How are you at managing your Finances ?
By Chris Webb
This article is published on: 17th July 2014
As the old saying “Practice Makes Perfect” seems to suggest, we are bound to improve at everything over time. However, there is something about “money” that just appears to get the better of us. Nowadays, we only need to look at the level of debt defaults to see that this is an area where most of us just don’t seem to be making much progress or improvement.
Here are just a few reasons why people, in general, do not successfully manage their finances:
- They have never been able to predict what the market will do next. However, this doesn’t deter them from trying to predict the markets!.
- They’re thrilled that the credit card they’re paying 22% interest on offers 1% cash back!
- They think dollar-cost averaging is boring without realizing that the purpose of investing isn’t to minimize boredom.
- They try to keep up with friends and family without realizing that friends and family are actually in debt.
- They think €1 million is a glamorously large amount of money when, actually, it’s what most people will need as a minimum in retirement!.
- They associate all of their financial successes with skill and all of their financial failures with bad luck.
- Their perception of financial history extends back about five years. This leads them to believe that bonds, for example, are safe and that the average recession is as bad as the recession of 2008.
- They don’t realise that the single most important skill in Finance is control over your emotions.
- They say they’ll take risks when others are fearful but then they seek the foetal position when the market falls by 2%.
- They think they’re too young to start saving for retirement when realistically every day that passes makes compound interest a little less effective.
- Even if their investment is over a period of 20 years, they get stressed when the market has a bad day.
- They size up the potential of investments based on past returns.
- They use a doctor to manage their health, an accountant to manage their taxes, a plumber to fix their plumbing. Then, with no experience in the financial market, they go about their own investments all by themselves.
- They don’t realize that the financial “expert” giving advice on TV doesn’t know their personal circumstances, goals or risk tolerance.
- They think the stock market is too risky because it’s volatile, without realizing that the biggest risk they face isn’t volatility. The biggest risk is not growing their assets sufficiently over the next several decades.
- When planning for retirement, they don’t realize that their life expectancy might be 90 years or more.
- They work so hard trying to make money that they don’t have time to think about or plan their finances, especially for those days when work will no longer take up all their time.
You may read this, identify a few points that relate to your own position and now find yourself asking “What can I do about it though?”
Without doubt the answer to that question is to seek professional advice so speak to a qualified and regulated Financial Planner. They will be able to analyse your position from both an investment and an emotional perspective, ensuring that your plan of action is tailored to you as an individual.
You should expect a detailed consultation process and only after this process has been completed can the correct advice be presented, ensuring you avoid the pitfalls detailed above.
The steps to the consultation process are as follows:
- A full and thorough financial health check on your current and future situation including the completion of a Financial Review questionnaire.
- Identifying areas of strengths and weaknesses in your financial planning and understanding your specific goals.
- Designing a strategy to help ensure your financial aspirations are met. Also reviewing any existing portfolio’s to ensure they are working effectively and efficiently.
- Once your strategy has been finalised, a full financial report based on your Financial Review will be provided to you along with a concise recommendation.
- Ongoing consultations consisting of regular monitoring of your selected strategy and face to face meetings to ensure that your financial goals are achieved.
To explore all of your options and to discuss how this consultation process can benefit you please contact your local Spectrum IFA Group consultant.
An insight into the good things happening with Spanish Tax
By Barry Davys
This article is published on: 16th July 2014
We are pleased to report that there are a number of proposed schemes to reduce the amount of tax paid in Spain. The proposed reductions in tax apply to personal income, corporation and savings (capital gains) taxes. This will reduce the burden of taxes and some schemes, such as the “Beckham” scheme for retired people, if it passes from a proposal into law, will be particularly beneficial.
