Kentonmag

I was looking to see if anyone has used Blacktower Financial Management for any Pension transfers. That could be QROP's before it was suspended in Canada or setting up a SIPP account in the UK? I have used Google to search for reviews on them, and there is nothing to negative.

adamhighway

Hi - I've just received an email from them, and it raised my suspicious flag, but I'm wondering if you had any experience with them now? Any comments?

glendem4

Golden rule, always ignore unsolicited emails.

Kentonmag

Hi
I am currently using them to do my Pension transfer from my Rolls Royce pension into a UK SIPP. As you say there is no QROP's so I looked for an alternative and got in touch with BlackTower. I am very close to the money being taken off Rolls Royce but it is not a quick process anymore.
The person I am using is from the UK and based in Miami where he is setting up the US branch of the company. I did all the checks and they are legitimate and all of the Companies that I have been filling in forms for are covered by the UK Financial Authorities.
Malcolm

Souvy

And unsolicited phonecalls. I've had a few of those about pensions.

Atlantic Xpat

Unsolicited phone calls and increasingly, unsolicited Linked In connection requests/messages. Linked In is the primary resource I think for these people to find new leads.

caretaker

Don't give your money to a company named after cheap wine.

Kentonmag

Adam - As a follow-up to my earlier reply and because I am in the process of doing my transfer Post QROPS there are very few advisors (if any) that have a clue of the process in Canada now, and how to transfer into a SIPP due to the new laws introduced in the UK April 2017. Also unfortunately I couldn't find anyone in the UK that I could work with directly that worked on behalf of Ex Pats. That was the reason I ended up going to Blacktower, they did not approach me. We started initially with my wife's Company pension and to be fair to Blacktower advised us not to pursue my wife's transfer as the total was below their recommended threshold of 100K pounds. If the operation was shady I doubt they would be turning money down and my wife's total was only 10% below that threshold. Hopefully for everyone's sake in Canada QROPS becomes available again as the process would be better with a face to face person, from a financial institution in Canada, to deal with.

kjones90

They are legitimate - I work for them myself.

You're quite right to be cautious with such matters as there are no end of cases showing British Expats being stung - especially around the middle east where regulation is severely lacking. As much as unsolicited calls/ emails and approaches should be dealt with cautiously and the correct due diligence observed, financial planning - retirement planning especially, is not a topic people wake up thinking about as a priority until its usually too late, this along with complexity means people tend to bury their heads in the sand . So it's swings and roundabouts - nevertheless, always ensure you check out the FCA register and rule of thumb - when promised high returns or pressed for 'limited time offers' - if it sounds too good to be true, it usually is.

With a DB transfer over £30k, the trustees have an obligation to ensure that advice has been taken from a regulated IFA with the relevant pension transfer permissions - this offers a layer of protection for you.

kjones90

They are legitimate - I work for them myself from NYC, servicing Canada, North & Latin America.

You're quite right to be cautious with such matters as there are no end of cases showing British Expats being stung - especially around the middle east where regulation is severely lacking. As much as unsolicited calls/ emails and approaches should be dealt with cautiously and the correct due diligence observed, financial planning - retirement planning especially, is not a topic people wake up thinking about as a priority until its usually too late, this along with complexity means people tend to bury their heads in the sand . So it's swings and roundabouts - nevertheless, always ensure you check out the FCA register and rule of thumb - when promised high returns or pressed for 'limited time offers' - if it sounds too good to be true, it usually is.

With a DB transfer over £30k, the trustees have an obligation to ensure that advice has been taken from a regulated IFA with the relevant pension transfer permissions - this offers a layer of protection for you. For my clients, once the initial leg work is done and we have an idea of where the planning is headed, I usually travel and meet face to face - can't beat the 'white of their eyes' conversations and trust is essential.

adamhighway

Thanks for the replies. Now to find out what I actually HAVE in the way of UK pensions before I decide what to do!