Did you transfer QROPS WITH INVESTORS GROUP?
#1
Did you transfer QROPS WITH INVESTORS GROUP?
Has anyone still active on here transfered their UK pension with Investors Group in Canada ? If so did you make any withdrawal within the first 5 years of non UK residency?
If so I would be most grateful if you could PM me
If so I would be most grateful if you could PM me
#2
Just Joined
Joined: Jan 2012
Posts: 6
Re: Did you transfer QROPS WITH INVESTORS GROUP?
hello, I take you are one of many that have now got a letter from them then?
got mine yesterday. I have been researching as many threads as I can to see who else was mis-informed!
got mine yesterday. I have been researching as many threads as I can to see who else was mis-informed!
#3
Just Joined
Joined: Jan 2012
Posts: 6
Re: Did you transfer QROPS WITH INVESTORS GROUP?
sorry mate, I just registered so the site wont let me PM you!
#4
Re: Did you transfer QROPS WITH INVESTORS GROUP?
think you have to make 5 posts chuck then we can pm
#5
Re: Did you transfer QROPS WITH INVESTORS GROUP?
I did. Luckily I didn't withdraw anything, so I'm in the clear.
What a bunch of numpties. I'm pulling all my stuff out as soon as the fees to do so start to make sense.
What a bunch of numpties. I'm pulling all my stuff out as soon as the fees to do so start to make sense.
#6
Re: Did you transfer QROPS WITH INVESTORS GROUP?
I would be interested to learn more about the letter you have received.
If it is in regards to withdrawing within the first 5 years of being non resident, on many occasions i have expressed concern that the information clients were being given by certain advisors was incorrect.
It clearly states on the HMRC website that any withdrwawl from a UK transferred pension within 5 years of being non residsent could be liable to a UK tax charge of up to 55% .
Is this what the letter relates to ??
Thanks.
#7
Just Joined
Joined: Jan 2012
Posts: 6
Re: Did you transfer QROPS WITH INVESTORS GROUP?
The letter is interesting and from what I gather, it is slightly different if they know what date you ceased to be a resident of the UK and what who you withdrew your funds. for first time buyer etc.
I wont go into it too much as I think legal advice is appropriate righ now.
I wont go into it too much as I think legal advice is appropriate righ now.
#8
Re: Did you transfer QROPS WITH INVESTORS GROUP?
The letter is interesting and from what I gather, it is slightly different if they know what date you ceased to be a resident of the UK and what who you withdrew your funds. for first time buyer etc.
I wont go into it too much as I think legal advice is appropriate righ now.
I wont go into it too much as I think legal advice is appropriate righ now.
#9
Just Joined
Joined: Jan 2012
Posts: 6
Re: Did you transfer QROPS WITH INVESTORS GROUP?
This I have to mention;
a buddy is concerned as he took out a large sum of cash, so quite rightly he calls and speaks to the highest person he can in IG.
This high up guy apparently sounded like he couldnt give two Sh**s about him!
His attitude was one of, "well, you're leaving us anyway, so why should I care about it." OMG!
When asked if IG would be making amends if people are out of pocket, he said that he couldn't answer that.
Now, the question is, what next?
move my funds to another company or stay with a disgusting company that are mis-informed and incompetent?
decisions, decisions.
a buddy is concerned as he took out a large sum of cash, so quite rightly he calls and speaks to the highest person he can in IG.
This high up guy apparently sounded like he couldnt give two Sh**s about him!
His attitude was one of, "well, you're leaving us anyway, so why should I care about it." OMG!
When asked if IG would be making amends if people are out of pocket, he said that he couldn't answer that.
Now, the question is, what next?
move my funds to another company or stay with a disgusting company that are mis-informed and incompetent?
decisions, decisions.
#10
Re: Did you transfer QROPS WITH INVESTORS GROUP?
This I have to mention;
a buddy is concerned as he took out a large sum of cash, so quite rightly he calls and speaks to the highest person he can in IG.
This high up guy apparently sounded like he couldnt give two Sh**s about him!
His attitude was one of, "well, you're leaving us anyway, so why should I care about it." OMG!
When asked if IG would be making amends if people are out of pocket, he said that he couldn't answer that.