Yet it is curious that these proposed changes are getting so much press. In some cases, the proposal is simply to reduce tax back to where it was before the crisis. In addition, there are already other schemes which have already passed into law which are very useful for people living in Spain. For example, if you live in Spain but work outside Spain there is an exemption from income tax for the income from that work. The maximum allowance is 60,100€ per annum. Mark Twain’s famous quote “reports of my death was an exaggeration” could also be applied to the “Beckham” scheme. There is still a version of this scheme which can be extremely beneficial for people who wish to sell property outside of Spain.
Then there is the taxation of pensions and investments. In the best case, and I emphasis this is the best case, the taxation on pension income and investment income can be as low as 3.25%. A recent report in the press was highlighting a proposed detrimental change in taxation to dividend income without also mentioning this other rate of investment tax.
During the next 6 months there will be up to 17 changes in tax in Spain. Most of the changes will be beneficial. We work with a number of tax lawyers and specialists and we give clients access to these experts for a reason. Spanish Tax need not be painful, but you do need someone on your side who knows their way around the system.
We recommend a strategy for making the most of the changes by taking the following action:
- Have a review of your Spanish Tax situation to ensure you are compliant.
- See if there are any back taxes you can claim for the last four years
- Use the most appropriate of the new rules when they are passed into law (you can only do this if your affairs are in order).
Are you thinking about starting a pension in France?
By Amanda Johnson
This article is published on: 15th July 2014
I have been working in France for several years and feel I should now be looking at long terms plans & pensions, but don’t know where to start. Can you help me?
There are many people who, like myself, have come to France to work. Once your business is established it is sensible to start to think about your longer terms financial goals:
- At what age would I lie to retire or reduce the number of hours I am working?
- What UK pension can I expect to receive bearing in mind I am no longer paying National Insurance contributions?
- What can I do with any private UK pension pots I have from my time working in the UK?
- How much income do I think I will need once I retire in France?
- What can I do to maximise my income & minimise my tax when I retire?
A free financial consultation will allow us to cover all of the above questions and look at options based on your personal circumstances, which will allow you to best plan ahead. Several small decisions now, can make a great difference to your future quality of life.
There are no consulting fees for providing you with advice or ongoing service. Our Client Charter outlines how we work and what you can expect from us. Please do not hesitate to ask for a copy of this.
Whether you want to register for our newsletter, attend one of our road shows or speak to me directly, please call or email me on the contacts below & I will be glad to help you. We do not charge for reviews, reports or recommendations we provide.
Discussing investment risk
By Spectrum IFA
This article is published on: 11th July 2014
When talking to clients, Financial Advisers are required to consider investment risk. There are many risk profiling tools available for advisers to help understand a client’s attitude to risk but what happens next?
When I joined the industry, understanding risk was much easier than today.
Cash in the bank was considered low risk or even no risk at all. Government Bonds were considered slightly higher up the risk scale and Equities (shares) were higher risk again. Property was not considered risky and gave its name to an English expression, “Safe as Houses”.
In 2008 everything changed. Banks failed, Governments were under financial stress, Stock Markets fell. Do these events mean advisers should tell clients everything is high risk?
Banks are being recapitalised and in the European Union, Governments guarantee the first €100,000 of a bank deposit.
Two caveats to this, the type of account;
- not all accounts carry the guarantee and
- the guarantee is by banking group, not individual bank. If a depositor has money in 2 banks but they are part of the same group, then only €100,000 is protected.
We are all feeling better about the strength and security of banks so that is the good news. What about the deposit rates we are being paid? Is there an inflation risk we should be concerned with? If inflation is running at a rate greater than the deposit interest we are being paid, we are losing money in real terms aren’t we?
We have also seen Countries in financial difficulty and even being bailed out. Is it therefore always sensible to hold Government Bonds? What hap¬pens to bond values if interest rates rise? Is there a risk the value of Bonds would fall.
We have seen volatility in Equity markets with some large companies having financial difficulties. At the same time some companies are doing very well, are cash rich and are paying good dividends. Regulators tell advisers we need to understand our client’s attitude to risk and provide solutions to our clients that match those attitudes. The regulators do not yet tell us which asset class¬es represent high risks or low risks. Is it therefore good advice to tell a cautious investor to leave their money on de¬posit at a bank? Almost certainly not. How do we advise a client who wants no risk and a return in excess of inflation? It’s not an easy job.
