Oval Dinner Specials

NOVEMBER

Available 6pm onwards

DECEMBER

Braised Chicken in White Wine, Pommery Mustard and Champignon Served with tagliatelle pasta $18.20

Pan-Seared Octopus With garlic anchovy puree and miso-squid ink $19.80

Steamed Japanese Bean Curd with Pink Leg Prawns With black bean sauce $17.80 Stir-fried Flat Noodles with Char Siew $11.80

Chili Fried Seabass Served with steamed rice & achar $15.60 Mutton Dum Biryani Served with onions, raita, papadum & dalcha $14.80

When relocating to any new country, there are many things to consider. Some are generic to almost all moves - will this sofa fit? - and others are more specific to individual routes. Here, we will look at two vital considerations for those recently moving slightly west, from Hong Kong to Singapore.

LONG TERM SAVING

As the name suggests, all full-time employees in Hong Kong are required to contribute to the Mandatory Provident Fund (MPF) as a retirement provision. However, if you plan on leaving Hong Kong without the intention of resettling as a permanent resident, it is possible to withdraw the accrued benefits as a lump sum. If resident in Singapore, this one-time lump sum would be tax-free. Within an MPF, the investment options are limited. When contributing to the scheme, this is of limited concern. After all, there is no choice. However, once free from the requirement (or allowance), very few retirement goals will be well served by the very low-risk offerings of the scheme, particularly in the current climate of high inflation. As such, it is likely advisable to consider alternative strategies.

WHAT ARE THE ALTERNATIVES?

Once out of the MPF structure, there is freedom, although with this come pitfalls. It is important to remember that these funds make up part of your retirement plans, so before considering anything unrelated to your retirement, it is necessary to consider these funds. Similarly, having left a relatively restrictive scheme, it is likely wise to avoid returning to similar confinement, for example, a contractual investment product. Seek well-diversified portfolios that you can hold within a flexible and tax-efficient structure. The aim should generally be to seek protection against inflation whilst maintaining tax-planning options for the future.

LIFE INSURANCE

It is not uncommon to encounter individuals and families who believe that life insurance is a one-time consideration - once you have it, you are sorted. However, this is a potentially costly misconception. As people’s lives change and grow, so will their need for different types and levels of coverage. Every person with loved ones who would be affected financially should consider life insurance should they be unable to continue their career, become disabled, contract a critical illness, or pass away. It is a way to shift the financial risk of such unpleasant events from you to a third party, thereby gaining much-needed protection and peace of mind. Relocating offers a clear-cut opportunity to take stock and consider whether current levels of coverage are sufficient and whether your new contract provides adequate coverage for your circumstances. Although Hong Kong has an active and mature life insurance market, providers in Singapore regularly beat Hong Kong policies for both price and coverage, even considering the increased age of applicants. As such, it’s well worth reviewing your situation and considering the options to ascertain if there is a better deal available to you in Singapore.

HOW TO FIND OUT MORE

If you would like to know more about the above topics or have questions about other aspects of this or similar moves, please feel free to reach out directly. The value of an investment with St. James’s Place will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than the amount invested.

Thomas Streatfeild-James - Associate Partner, Eight Wealth International Asia

Thomas prides himself in taking his clients on healthy financial journeys. A true advocate of seizing opportunities and sharing knowledge, Thomas provides a high standard of expert advice to his clients and schools with financial education sessions.

After working as a financial adviser in Shanghai for several years, Thomas took the opportunity to move to Singapore and join the team in Singapore. For more information, contact Thomas at thomas.streatfeild-james@sjpp.asia, or visit us at https://eightwealthinternational.asia/