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Pensions

Posted by Taniwha - Created: 14 years ago
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What do people working down here do about contributing to a pension scheme? I hesitate to start contributing to a private scheme, as I've already been ripped off twice by endowment and life insurance salesmen. Also there would be the complication of what currency to pay in with, and whether I could take the policy with me if I moved to another country. Best to just not bother??

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5 replies (Showing replies: 1 to 5)

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Posted by Woodrow-191365 - 14 years ago

Hi

Would you like to receive professional advice on how best to structure your income and assets for taxation purposes on an international basis?

I work for a company in Sophia & Antipolis whose founder is British and a Professor of International Taxation.

Mark

 

 

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Posted by Taniwha - 14 years ago

Thanks legend, that is more or less what I suspected and feared. I really have no idea where I will be living in 20 years so it would seem rather unwise to contribute to anything in France or UK. I suspect the solution is to invest in property and hope for the best.

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Posted by legend_in_my_lunchtime-182603 - 14 years ago

quote:you are eligible to fund a UK pension and still receive the tax rebate/relief.

Tax relief is not the only measure of an efficient private pension scheme but it has to be pretty high up on the list - so sure, it is wise to hook into a scheme that gives you "gross" contribution value.

My understanding of UK tax law is that tax relief at source (i.e. grossed up contributions) on pension or life insurance was stopped except for policies established prior to 1987 or so and that now, to get tax relief, you'd have to deduct it from your tax to pay - therefore you'd need to be a UK tax payer to benefit.

As Taniwha mentioned "down here" in his/her original rquest, we assume he/she is asking about CdA possibilities.  The basic question of clarification would be : Are you employed (and paying tax) here?.

If "No", then go choose a solid international haven like Liechenstein or Jersey and make your own risk/balanced portfolio. Unlikelyto get tax relief but then, you are unlikely to be paying tax Portability guaranteed.If "yes", then you are in the French system which is not very welcoming to private pension schemes.  Nonetheless they DO exist as top-ups to the state pension (just as in the health system) and a good port of call would be through your trade union or professional rep (see your Convention Collective) to get an understanding of their approved schemes with preferential rates for both employees and employers (if you can twist his arm).  Failing that, the classic route in France is "assurance vie" which is totally tax free of capital gains after 8 years.  Portability to other countries of such a private French system?  I very much doubt it!

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Posted by Taniwha - 14 years ago

Can I pay into it in euros from a French account without getting massively stung by cross-border bank charges and exchange rate?

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Posted by dannybryson - 14 years ago

HI,

I work for the St. James's Place Partnership in London but have a few places in France (one in Cannes). If you have worked in the UK for any of the last few years, you are eligible to fund a UK pension and still receive the tax rebate/relief. Please let me know if you require more info.

 

regards

Daniel Bryson.

+442073331900