Now, the question is, what next?
move my funds to another company or stay with a disgusting company that are mis-informed and incompetent?
decisions, decisions.
a buddy is concerned as he took out a large sum of cash, so quite rightly he calls and speaks to the highest person he can in IG.
This high up guy apparently sounded like he couldnt give two Sh**s about him!
His attitude was one of, "well, you're leaving us anyway, so why should I care about it." OMG!
When asked if IG would be making amends if people are out of pocket, he said that he couldn't answer that.
Now, the question is, what next?
move my funds to another company or stay with a disgusting company that are mis-informed and incompetent?
decisions, decisions.
If you decided to move your funds to another provider, and you have still been non resident from the UK for 5 years or less, the HMRC could still impose a penalty.
You may also have D.S.C ( Decreasing Sales Charge ) penalties from Investors Group, if this was the way the transfer was set up.
QROPS rules state that the HMRC have to be informed by the QROPS provider of any withdrawals within this 5 period made from a UK transferred pension. Therefore that rule would apply if you transfer your pension to a scheme that is QROPS qualified, but then move the funds away from them if you have not been non resident for 5 years or less.
This is to stop people abusing the QROPS rules by moving their fund initially to a QROPS qualified company, and as soon as the transfer has taken place, moving their fund to any provider they wish, that may not have QROPS qualification. It is so the HMRC can keep a timeline on the transfer and have any withdrawals reported to them within the required time period.
Unfortunately there are advisors/providers that are giving advice on UK pension transfers only from the Canadian RRSP perspective. They are not providing the relevant information on what a QROPS transfer constitutes and the potential penalties that could be imposed if QROPS rules arent followed.
Unfortunately it appears that people are finding out about this now it is too late.
#11
Just Joined
Joined: Jan 2012
Posts: 6
Re: Did you transfer QROPS WITH INVESTORS GROUP?
I would only consider moving if the other company was QROPS authorized.
that should negate any penalties, shouldn't it?
it is amazing the fees involved with all this stuff too. You are quite right about DSC too. i only found out recently about these type of tactics and 'churning'.
From now on I will be keeping a closer eye on my funds and everything will be in written correspondence.
Is there a body that monitors financial services in Canada?
that should negate any penalties, shouldn't it?
it is amazing the fees involved with all this stuff too. You are quite right about DSC too. i only found out recently about these type of tactics and 'churning'.
From now on I will be keeping a closer eye on my funds and everything will be in written correspondence.
Is there a body that monitors financial services in Canada?
#14
Just Joined
Joined: Jan 2012
Posts: 6
Re: Did you transfer QROPS WITH INVESTORS GROUP?
If there are alot of Ex-pats that have been lied to or, have been misled I am happy get together form a civil action.
Oh what fun.
I love the fact that our financial adviser, who has moved companies is still telling us that we will not have to pay anything back to the UK taxman?
That being said, they have also suggested moving companies and putting it into an unlocked rrsp (this is because the new place don't have LIRA), then if we needed to, we can get our hands on it!
Five year rule anyone?
Who do you believe in a situation like that? No one is impartial!
Oh what fun.
I love the fact that our financial adviser, who has moved companies is still telling us that we will not have to pay anything back to the UK taxman?
That being said, they have also suggested moving companies and putting it into an unlocked rrsp (this is because the new place don't have LIRA), then if we needed to, we can get our hands on it!
Five year rule anyone?
Who do you believe in a situation like that? No one is impartial!
#15
Re: Did you transfer QROPS WITH INVESTORS GROUP?
I would only consider moving if the other company was QROPS authorized.
that should negate any penalties, shouldn't it?
it is amazing the fees involved with all this stuff too. You are quite right about DSC too. i only found out recently about these type of tactics and 'churning'.
From now on I will be keeping a closer eye on my funds and everything will be in written correspondence.
Is there a body that monitors financial services in Canada?
that should negate any penalties, shouldn't it?
it is amazing the fees involved with all this stuff too. You are quite right about DSC too. i only found out recently about these type of tactics and 'churning'.
From now on I will be keeping a closer eye on my funds and everything will be in written correspondence.
Is there a body that monitors financial services in Canada?
The body that regulates mutual fund business in Canada is the MFDA ( Mutual Fund Dealers Association ) www.mfda.ca