I have been contacted about making changes to some pension schemes that I have back home in the UK. While I am not comfortable dealing with anyone who cold calls me, I would be interested to know if there are any real benefits to me in doing this, so would be grateful for your unbiased opinion. CE, Abu Dhabi
It seems that CE has a number of UK pension plans, both personal arrangements and one from a previous employer. The pensions are of sufficient size for it to be worthwhile for them to be consolidated and so reduce paperwork. Whether a Sipp (self invested personal pension) or a QROPS (qualified recognised overseas pension scheme) is most suitable depends on his circumstances, but a Sipp is often best, unless you have been out of the UK for a long time or do not intend to return due to the legal and tax structure and charges that are likely to be higher than you are paying currently for a Sipp. A QROPS can be appropriate but many have been mis-sold as some kind of wonder pension that allows someone to get around HMRC (Her Majesty's Revenue & Customs - the UK tax authority) rules, whereas the penalties for breaking the rules are substantial. Unlike a QROPS which is an overseas pension arrangement, a Sipp remains a UK pension plan, albeit one with far more choices regarding structure, investment and the drawing of benefits than a standard personal pension. For the personal arrangements it is a question of charges and preferences, but a properly arranged and managed consolidated scheme will have much better investment options and so the potential for a higher return - provided it is properly managed. Sadly, this is where I see a lot of problems. When it comes to company pension schemes, the underlying guarantees and scheme funding situation must be properly reviewed, as it is not always in the individual's interest to make changes. As ever, unbiased, qualified advice should be sought.
Keren Bobker is an independent financial adviser with Holborn Assets in Dubai. Contact her at keren@holbornassets.com
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
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UAE currency: the story behind the money in your pockets
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Why your domicile status is important
Your UK residence status is assessed using the statutory residence test. While your residence status – ie where you live - is assessed every year, your domicile status is assessed over your lifetime.
Your domicile of origin generally comes from your parents and if your parents were not married, then it is decided by your father. Your domicile is generally the country your father considered his permanent home when you were born.
UK residents who have their permanent home ("domicile") outside the UK may not have to pay UK tax on foreign income. For example, they do not pay tax on foreign income or gains if they are less than £2,000 in the tax year and do not transfer that gain to a UK bank account.
A UK-domiciled person, however, is liable for UK tax on their worldwide income and gains when they are resident in the UK.
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
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UAE currency: the story behind the money in your pockets
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Expert advice
“Join in with a group like Cycle Safe Dubai or TrainYAS, where you’ll meet like-minded people and always have support on hand.”
Stewart Howison, co-founder of Cycle Safe Dubai and owner of Revolution Cycles
“When you sweat a lot, you lose a lot of salt and other electrolytes from your body. If your electrolytes drop enough, you will be at risk of cramping. To prevent salt deficiency, simply add an electrolyte mix to your water.”
Cornelia Gloor, head of RAK Hospital’s Rehabilitation and Physiotherapy Centre
“Don’t make the mistake of thinking you can ride as fast or as far during the summer as you do in cooler weather. The heat will make you expend more energy to maintain a speed that might normally be comfortable, so pace yourself when riding during the hotter parts of the day.”
Chandrashekar Nandi, physiotherapist at Burjeel Hospital in Dubai
Jawan
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