Our feeling is that the only advice we can offer is to spread the risk, diversify in terms of asset classes, pay attention to liquidity and fully understand any product or portfolio. Now is certainly not the time to have all one’s eggs in one basket!
This article is for information only and should not be considered as advice.
This article appeared in Trusting #6 and was written by Michael Lohdi, Chairman of The Spectrum IFA Group
More on risk and investing in different assets
Organize and simplify your financial portfolio
By Spectrum IFA
This article is published on: 9th July 2014
SIMPLICITY: freedom from complexity, intricacy, or division into parts: an organism of great simplicity.
In the course of my travels working alongside expat communities, one of the most frequent complaints raised by retirees is how complicated, tiresome and difficult it is to keep tabs on their financial affairs, primarily because they seem to have a host of different people advising them on a number of issues. So rather than enjoying their well-earned retirement, a lot of people seem to devote an excessive amount of time managing their financial affairs whilst trying to keep up to date with changes in the markets and changes in legislation etc.
This was confirmed by a recent survey of investors where 55 percent responded with the statement, “I am trying very hard to simplify my life”. This was up from 48 percent in the previous year. It seems that most people want simplicity in their lives but the truth is that many just don’t know how to go about it. We live in a world of i-phones, i-pads, e-statements and social media – we are constantly online and constantly contactable and so it is difficult to truly switch off.
One of my services is to help clients simplify their financial lives, eliminate clutter, organise accounts and streamline how they manage their money. This is where I can truly add value.
I help my clients to be as efficient as possible with their day-to-day money management by showing them how to make the best use of banking facilities in Italy (and save money in the process), showing them how to save money by paying bills online, using currency exchange services, looking at how to make the most of the tax credits in Italy, possibly moving UK pensions to other jurisdictions, wills, and managing investments more effectively.
By consolidating everything, you can reduce the levels of incoming mail and paperwork, avoid certain fees and also ensure that assets are properly diversified.
Example
In the course of a recent discussion with a prospective client I asked how their portfolio was being managed. He asked me to wait until he retrieved this information and, finally, some 10 minutes later produced approximately eight files each detailing different investments with a variety of companies.
On enquiring as to how each was performing and what their latest values were, he could not tell me, saying we’d have to obtain new statements and that he was “sick and tired of receiving so much investment correspondence, be it in the form of his own portfolio or marketing advice material that he seldom bothered to read through and normally threw them in the bin. At my suggestion we agreed to make another appointment and sit down, ring the various product providers and obtain up-to-date statements. Once this information was received we sat down and reviewed those elements that were performing well, those that were not so good and discussed what could be done to improve his overall situation. I recommended that rather than employing a financial planner, like myself, to manage the day to day investment management decisions, that based on the amount of money that he had invested, he should employ the services of a Private Client asset manager. In this way they could deal with the day to day investment matters and we could concentrate on how to minimise his cross border tax issues, reduce paperwork, and find ways to improve his overall financial position. This freed up time for him to concentrate on his other interests.
One Final Point
In this man’s situation he was clearly eligible for more sophisticated financial management than he had previously been used to, but was not aware he could access these types of services. Our job is to ensure all elements of your financial affairs are well maintained and that you get the best, based on your situation. By consolidating and streamlining financial affairs you have a real opportunity to help yourself manage the difficulties of cross border tax and financial issues that face expats living in Italy.
