specialist ability to manage and advise clients through the claims process — and get the claim paid”
What is D&O insurance?
At its most basic, D&O insurance protects the directors and officers of a company from liability arising from actions connected to their corporate responsibities. In recent years, D&O liability insurance has become a core component of corporate insurance. Claims typically come from shareholders, customers, regulators, and even competitors (for anti-trust or unfair trade practice allegations).
If you’d like to know more about D&O insurance, please contact Khun Pantaya Phonglaohaphan at pantaya@lawtonasia.co.th
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Audrey Spence appointed
Regional Healthcare Business Development Director
Prior to joining LawtonAsia/ Higgins Insurance & Investments Audrey enjoyed a successful career in the UK where she was Regional Sales Manager for a major healthcare insurance provider, before setting up her own business and going on to become a leading authority on company healthcare insurance.
Audrey's company, private healthcare specialist I H S, was so successful that in late 2004 she received the award for "Best Newcomer Intermediary" at the 2004 UK Health Insurance Awards.
Audrey's role in LawtonAsia will be to help us grow our client base in the region by providing the best available advice to both individuals and the corporate market.
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New Appointments
To continue providing the highest standards of service to our clients, we continue to recruit high-calibre, multi-lingual staff. We are pleased to welcome the following into our organization:
( from left: Khun Chaiyuth, Khun Krittiya and Khun Pathompong) |
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Khun Chaiyuth Daoset
Position : IT Administrator
Khun Chaiyuth obtained his BA in Management Information Technology Science from Mahasarakham University in 1999. Prior to joining LawtonAsia he worked for KK Wealth Management where he implemented and managed their network systems and databases.
Khun Krittiya Thungkanai
Position : Account Executive, Employee Benefits
In her 4-year career to date, Khun Krittiya has worked for both an insurance broker, Infinity, and an investment company, DS Futures. In both companies her responsibilities included information processing and dealing directly with clients.
Khun Pathompong Kaewboonruang
Position : Claims Service Executive, General Insurance
Joining on February 1st, Khun Pathompong has over 5 years General Claims experience in the Thai insurance industry. He spent 2 years working with Deves Insurance and 3 years with Dhipaya Insurance where he was responsible for Miscellaneous Claims and Marine and Aviation Claims.
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New Products/ New Providers
We are pleased to confirm two ongoing strategic deals with respect to international medical insurance. We are pleased to welcome LMG and Morgan Price to our portfolio of international healthcare insurance providers.
Morgan Price, a UK company with whom we have had a long term business relationship has as its sole aim, to provide top quality international health insurance to expatriates all over the world. LMG Insurance Company Limited, officially founded in 2004, is a member of one of the world's largest financial organisations "Liberty Mutual Group, U.S.A."
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All the fun of the Fair
In keeping with LawtonAsia’s policy of providing sponsorship and support for international schools in Thailand we were happy to join forces with the International Schools Association of Thailand (ISAT) at the recent International Schools Association Fair, Bangkok.
The event, in co-operation with the Department of Export and Promotion, was held at the Queen Sirikit National Convention Centre from February 1st – 3rd.
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Networking on the Eastern Seaboard
LawtonAsia, together with the British and Irish-Thai Chambers of Commerce, recently arranged a joint networking evening in Pattaya for members and companies working along the Eastern Seaboard.
The event was well attended and LawtonAsia staff were on hand in numbers to offer advice on everything from corporate medical schemes to hangover cures.
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Golf for a good cause
In mid March, LawtonAsia was pleased to be able to sponsor one of the holes in the 13th annual Charity Golf Tournament to benefit Father Joe Maier’s Human Development Foundation. This very popular competition was played at the Vintage Golf Club and was followed by a charity auction.
All proceeds from the event were donated to Father Joe Maier’s Human Development Foundation to aid in the foundation’s programs for Bangkok’s poorest children. These programs include Shelters for abandoned children and Pre-schools for children from slums.
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Premier International Healthcare
Comprehensive worldwide medical insurance
Premier Hotline now:
02 654 1170
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Contact Us:
Lawtonasia
5th Floor, M Thai Tower,
All Seasons Place, 87 Wireless Road, Lumpini, Pathumwan, Bangkok 10330 Thailand
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