1. IS A TRANSFER TO A QROPS ALWAYS APPROPRIATE?
There may be circumstances where it is not appropriate to transfer your UK pension fund to a QROPS. For example, if your fund is an old plan where guaranteed annuity rates are significantly higher than current rates.
Howevever, as generalisation, the benefits of transferring to a QROPS for the long term expat are overwhelming.
2. CAN I TRANSFER MY STATE PENSION?
No. The only Uk pension funds that can not be transferred to a QROPS are state pensions and pensions where an annuity has already been taken.
3. CAN I TRANSFER MY EXISTING FUND WITHOUT CASHING THE INVESTMENTS FIRST?
It depends. If you have a SIPP or a SSAS it may be an option providing the receiving scheme's administrators or trustees will accept them. We can recommend Providers who will allow an in specie transfer.
4. WHAT ARE THE COSTS INVOLVED?
The charges vary greatly depending on which Provider is chosen and how the adviser discloses thier fees. As a generalisation the lower the cost, the less flexibility and investment choice. Other factors to consider are reputation and the administration team and reporting facilities the Provider has in place.
As a rough guideline a Provider will charge one off set up fees of up to £1,500 and annual fees capped at a maximum of £1,500 p.a.
To find out exactly the fess that apply in your situation Contact Us today. There are a number of ways of meeting our advisory fees including from income we receive from investments we arrange from you. Our advisory fees will however be transparent so that you know what is being paid for our services.
5. TIMESCALE?
From receipt of a Letter of Authority to act on your behalf we recommend allowing 3 to 4 months for completion.
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