If you are over awed by the complexities of the Italian tax system or are concerned that you are not making the best use of tax breaks in Italy, or if you merely want your financial life to be simpler then you can contact The Spectrum IFA Group
Final Salary Pension changes: The Budget 2014
By Chris Burke
This article is published on: 5th July 2014
Further to the UK budget announcement earlier this year regarding UK Final Salary pensions, many are asking what their options are and how best to manage their final salary UK pension. The key concerns people have regarding final salary pensions are as follows:
Security of Final Salary Pensions
90% of UK company pension schemes are underfunded; that is to say the scheme no longer has sufficient funds to pay the full pension entitlement in retirement to all of its members. Due to improved healthcare and quality of life, people are living longer; this creates a greater burden on final salary pension schemes. The retirement age has risen over the years from 55 to 65; life expectancy in Europe has also risen from 67 to 84. Companies used to provide on average 12 years of pension income, now it is more likely to be 19 years.The figures no longer add up and so the ‘pension gap’ continues to widen. For these reasons final salary pension schemes are now mainly closed to new entrants. With no new scheme members, and thus no more contributions, there is no new capital covering the retired member’s incomes. There is a rising concern for how will this deficit be covered in future.
Should I leave my Finals Salary pension in the UK or transfer it out?
If you have a final salary pension in the UK you have three options. You can start receiving your pension before the normal retirement date, usually with a penalty, wait until the normal retirement age and receive an income, which usually rises with inflation, or you can obtain a Cash Equivalent Transfer Value (CETV). In the latter scenario you can exchange the promise of a retirement income for a pot of money you can manage and invest yourself, without the liability of the company scheme’s increasing deficit. Before considering this process, your CETV needs to be carefully evaluated against the benefits of a ‘guaranteed’ income (guaranteed so long as the company and pension scheme remains solvent). This evaluation depends on the return you could expect to obtain from your transferred pot against the currently ‘promised’ income from your current final salary scheme. It is very important to evaluate your options with a qualified financial pension planner to work out the risk, reward and suitability of a pension transfer for your individual scenario. Every personal pension situation needs to take into account your age, company scheme, your family, location and many other factors which are different for everyone.
How do the changes affecting the UK budget this year affect my Final Salary pension?
Perhaps the biggest change in the UK pension budget is that, from the age of 55, you can ‘cash in’ your UK pension while paying the marginal tax rate i.e. the income tax band that applies to you, based on your earnings in addition to the amount of your pension you are withdrawing as a lump sum. (This change is still going through consultation and we will know at the end of July if and when this new rule will be allowed to commence). However, this change applies only to defined contribution pension schemes, so how does this effect final salary pension schemes? Further to the increasing final salary funding gap, the UK government intend to prevent members transferring their final salary pensions into a personal pension cash pot. The main reason is that as scheme members leave, there is less capital and more strain on the scheme to recuperate the deficit for its remaining member’s retirement income. It could decimate the company pension scheme industry if members left at an alarming rate; many jobs would be lost. Therefore, if you want the option of transferring your final salary pension into a personal cash pot pension (defined contribution) your time to do this could be increasingly limited. Some analysts and institutions are forecasting that from late July 2014 transfers will be either blocked or have significant restrictions on who can transfer and where to.
What does all this mean?
If you want the choice of cashing in or transferring your final salary pension after a qualified evaluation of the benefits and drawbacks, you may have limited time to do so. Exiting from a final salary scheme could have a significant impact on your retirement income for better or for worse. The advice given must be founded on a close analysis of your financial needs and residential situation – therefore if you would like to know your options before they may be taken away, we recommend an evaluation as soon as possible.
Other Thoughts
A final salary pension, so long as the scheme is solvent, adheres to the rules of the administrator that created it i.e. an income for life linked to inflation, can be a good scheme. However, a final salary pension transferred into a cash equivalent value could allow much greater flexible benefits, which include, no early retirement penalty, no more currency risk, larger Pension Commencement Lump Sum, higher initial income and security your pension is now fully under your control. Of course, none of this even takes into account the fact that moving your pension outside of the UK means any money left after your death would go to who you choose as dependants, rather than currently a spouse and then predominantly the other company pension scheme members of which you were in.
