QROPS update 14th October 2011 Pension drawdown & QROPS and QNUPS

Submitted by qrops on Fri, 14/Oct/2011

At Gerard Associates Ltd we continue our daily look at factors affecting markets and currencies allowing some insight into conditions affecting exchange rates.

Cash and income timing from a UK Pension income drawdown, flexible pensions or QROPS (Qualifying Recognised Overseas Pension Scheme) should be considered to maximise the Pension drawdown, QROPS and investment income taken.

Investment market volatility and currency exchange remains a challenge. The global economics are volatile and unprecedented in history. Currency exchange continues to concern expats with UK Pensions, income drawdown now including flexible pensions, a QROPS and QNUPS (Qualifying non UK Pension schemes).

 

IN THE UK

  • The UK’s Goods Trade Balance deficit narrowed in August as exports climb to a record high of £25.5bn and imports fell to £33.3bn
  • An upsurge in exports could help add to 3rd quarter growth figures.
  • The pound sees gains in the afternoon as the euro, Eurozone and in particular Spain come under fire again, GBP/EUR hits a high of 1.1457.
  • GBP/USD continues to rise, hitting a high of GBPUSD of 1.5796 in the Asian session  this morning.  

 

ELSEWHERE

  • The dollar started to regain some of the falls sustained earlier in the week against the euro, with EUR/USD falling to a low of $1.3686 as investors started to worry about the Eurozone crisis again.
  • US Trade Balance remained largely unchanged in August holding at a 4 month low of -$45.6bn
  • Slovakia finally passes the vote on the revised version of the European Financial Stability Fund (EFSF) the last of the 17 member states to do so.
  • France would like the EFSF fund to be turned into a bank to leverage bailout fund, ECB and Germany oppose the idea.  
  • S&P downgrade Spain with a negative outlook
  • This morning Eurozone Consumer Price Index remained at 3.0% and the euro remains largely unchanged.

 

DATA TO LOOK OUT FOR (all times UK BST)

  • G20 meeting starts this weekend, statements and leaked comments could have a serious impact on the currencies markets. Greece and the European debt crisis will be top of the agenda although China will be also be under scrutiny for their programme of forcing their exchange rates to unrealistically low levels to improve exports.
  • At 1.30pm US Retail Sales are released, the markets are expecting a slight rise in both components, in particular a rise from 0.0% to 0.5% is expected in the overall figures. US Import and Export Price Index are also released at the same time followed by the US Monthly Budget Statement at 7.00pm.

 

Current Spot Rates (9.00am)

14th October 2011

 

 

 

 

 

 

 

 

 

USD

EUR

AUD

CAD

CHF

DKK

NOK

HKD

SEK

ZAR

JPY

GBP

1.5769

1.1432

1.5529

1.6058

1.4159

8.5106

8.8632

12.2670

10.46

12.38

121.395

USD

 

1.3794

0.9848

1.0183

0.8979

5.3970

5.6206

7.78

6.63

7.85

76.983

EUR

0.7250

 

1.3584

1.4047

1.2385

7.4445

7.7530

10.73

9.15

10.83

106.189

 

Gerard Associates Ltd advises UK residents, expats and people considering living abroad on the technical and currency options available for Pensions, pension income drawdown, flexible pensions, QROPS, QNUPS and investments in a clear format allowing all customers to make an informed choice. Our service encompasses Pension including QROPS and QNUPS and investments in a clear format allowing all customers to make an informed choice.

This with the reassurance and security of UK FSA authorised and regulated advice - essential for your security.