Pattaya Mail Web

 

BUSINESS 
HEADLINES [click on headline to view story]: 

Good news for non-resident U.K. retirees

ASEAN backs preparation of oil stockpiling roadmap

Nok Air submits restructuring plan to transport minister

Good news for non-resident U.K. retirees

Qualifying Recognised Overseas Pension Schemes (QROPS)

Graham Macdonald MBMG International Ltd.
Due to one of the European Commission’s “Four Freedoms”, the “Free Movement Of Capital Act”, designed to benefit natives of the European Union, an unparalleled tax break has arisen for anyone who has UK Pension Funds but intends to retire outside of the UK.
This EU Act has produced the Qualifying Recognised Overseas Pension Schemes (QROPS) with the legislation being passed by Her Majesty’s Revenue and Customs on Pensions “A” Day, 6th April 2006.
To help clarify the benefits of QROPS a comparison to traditional Pension Plans is shown here.
Please note that your QROPS only qualifies for the above benefits once you have been non-resident for 5 years.
The State Pension cannot be transferred to a QROPS but Protected Rights Funds and GMP may be, along with every other type of UK Pension Fund including Civil Service and Armed Forces Pensions.
It is advisable to deal with an Independent Financial Advisor (IFA) who has had many years experience in pension transfers. If your IFA cannot provide you with valuations and comparisons relevant to your own pension scheme, showing you all your options, then you should not go ahead as, in certain situations, transferring to QROPS may not be in your best interests.
Any reputable IFA will show you the full Pension Transfer Report which will be produced free of charge with no obligation to accept any of the recommendations. You should also be asked to sign all the relevant documentation which confirms you have been shown all the appropriate comparisons. Again, if this is not offered then please do not go ahead with the Transfer to QROPS.

UK Pension Funds including Final Salary Schemes
- Funds drawn are subject to UK tax
- Fund has no value on death
- No Fund to tax after death, nothing left
- You take 25% max. tax free lump sum
- Limited Investment Choice
- Typically, 50% spouse pension on death
- Income starts at normal retirement age
- Spouses pensions cannot be combined
- Subject to future pensions legislation
- Pension can be lost through insolvency
Qualifying Recognised Overseas Pension Scheme (QROPS)
- Funds are drawn UK tax-free offshore
- Fund passes to your family/estate
- Fund passes to family/estate free of Inheritance Tax
- Greater flexibility on withdrawals
- Unlimited Investment Choice, even after retirement
- 100% spouse pension on death
- Income can start at age 50 (55 after 2010)
- Spouses pensions can be combined
- Protected from future pensions legislation
- Fund protected by Isle of Man Government legislation

 

ASEAN backs preparation of oil stockpiling roadmap

Ministers at The ASEAN Ministers on Energy Meeting (AMEM) plus 3 (China, Japan, and Korea) have agreed to jointly study how to prepare a regional oil stockpiling plan to prevent shortages and reduce impacts of oil price surges in the future, according to Thai Energy Minister Lt-Gen. Poonpirom Liptapanlop.
Revealing the result of the 26th AMEM held in Bangkok last Friday, she said Thailand had pushed for a basic connection of energy sources under the ASEAN framework.
The project involves the international gas pipeline linkage from Indonesia’s Nutuna gas field to Thailand, Singapore, Vietnam, and Malaysia, and the power transmission line connection.
Commenting on an amendment of the agreement to assist oil-importing countries in the face of the oil crisis, she said member countries saw a need to alter rules and regulations to ensure they are in compliance with the amended pact.
A signing of the agreement would take place at the ASEAN Summit to be hosted by Thailand late this year.
She said AMEM plus 3 approved the preparation of the regional oil stockpiling roadmap aimed at encouraging development of energy reserves to prevent a possible shortage and ease impacts of the oil price hike in the future.
The minister said Thailand had proposed to promote Southeast Asia as a production and distribution center of bio-fuel including ethanol and bio-diesel.
At the same time, Korea had proposed the safe use of a civilian nuclear energy programme under which a group of three including China, Korea, and Japan are ready to give knowledge on rules and regulations, technology, and guideline on the use of nuclear power to interested ASEAN member countries to boost energy stability in the long term.
Gen. Poonpirom said AMEM participants shared in common the view that alternative energy, particularly hydro-electricity and bio-energy - in which ASEAN members have great potential for development - would play a leading role in the future.
With cooperation in alternative energy development, she said ASEAN members including Thailand would enjoy sustainable energy stability and could reduce dependence on fossil energy sources. (TNA)

Nok Air submits restructuring plan to transport minister

Low cost airline Nok Air has submitted a financial restructuring programme to Transport Minister Santi Prompat after suffering losses amounting to some Bt114 million, according to CEO Patee Sarasin.
Patee said his airline had recently presented a reorganisational plan to the minister, citing major losses due to the soaring global oil prices which have also affected all other airlines.
In a bid to reduce its losses, according to Patee, Nok Air has cut its daily flights to 20 from 70, reduced salaries of senior executives and some junior staff, and terminated the employment contracts of outsourced employees.
The airline executive said the actions were implemented a month ago but have not yet produced tangible results as the current falling oil prices would not have any effect until September. At present, Nok Air passenger capacity is about 88-90 per cent per flight.
The airline started operations on July 23, 2004, and began its first international service to Bangalore, India, on May 31, 2007 on a daily basis but suspended operations to that route in November the same year, citing non-availability of aircraft and to allow service to other lucrative routes in Southeast Asia, especially Vietnam. (TNA)
 


News | Business | Features | Columns | Mail Bag | Sports | Auto Mania
Our Children | Travel | Our Community | Dining Out & Entertainment
Social Scene | Classifieds | Community Happenings | Books Music Movies
Clubs in Pattaya | Sports Round-Up

E-mail: [email protected]
Pattaya Mail Publishing Co.Ltd.
62/284-286 Thepprasit Road, (Between Soi 6 & 8) Moo 12, Pattaya City
T. Nongprue, A. Banglamung,
Chonburi 20150 Thailand
Tel.66-38 411 240-1, 413 240-1, Fax:66-38 427 596

Copyright © 2004 Pattaya Mail. All rights reserved.
This material may not be published, broadcast, rewritten, or redistributed.

.