QROPS Pension Transfer
By Chris Webb
This article is published on: 4th July 2014
If you ever worked in the UK, no matter what your nationality, the chances are you were enrolled in a private pension scheme. The UK government continues to tweak legislative changes affecting the expat’s ability to move this pension offshore. On the surface, these changes appear to limit transfer options, but in reality they have strengthened the legal framework offering expats continuing advantages.
Background
When you leave the UK, if you have a Final Salary pension, then your fund remains valid but is deferred and any increases will usually be limited to inflation until you reach retirement age. The pension income you then receive is taxable in the UK no matter where you are based in the world, you may be entitled to a tax credit if there is a Double Taxation Treaty in the country you reside. Once you die the pension will continue in the form of a spouse’s pension if you are married; otherwise it will cease. When your spouse dies, all benefit payments come to an end.
With a personal pension, if you take any part of your fund and then die before you fully retire, a lump sum can be paid to your spouse. Although this is exempt from inheritance tax there is a special lump sum benefits charge, also known as “death tax”, payable on the remaining fund. This is at the rate of 55% of the benefit amount, although the recent budget changes have advised that this is likely to be reduced in the near future.
In April 2006 Her Majesty’s Revenue and Customs (HMRC) introduced pension ‘A’ day. This liberalised UK private pensions and allowed people leaving the UK to transfer them overseas, often to a new employer. In doing this the UK complied with European legislation which allows all citizens the freedom of movement of their capital. Thus ‘Qualified Recognized Overseas Pension Schemes’ (QROPS) were born.
Implementation
QROPS are not necessarily the right thing in every single case. In order to decide whether it would be advantageous to transfer your pension or leave it in the UK, with the intention of drawing the benefits in retirement, please contact me so that I can carry out a personalised evaluation. There may be compelling arguments, outside of the evaluation alone, which are often overlooked and may affect you in the future.
One of these is that a large number of UK schemes are currently in deficit to the point that they will be unable to pay future projected benefits. This would mean that even though it looks as though there are arguments to leave your UK pension in situ it may actually be wiser to transfer it.
In order for you to make the best decision you need professional advice on what would be the best solution for you. This will entail seeking details of the current UK schemes, including transfer values, the types of benefits payable to you and options going forward when you get to a retirement date and when you die.
I have detailed below some advantages & disadvantages of a QROPS pension transfer, using the jurisdiction of Malta as a reference point.
Advantages
1. Lump Sum Benefits
If you transfer your benefits under the QROPS provisions to a Malta provider, in accordance with the rules of this jurisdiction, you may be able to take a pension commencement lump sum of up to 30% (unless you have already taken this lump sum from the UK pension). Under the current HMR&C (Her Majesty’s Revenue and Customs) rules to qualify for the lump sum option you must be age 55 or over. Your remaining fund is then used to generate an income without having to purchase an annuity. The 30% pension commencement lump sum is only available once you have spent 5 full consecutive tax years outside of the UK (in terms of tax residence), if you are within the first 5 years, we strongly advise you to limit the pension commencement lump sum to 25%.
2. No Liability to UK Tax on Pension Income
A non UK resident drawing a UK pension remains subject to UK tax on the income, unless he or she resides in a country that has a Double Tax Treaty (DTT) with the UK, which contains an article on pensions that exempts the pension from UK income tax. Transferring under the QROPS provisions ensures that, if tax is due on pension income, it will only be taxable in the country of your residence.
3. No Requirement to Purchase an Annuity
There is no longer a requirement to ever purchase an annuity with either your UK pension or in the event you make a transfer under the QROPS provisions.
Whilst the UK Government changed its pension rules in April 2011 so that you can now delay taking your pension indefinitely, in the event of your death after age 75 you are treated as if you had already taken benefits (whether or not you have actually done so) and there would be a 55% tax charge on the funds paid out to heirs. With a Malta QROPS there is still no need to purchase an annuity, however you must start to draw an income from age 70. The Pension commencement Lump Sum must be taken by this age or the option to take it after this age is lost.
