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Your UK Pension - To QROPS or not to QROPS
Posted: 09 March 2011 09:59 PM   [ # 16 ]  
Tourist
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Hi,

no I did not see them here I found them through an article. Not sure but it was about regulating offshore IFAs if they do QROPS transfers. I checked them out. Found they have been around since tail end of 90s. Realy nice people to deal with. They did not try to sell a QROPS transfer to me. Had my pension statement off me then did some calculations and sent me a report. The report showed that by age 65 the QROPS transfer would knok the socks off what I would get from my UK pension.

About my investments I am not sure what I am in. But to be honest I do not realy care all I know is that the total value is going up nicely thank you very much. As you will know. OIIA are also a Portfolio Management company. But as my transfer value was only ?55,000 they offered portfolio management for free. So it is being well looked after. The last valuatiion I had off them it was valued at around ?64,000.

Prior to the QROPS transfer the value had gone down year after year for about three years. With still ten years or so to retirement if they keep this up it will be happy days…..................

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Posted: 04 April 2011 06:56 PM   [ # 17 ]  
Just Landed
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A Qrops transfer can have many benefits but it shows again that you should not walk into it blindly ! There are many scenarios and a Qrops suitable for one is not always the right one for another.

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Posted: 19 April 2011 05:31 PM   [ # 18 ]  
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This will be of interest to anyone thinking of transferring their UK pension to a QROPS. I have just had a statement in from OIIA who did my transfer and also are Portfolio Managers of it.

It is now worth nearly ?70,000. They are just the best.

I have spoken to friends about this, and compared to their pensions in the UK.  Mine is jet propelled.
Some of my friends have already contacted OIIA to move their UK pensions to a QROPS.

If you are looking at transferring your UK pension. Contact OIIA and try to speak to John. He is like the encyclopaedia of QROPS.

OIIA once again thank you.

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Posted: 22 June 2011 11:04 PM   [ # 19 ]  
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Just a quick note to let readers know that the UK HMRC have written to Isle of Man QROPS providers indicating that the new IoM QROPS is to be approved.  There are several reasons why this could be favourable to expats in Spain.  For more details about how this may relate to your situation please contact us at .(JavaScript must be enabled to view this email address)

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Barry Davys MBA Dip PFS
Spectrum IFA Group

Tel:  00 34 645 257 525
Email:  .(JavaScript must be enabled to view this email address)
QROPS Advice

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Posted: 23 June 2011 12:59 AM   [ # 20 ]  
Just Landed
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Very good news!

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Posted: 23 August 2011 10:55 PM   [ # 21 ]  
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Another word of caution regarding QROPS.  Whilst they are a really effective piece of planning in some cases, they are also occasions when they are not.  We have just advised a client NOT to proceed with a QROPS as he wants to take his pension but has a GUARANTEED annuity rate FOR LIFE on his UK pension of 10.3% per annum.  I will not go into the full client circumstances but the best option is for this client to take the guarantee.

As always, QROPS needs a complete check of your circumtances and existing pensions,  individual assessment and considered advice.

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Barry Davys MBA Dip PFS
Spectrum IFA Group

Tel:  00 34 645 257 525
Email:  .(JavaScript must be enabled to view this email address)
QROPS Advice

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Posted: 24 August 2011 12:30 AM   [ # 22 ]  
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Totally true Barry Davies a Qrops can be fantastic for some but is not suitable for everyone, it is paramount to seek advice from an expert!

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Posted: 19 September 2011 08:52 PM   [ # 23 ]  
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I also agree with Barry. Only take advice from a suitably qualified IFA.

What makes an IFA stand out as suitably qualified?

Answer the adviser must have the advanced qualification in pension transfers G60. And will undertake a full TVA before giving advice on a transfer.

Not many can do this, in fact it is a handful.

I did mine with these guys:


http://www.pension-transfers-qrops.com/index.html

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Posted: 07 December 2011 05:55 PM   [ # 24 ]  
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Here is another update on QROPS that you should be aware of when considering a QROPS transfer. 

