QROPS PENSION TRANSFER

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lindosfan1
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Re: QROPS PENSION TRANSFER

Post by lindosfan1 » Fri Jul 08, 2011 3:18 pm

Financial advisors get commission on what they sell, therefore logically they will sell what gives them the best commission. Hopefully this is not true in all cases :wink:
I suffer from the CRAFT syndrome, cannot remember a f**k**g thing

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Re: QROPS PENSION TRANSFER

Post by PET » Fri Jul 08, 2011 3:44 pm

petercr wrote:[
GURU. If you were lets say 65 years old, taking retirment now, non UK resident over 5 years, had a frozen UK pension with Zurich UK of £200,000 would you take a UK ANNUITY or a SIPP or a QROPS? We all value your advice.
There is no doubt that you should take out a QROPS for just these reasons:
You do not have to pay UK tax on the income.
You do not have to convert to an annuity ( currently before 75 yrs with a SIPP )
There is no UK inheritance tax
You can transfer the balance at your death to whoever you want.

Just make sure you deal with a first class bank and check their fee structure.
VERAX - What matters in life is not where you are from but where you are going.

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Re: QROPS PENSION TRANSFER

Post by FatBoy » Fri Jul 08, 2011 6:34 pm

PET wrote:
petercr wrote:[
GURU. If you were lets say 65 years old, taking retirment now, non UK resident over 5 years, had a frozen UK pension with Zurich UK of £200,000 would you take a UK ANNUITY or a SIPP or a QROPS? We all value your advice.
There is no doubt that you should take out a QROPS for just these reasons:
You do not have to pay UK tax on the income.
You do not have to convert to an annuity ( currently before 75 yrs with a SIPP )
There is no UK inheritance tax
You can transfer the balance at your death to whoever you want.

Just make sure you deal with a first class bank and check their fee structure.
Add this also: from 6th April this year the tax on death was changed from 35% to 55% for everyone of all ages.
Only ever 1 winner with Tax and that's not you or I for sure!

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Re: QROPS PENSION TRANSFER

Post by malcolminthemiddle » Fri Jul 08, 2011 7:10 pm

PET wrote:
malcolminthemiddle wrote:
paulsimkiss wrote:On March 11, 2011 QROPS provider Close Brothers sold all trust, fund administration, asset management and banking business in Jersey, Guernsey and the Isle of Man to Kleinwort Benson for £29.1 million.

The sale is expected to generate a loss on disposal of approximately £24.7 million.

Would you have wanted your QROPS with them?
What protection do investors have if their offshore QROPS provider does goes bust? If it happened to Close Brothers could it not happen to any one of them?

Close Bros did NOT go bust they merely sold an assets in the Channel Islands. They are a large UK bank who have an excellent Financial Statement and have been operating for some 130 years.

Kleinwort Benson are a very successful UK merchant bank.

Your QROPS would be very secure with both of these banks.
Baring Bank had an excellent Financial Statement and had been operating for some 330 years when they went pop.

But the question, that remains unanswered, was not about the financial integrity of these banking institutions but the protection and compensation an investor in an offshore QROPS could expect ?

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Re: QROPS PENSION TRANSFER

Post by PET » Fri Jul 08, 2011 7:37 pm

malcolminthemiddle wrote:
But the question, that remains unanswered, was not about the financial integrity of these banking institutions but the protection and compensation an investor in an offshore QROPS could expect ?

I suggest you identify some suitable and recognised financial institutions and ask them. I am not avoiding your question but frankly you have to decide for yourself.
VERAX - What matters in life is not where you are from but where you are going.

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Re: QROPS PENSION TRANSFER

Post by poosmate » Fri Jul 08, 2011 8:07 pm

Recent events have shown that we cannot trust the banks either, so why should we trust a QROPS provider? The majority of QROPS providers are small independent companies. Their size and lack of financial accountability makes them vulnerable to external forces such as weakening their rules or creating questionable products in a rush to grab a share of this huge market. Furthermore, the lack of understanding and the scale and breadth of expertise in this relatively new market has significantly contributed to the misconceptions that prevail around QROPS.
http://talkqrops.blogspot.com/2011/03/w ... qrops.html
no more dePreston

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Re: QROPS PENSION TRANSFER

Post by malcolminthemiddle » Fri Jul 08, 2011 9:01 pm

PET wrote:
malcolminthemiddle wrote:
But the question, that remains unanswered, was not about the financial integrity of these banking institutions but the protection and compensation an investor in an offshore QROPS could expect ?

I suggest you identify some suitable and recognised financial institutions and ask them. I am not avoiding your question but frankly you have to decide for yourself.
With respect I wasn't asking you. I was asking an IFA after he had questioned using Close Brothers as a QROPs provider because they had sold assets at a £24.7 million loss.