4. Secure Your UK Pension Pot
Some defined benefit schemes in the UK are in deficit. Since the deficit forms part of the balance sheet of the company, this can present a huge risk to your pension fund. Transferring your UK benefits under the QROPS provisions could enable you to have full control of these funds without worrying about the financial situation of your previous employer.
5. Ability to Leave Remaining Fund to Heirs
Standard UK pension legislation significantly restricts the member’s ability to leave the pension fund to their heirs on death, except if death occurs before age 75 and no benefits have been paid to the member. Otherwise if a member has started to draw benefits prior to age 75, the remaining fund can still be paid as a lump sum to heirs, but less a tax charge equal to 55% of the lump sum (increased in April 2011 from 35%). If the member dies after age 75, then the tax charge remains at 55% (reduced in April 2011 from 82%) whether or not the member has received any benefits.
A transfer under the QROPS provisions will allow the member to leave lump sums without deduction of tax to heirs as can be seen more easily from the table below.
UK Pension
| Age | Benefits from Pension | Tax On Death |
| 55+ | PCLS | 55% |
| 55+ | Income* | 55% |
| 55+ | PCLS & Income** | 55% |
| 55+ | No PCLS, No Income*** | 0% |
| 75+ | PCLS, Income or nothing | 55% |
QROPS – Malta
| Age | Benefits from Pension | Tax On Death |
| 55+ | PCLS | 0% |
| 55+ | Income* | 0% |
| 55+ | PCLS & Income** | 0% |
| 55+ | No PCLS, No Income*** | 0% |
| 75+ | PCLS, Income or nothing | 0% |
PCLS – (Pension Commencement Lump Sum)
This table is based on the aim of paying out the remainder of the pension fund as a lump sum death benefit. There may however be other options than providing a lump sum death benefit.
*This is based on the remaining lump sum being paid out as a death benefit. A spouse could transfer the pension into their name and continue the income drawdown.
**There is an option of phased drawdown where you could take part of your PCLS allowance and part income. The remaining portion of the fund that you have not taken the PCLS or income from could continue to be paid out with no tax up to the age of 75.
***There will be no tax up to the age of 75 if you have not taken any benefits from your plan.
6. Currency
A standard UK pension will usually only be invested and pay benefits in Sterling, which means the member runs an exchange rate risk in respect of pension income, in addition to incurring charges in converting the pension payments to the currency of their country of residence.
A transfer under the QROPS provisions means that the pension payments can be made in the local currency, thus potentially eliminating exchange rate risk
7. Lifetime Allowance Charge (LTA)
This is a restriction on the total permitted value of an individual’s total accrued fund value in UK registered pensions, currently £1.5m. Those who exceed this value face a potential tax liability of 55% on the excess funds on retirement at any time when there is a “benefit crystallisation event” that exceeds the LTA. A benefit crystallisation event is any event which results in benefits being paid to, or on behalf of, the member and so includes transfer values paid to another pension scheme, as well as retirement benefits.
The UK Government have advised that the LTA will be reduced to £1.25m from 6 April 2014. (This was reduced in 2012 from £1.8m to £1.5m).
There is no LTA within a QROPS so transferring larger plans to a QROPS may not be caught in this reduction in the future. Careful planning will be needed with your adviser if you are close to the limit in the UK.
Disadvantages
1. Charges
If you have a pension(s) with a combined transfer value of less than £50,000 then the charges may be prohibitive.
2. Loss of Protected Rights
A transfer under the QROPS provisions may result in the loss of certain protected rights, including Guaranteed Annuity Rates, Guaranteed Minimum Pension, a protected enhanced lump sum, or rights accrued under a defined benefit scheme. (These are shown in the section “Analysis of Your Existing Pensions”).
3. Returning to the UK
If you return to the UK, then the QROPS administrator will have to report this ‘event to HMRC and the pension scheme will become subject to UK pension regulations again.
