SIPP transfer and UK state pension
#31
Banned
Joined: Sep 2016
Location: Malta
Posts: 7
Re: SIPP transfer and UK state pension
The discount offered to us as the broker is the fee, so it would be no cheaper direct? Except you'd have a face instead of a number to deal with. A platform for ROPS? How exactly would that work. The 4 percent is charged by the ROP provider not the broker. This is in general terms not specific to any specific firm. And a ROP is far from an insurance bond. Its simply a way to invalidate inheritance tax for a spouse, no inheritance tax is paid on death, the beneficiary does not pay income tax on the sum either. Otto we got off to the wrong foot, I didn't come here to sell, I came to talk. I'm not a sales shark.
#32
Re: SIPP transfer and UK state pension
You are very welcome if you are a genuine member and you're going to join in the forums properly i.e. share your experiences in the Malta forums of car insurance, shopping, how to watch Eastenders and other usual Expat concerns. If you want to give free responses to any pension question whilst here that is great, as long as you do not try and get any business either on the forums or via PM.
Sorry, but unfortunately we've had so many problems with your company before that us mods are a little suspicious when you claim not to be a sales shark! 'Cmagee955' who posted above also works for the same company, but hopefully he's also now realised what he can and can't post on the forums (hence the deletion of his message, which was another sales pitch).
Bottom line, if you're both genuine forum members that want to chat with other expats and just give advice occasionally, you're welcome. Hopefully that will be the case.
#33
Banned
Joined: Sep 2016
Location: Malta
Posts: 7
Re: SIPP transfer and UK state pension
I didn't read the rules. I have read them now obviously Its habbit I started pitching, it wont happen again. I just wanto get a feel for things that's all. And with a name like Cmagee955 hes not even creative at trying to get sales is he haha, there is bad people in every company/industry.
#34
Re: SIPP transfer and UK state pension
That's fighting talk considering he works for the same company in the same country as you - maybe he's the guy sitting at the desk opposite.
#35
Banned
Joined: Sep 2016
Location: Malta
Posts: 7
Re: SIPP transfer and UK state pension
There is good and bad people in every industry, you wouldn't not use a builder because you had bad experience from one? Same principle, feel free to add me on Linkedinn so you can see I'm a real person, who does real things. And you may catch something of value from what I share/post. Enough of the witty banter, I will abide by the rules, I look forward to future discussions .
#36
Forum Regular
Joined: Dec 2011
Posts: 193
Re: SIPP transfer and UK state pension
The discount offered to us as the broker is the fee, so it would be no cheaper direct? Except you'd have a face instead of a number to deal with. A platform for ROPS? How exactly would that work. The 4 percent is charged by the ROP provider not the broker. This is in general terms not specific to any specific firm. And a ROP is far from an insurance bond. Its simply a way to invalidate inheritance tax for a spouse, no inheritance tax is paid on death, the beneficiary does not pay income tax on the sum either. Otto we got off to the wrong foot, I didn't come here to sell, I came to talk. I'm not a sales shark.
An individual, company or trust can invest on a platform. They offer clean funds with no initial charges, ETFs and low dealing costs. Why would a ROP not use one?
A ROP provider charges 4%???? What about the investments, what charge for those?
I did not say a ROP was an insurance bond, an insurance bond is what the majority of expats that are sold ROPS end up with. High commissions , mirror funds and structured notes, with high exit fees.
UK domiciled spouses do not pay Inheritance Tax when the first spouse dies- this is IHT exempt. Since UK pensions are also exempt, why even mention IHT that would only apply to UK domiciled expats with estates ( non-pension) of more than 650,000 pounds?
#37
Banned
Joined: Sep 2016
Location: Malta
Posts: 7
Re: SIPP transfer and UK state pension
You're just here for an argument obviously. so lets clear this up.
The review is complimentary.. if you have a review and decide you don't want to continue that is fine, the majority of clients once presented with the benefits sign up. I'm aware of what a platform is, I referred specifically to a ROP platform, it would be very hard if not impossible to implement due to the fact eligibility is not clear cut. The Goldman Sachs auto callable structured notes have yet to actually result in losses ( I know this sounds strange). Meaning the Exit fee is negligible in comparison to the gains. I am also aware of the IHT tax bracket in Britain, however a lot of couples estate exceeds this 650k, in which case is taxed as 40%. Also any IHT liability is due before the estate is transferred, meaning a bridging loan is required.
