Why Teacher’s teach and understand the need to save!
The start of a new year in The People’s Republic of China brings a clutch of bright new teachers eager to establish themselves both professionally and in new cultural surroundings . China is probably one of the most different parts of the world if you are European or American.
The start of the academic year is hectic to say the least and an incredibly important period for the development of pupils.
Teachers have little time to take care of daily essentials let alone deal with long term financial matters. That said, as a collective teachers are typically used to having their employer, whether it be the government or not, assist with and administrate their personal pension plan.
Moving abroad often changes things significantly. No longer does the chosen school handle or contribute to pensions and it’s everybody’s hope that they do have some disposable income that is not consumed by flying home and unforeseen costs. That leaves teachers in somewhat of a quandary as to what to do. The prospect of continuing to pay into their established scheme at home is typically not attractive or prohibited. Aside from the absence of any tax relief, hassle and fractional losses caused by changing money and transferring it back, the tax advantages allowed by the government tend to be taken away. See the following link – Option 3 from The Pensions Advisory Service of the UK.
Fortunately there a number of options available. The most obvious course of action is to establish an off-shore international savings plan These can be relatively painless and quick to set up. What’s more, they tend to outperform their domestic cousins and benefit from even greater tax advantages later on down the line.
Working with a large, respected group means that Phil has the maximum amount of opportunities to evaluate and propose to you.
If you saw a Life Company, High St Bank or some other types of Wealth Management Companies they would only offer you one solution – theirs!
Any plan that is established is entirely portable and flexible in terms of being able to remain open for teachers wherever they are in the world and be open ended in terms of what is contributed, subject to a small minimum.
You are also not bound to either Phil or a certain company for life so that should you move country or repatriate and find another advisory company that you’d like to work with – you can.
If you would like to find out more – please complete the contact form and you will be contacted shortly – better still add Phil on WeChat
Try and avoid using or approaching financial services companies that are not truly independent or owned by large institutions – it may be that these are far more restrictive products and not truly portable.
Also avoid small one or two man band operations who are typically here today and gone ……….. well you know the saying.