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Re: QROPS PENSION TRANSFER

Post by gilped » Mon Jul 11, 2011 9:55 pm

There are some pretty complex points being made here and I was a fully qualified financial adviser in the UK for many years with a major company. If anyone has a pension fund in the UK and want to transfer to a QROPS then it's best to ask a solid company like Montfort International. They are bang up to date with the latest regulations and will advise each individual according to their own personal circumstances. They are also governed by the Financial Services Act in the UK and have to act under best advice for the client. The big problem in some Asian countries is that many advisers are not governed by any legal body and therefore not answerable to anyone if anything goes wrong with your money. As far as Ace points out I can say for sure that UK based financial advisers are governed by strict laws that don't allow them to sell purely for commission. In fact Montfort won't look at you unless you pay them a fee up front. They will do a search on all suitable schemes available and then advise on where you can put your cash according to where you live and what is best suited for you. Remember something else that should be pointed out with QROPS is that if at any time you return to the UK after transferring your fund then you may be liable to large tax charges.

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Re: QROPS PENSION TRANSFER

Post by offshoreadvice » Sun Nov 13, 2011 8:48 pm

Hi there guys,

If you need any questions answers on financial planning and/ or QROPS...feel free to chat to me.
I am a CII certified (Chartered Insurance Institute UK) offshore financial advisor, so I deal with these things on a regular basis.

I'm quite familiar with most of the providers, who's who in the zoo and as an IFA it is obviously in my best interest to supple best advice. Just on the commission issue for those who want to hear it 1st hand...genuine IFA's get pretty much a flat rate commission from most of the service providers across the board...so no there's no personal financial incentive to punt one product over the next. As you gain experience, you get to know which products are most popular and why, so its not a money issue.

I'm originally from Bangkok, but decided to relocate my family here with the flood and all going on there. We kind of fell in love with the place after arrive here little over 2 weeks ago, and after meeting with 2 prominent businessmen (one Swedish and the other British) we decided to collaborate as they're long standing HuaHin residents also in the property business.

We'll be setting up office in the next month or so although I see people all the time. I give financial advice to expats on a global scale....from Africa to Kuwait, but HuaHin will be home base very soon.

We're here on Holiday for a month, so I'm not TOTALLY kitted out as much of my materials is still in BKK, but feel free to connect with me and ask questions if you have any.

I can't post URL's as a new user, but feel free to inbox and befriend (how-ever it works on here, have not established that yet !) me for more info

Regards,
Dan

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Lev
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Re: QROPS PENSION TRANSFER

Post by Lev » Sun Nov 13, 2011 9:05 pm

offshoreadvice wrote: I can't post URL's as a new user, but feel free to inbox and befriend (how-ever it works on here, have not established that yet !) me for more info

Regards,
Dan
You can't self promote business interests here either, please read the forum rules: viewtopic.php?t=1783

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Re: QROPS PENSION TRANSFER

Post by offshoreadvice » Sun Nov 13, 2011 9:38 pm

HI there,

I'm sorry, I did not mean to do that and I do understand protocol....but how else am I suppose to answer a question without referring to what I do...especially in this day and age where you have to watch out who you talk to.

I also wanted to approach you guys for advertising on the actual forum, I see you sometimes use outside firms and I think people will be happy to have someone local that can help with issues.

I guess i could've been creative and said I have "this friend" that is an advisor....but you know what, that Bangkok typical old school rhetoric and lies that is fed to people over the phone and peeves off expats is exactly what separates me from so many others out there.

Any suggestions perhaps, I honestly do not want to step on any toes !

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Lev
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Re: QROPS PENSION TRANSFER

Post by Lev » Sun Nov 13, 2011 10:30 pm

offshoreadvice wrote: I also wanted to approach you guys for advertising on the actual forum, I see you sometimes use outside firms and I think people will be happy to have someone local that can help with issues.
We're glad to hear that, please send an email to headoffice @ huahinmedia.com and you'll be furnished with the rates and options. We have no problem with impartial, non-profit guidance or advice but businesses with websites that charge for a service are subject to our self-promotion policies and will need to advertise if they wish to use this forum as a marketing tool.

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Re: QROPS PENSION TRANSFER

Post by offshoreadvice » Mon Nov 14, 2011 1:57 am

Hi there,

Thank you for the reply and consideration, I do appreciate it.I do understand that things can easily out of had as I administer a group of 3000 members myself and have to pull in the reigns at times. For the record, there is no charge for what I do...my services and advice is impartial as an IFA and essentially free of charge.

Hope to touch base and perhaps meet sometime.

Regards
Dan

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Re: QROPS PENSION TRANSFER

Post by offshoreadvice » Mon Nov 14, 2011 10:17 pm

Hi PET,

Sorry...I got a PM from you, but because I'm fairly new I can no access this facility as yet....sorry !
I hope its OK to post my phone number ion here? 085 215 7934

Dan

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Lev
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Re: QROPS PENSION TRANSFER

Post by Lev » Mon Nov 14, 2011 10:28 pm

Hua Hin Media sent you an email, with the advertising details for your business, please check your Hotmail account and make sure it has not been classified as spam and respond to let us know your intentions.

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