Finally what is charged for an investment? Assume you went to a fund manager, they charge 2%. A broker would charge the same 2% as we buy in at a discounted rate. So initially the charge is the same, after 12 months a AMC or annual management fee is added for the services provided, at which point its (0.5-1%) and you can walk away before this charge if you are dissatisfied. The majority of the time, the AMC is more than made up for with our tailored returns that our portfolio produces.
A large fund would send paperwork semi annually, with a broker you would have monthly appraisals, quarterly in depth reports and regularly face to face meetings to make sure your portfolio is performing as required.
I hope this has cleared up your clear hatred for financial services personnel.
( This isn't a sales pitch, I'm just trying to clear things up, I was using examples not specifics).
The review is complimentary.. if you have a review and decide you don't want to continue that is fine, the majority of clients once presented with the benefits sign up. I'm aware of what a platform is, I referred specifically to a ROP platform, it would be very hard if not impossible to implement due to the fact eligibility is not clear cut. The Goldman Sachs auto callable structured notes have yet to actually result in losses ( I know this sounds strange). Meaning the Exit fee is negligible in comparison to the gains. I am also aware of the IHT tax bracket in Britain, however a lot of couples estate exceeds this 650k, in which case is taxed as 40%. Also any IHT liability is due before the estate is transferred, meaning a bridging loan is required.
Finally what is charged for an investment? Assume you went to a fund manager, they charge 2%. A broker would charge the same 2% as we buy in at a discounted rate. So initially the charge is the same, after 12 months a AMC or annual management fee is added for the services provided, at which point its (0.5-1%) and you can walk away before this charge if you are dissatisfied. The majority of the time, the AMC is more than made up for with our tailored returns that our portfolio produces.
A large fund would send paperwork semi annually, with a broker you would have monthly appraisals, quarterly in depth reports and regularly face to face meetings to make sure your portfolio is performing as required.
I hope this has cleared up your clear hatred for financial services personnel.
( This isn't a sales pitch, I'm just trying to clear things up, I was using examples not specifics).
Last edited by Josh.Woolley; Sep 21st 2016 at 11:15 am. Reason: extra
#38
Forum Regular
Joined: Dec 2011
Posts: 193
Re: SIPP transfer and UK state pension
No, I am here to stop misinformation being given to expats about pensions as it undermines the confidence people have about taking advice. You have made a few statements that need challenging.
Any ROPS can use a platform and many do. Many structured notes have resulted in losses, not really appropriate for retail pensions. Many are only for professional investors and should not be sold to the public, but they are via ROPS unfortunately.
Again, what has IHT got to do with pensions? Why bring it up as a reason to use a ROPS?
Clean funds typically have from 0.05% to .75% pa annual charges and no entry fees.
I will leave this for others to comment, caveat emptor!
Any ROPS can use a platform and many do. Many structured notes have resulted in losses, not really appropriate for retail pensions. Many are only for professional investors and should not be sold to the public, but they are via ROPS unfortunately.
Again, what has IHT got to do with pensions? Why bring it up as a reason to use a ROPS?
Clean funds typically have from 0.05% to .75% pa annual charges and no entry fees.
I will leave this for others to comment, caveat emptor!
#39
Re: SIPP transfer and UK state pension
There is good and bad people in every industry, you wouldn't not use a builder because you had bad experience from one? Same principle, feel free to add me on Linkedinn so you can see I'm a real person, who does real things. And you may catch something of value from what I share/post. Enough of the witty banter, I will abide by the rules, I look forward to future discussions .
You work for a company that is on our filter list. It is on the filter for a very good reason , It was actually at the company's own firm request.
It is not fair to our members that their BE posts be curtailed from discussing their opinions and experiences of this particular company, yet the employees or contractors of this company join to not only promote their wares but also to deride our members. I am also not happy with the post tone to our volunteer moderator .
You may well have joined in good faith despite your first posts were made to advertise & promote, however the playing field is not even in this respect with regard to the company you work for.
It stops here.
Last edited by BEVS; Sep 22nd 2016 at 1:25 am.
#40
Re: SIPP transfer and UK state pension
Does anyone know the phone no. for HMRCs department that deals with Class 2 pensions? I would like to find out if I can buy a few years at the current rate before the rate skyrockets in April 2018. Thanks.