If it is your intention to return to the UK in the near future then a transfer under the QROPS provisions is usually inappropriate.
The Spectrum IFA Group attends the Fund Forum International in Monaco
By Spectrum IFA
This article is published on: 27th June 2014
Since its launch in 1989, FundForum International has grown in tandem with the fund management industry on its journey from small regional performers to dynamic global industry. FundForum International has built up a formidable reputation as the world’s leading asset management event for both cross-border and boutique players, bringing all the top performers, global leaders and industry trailblazers together every year to discuss the most pressing issues concerning their market. It offers delegates an unsurpassed level of networking with the most well-respected industry heavyweights from across the globe.
Michael Lodhi and Peter Brooke from The Spectrum IFA Group attended numerous key note speaker sessions. Commenting on this recent event, Peter Brooke says “Keeping a close eye on the global fund management market is vital for Spectrum and in turn our clients. This forum allows us to talk to a wide variety of funds managers and gain further insight into their strategies. This year the emerging markets, frontier investments and especially Africa got a lot of attention.”
This year’s conference also had a more positive slant to it than previous post crisis years The main issues are no longer the market crisis, but how the turbulence changed regulations for the industry. In his opening comments Tom Brown, Global Head of Investment Management at KPMG, said “The industry is in good shape. Investors are investing. The markets and the economies seem to be growing. And asset-management businesses are feeling optimistic and positive about the future.”
There was still very much a focus on how we as an industry (advisers and fund managers alike) need to engage with our customers to help them invest for their long term financial health. Demographics aren’t changing, we live longer but save little and won’t be able to rely on government. This is a major issue for many millions of us. Fortunately this is also a big opportunity for high quality companies to work closer with their clients to fill this enormous gap
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Pilot Loss of License and Loss of Training Expenses Insurance
By Chris Burke
This article is published on: 26th June 2014
Aircrew undergo many years of hard work at substantial expense to attain their aviation license. However, a commercial pilot’s career and income are always at risk should they suffer serious injury or deterioration in health.
Pilots Loss of License Insurance provides financial support should your aviation career end abruptly; it provides stability while you retrain for a new career. Policies are available on an individual basis should your employer not provide it; similarly members can ‘top up’ their coverage in addition to their company’s existing group policy.
Loss of license insurance is specifically designed for pilots. As such, it negates many of the associated limitations of traditional group insurance products. For instance permanent health and critical illness insurance policies may provide limited cover and significantly reduced benefits in the instance of losing your license.
Who can we insure?
We can cover any individual commercial, fixed rotary or wing pilots including flight instructors, who hold a current license and who are gainfully employed, and actively at work.
Alternatively, if you’re interested in a group policy, please email us directly at chris.burke@spectrum-ifa.com
Key benefits
- Lump sum payment
- Monthly temporary benefit option
- Continuous coverage
- Full psychological illness cover option available
- Market leading cover for alcohol and drug related illnesses
- No extra charge for rotor-wing pilots
- Worldwide cover
I have worked extensively with aviation companies and individuals alike, please do not hesitate to contact me with any questions.
Click here for a quote on Pilots Loss of License Insurance
Spectrum crosses the finish line with Le Tour de Finance
By Spectrum IFA
This article is published on: 23rd June 2014
The recent Tour de Finance has come to a triumphant conclusion. The latest tour covered nine locations throughout France following other events in Spain and Italy earlier in the year.
The events are a chance for expats to gather in an informal setting to listen to a wide range of financial experts discussing various topics relevant to living overseas as an expat. The sessions are relaxed and are a great chance for expats to meet other like minder people and to also get those valuable questions answer relating to financial issues as an expat.
Le Tour brings together experts covering areas such as QROPS, Taxation, Wealth Management and Investments, together with Currency Transactions, Banking and Health Care Provision.
Le Tour de Finance will be back in the autumn, so if you’d like more information on the future locations please contact us via the form below.
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For more information on Le Tour de Finance, please complete the enquiry form below.
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