HMRC have included in the draft Finance Act 2012 changes to the QROPS rules.  These are only proposals at this point, however, there is a fair chance that these changes will be enacted.  This is because the changes are being brought in to stop the abuse of the QROPS rules.  In particular, HMRC wish to stop the taking of the entire pension pot as cash.

At present, there is a 5 year reporting requirement from the trustees of the QROPS to the HMRC.  One of the main proposed changes is to make the reporting period 10 years.  Whilst the HMRC have a right to audit a scheme at any time, with the 5 year rule there is an opportunity for potential evasion.  Moving to a 10 year rule will reduce this opportunity.

We are working through the other proposed changes and we are carrying out a full impact assessment. 

Our view remains clear.  If you are considering a QROPS transfer you must get qualified advice regarding the transfer, QROPS are still a valid form of planning, you must use the QROPS as a pension not as a means of getting your hands on cash and you must ensure that you get ongoing advice. 

Following this advice will keep you on track for a happier retirement.

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Barry Davys MBA Dip PFS
Spectrum IFA Group

Tel:  00 34 645 257 525
Email:  .(JavaScript must be enabled to view this email address)
QROPS Advice

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Posted: 07 December 2011 06:15 PM   [ # 25 ]  
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The situation in the eurozone is quite rightly causing some concern and there is a GREAT deal of speculation about the future size and shape of Europe.  In turn this is having an impact upon investments, including those held in QROPS. 

Portfolio planning for pensions breaks down into three parts:

      1/ Portfolio for when you are drawing income
      2/ Portfolio for when you have capital in the pension which you wish to make grow
      3/ Portfolio for regular contributions to build your portfolio

The approach in these three situations is very different.  As an example, in situation 1, you may need to include investments with high yields, high dividends etc and you should position yourself for future income growth to protect yourself against inflation.  Currency matching to your income requirement is something else to be considered.

In the current environment, where the outlook is less than clear, in situation 2, you may wish to consider funds with protection, very cautious funds and even money market accounts.  This is because, having built up a fund within your pension, you want to ensure that it does not drop substantially in value.

Situation 3 is different.  If you are making regular contributions you can take advantage of market instability.  Your monthly contributions will buy investments at a lower price and you may profit from this approach in the longer term.  This approach even has a name, euro (or pound) cost averaging.  You can afford to be a little more speculative with your regular contributions to try to make your pension bigger.

Good luck with your pension planning.

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Barry Davys MBA Dip PFS
Spectrum IFA Group

Tel:  00 34 645 257 525
Email:  .(JavaScript must be enabled to view this email address)
QROPS Advice

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Posted: 15 December 2011 12:28 AM   [ # 26 ]  
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I cannot help but wonder, if the breaking of the spirit of the law has resulted in the draft legislation for the Finance Act 2012, what will happen if this continues. 

The time limits that are included in the current and proposed legislation of 5 and/or 10 years apply to the AUTOMATIC requirement for the QROPS trustee to report to the HMRC.  However, HMRC have the right to audit a QROPS transfer at ANY time.

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Barry Davys MBA Dip PFS
Spectrum IFA Group

Tel:  00 34 645 257 525
Email:  .(JavaScript must be enabled to view this email address)
QROPS Advice

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Posted: 25 March 2012 10:52 PM   [ # 27 ]  
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The new legislation for QROPS has now been issued and will be implemented from 6th April 2012.  In essence, the legislation has cracked down on trying to “pension” bust a QROPS.  The law now is clearer than it has been

          10 year automatic reporting requirement from date of TRANSFER
         
          Minimum of 70% of the fund value to be used to provide income.  (Note, the HMRC does not allow the taking of 100% of the fund)

          The ability to have a 100% spouse?s pension is maintained

          A QROPS is still very useful as a pension

If you have moved overseas or are moving overseas and you have a UK pension you should get qualified and regulated advice about QROPS.

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Barry Davys MBA Dip PFS
Spectrum IFA Group

Tel:  00 34 645 257 525
Email:  .(JavaScript must be enabled to view this email address)
QROPS Advice

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