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Old Dec 10th 2011, 9:30 am   #76
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Default Re: QROPS

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Originally Posted by Domino View Post
That there are certain "financial whizz-kids" out there who have moved on from other scams, such as the boiler plate shops closed down in Gibraltar, Spain etc, as well as a couple of property scams in Spain. They have nowed lighted on to what was originally a rich mans tax avoidance scheme that gave far better payback than the miserly returns with high costs normally found in the UK.


But the scammers in the business will do anything to get their very high commissions even if it happens to be illegal in all states. £$€ is all they are interested in.
now theres a thought, where do they put their money ? ?
I think that there are a lot of things that need changing about the offshore financial advice industry ( note the word industry, as parts of it are far from a profession).

For example, a wishlist for Christmas-

1. Regulators. Could you please actually regulate? The occasional visit to a firm in your jurisdiction to check that the firm is acting within its licence? That is not a big ask, is it? Can you kick out those that don’t comply? Could you not only register the firm, but undertake checks on all the advisers representing that firm? ( Professional references, credit checks, experience etc..)
2. Commission. Can we have a cap on some of the outrageously high commissions on some products? Can we also demand commission disclosure to the clients ( either as a percentage or in actual pounds, shillings and pence)?
3. QROPS. Can we demand that a firm that provides transfer advice has specific specialist pension qualifications if it wants to give this type of advice? If the firm has not got this, then they must make it clear that they refer to an independent specialist and are not involved in any part of the advice.
4. Qualifications. Can we ban the phrases “ highly qualified” or “fully qualified” unless evidence is provided of professional qualifications from a recognised institution or association? ( UK advisers often refer to the FPC as a professional qualification- Make no mistake, it is not and it is only similar to a GCSE in difficulty).

I am not expecting Santa to deliver!
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Old Dec 10th 2011, 10:48 am   #77
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Default Re: QROPS

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Originally Posted by Otto The Squid View Post
I think that there are a lot of things that need changing about the offshore financial advice industry ( note the word industry, as parts of it are far from a profession).

For example, a wishlist for Christmas-

1. Regulators. Could you please actually regulate? The occasional visit to a firm in your jurisdiction to check that the firm is acting within its licence? That is not a big ask, is it? Can you kick out those that don’t comply? Could you not only register the firm, but undertake checks on all the advisers representing that firm? ( Professional references, credit checks, experience etc..)
2. Commission. Can we have a cap on some of the outrageously high commissions on some products? Can we also demand commission disclosure to the clients ( either as a percentage or in actual pounds, shillings and pence)?
3. QROPS. Can we demand that a firm that provides transfer advice has specific specialist pension qualifications if it wants to give this type of advice? If the firm has not got this, then they must make it clear that they refer to an independent specialist and are not involved in any part of the advice.
4. Qualifications. Can we ban the phrases “ highly qualified” or “fully qualified” unless evidence is provided of professional qualifications from a recognised institution or association? ( UK advisers often refer to the FPC as a professional qualification- Make no mistake, it is not and it is only similar to a GCSE in difficulty).

I am not expecting Santa to deliver!


The only problems are the same old thing - they take their operations "offshore" whilst still peddling their wares in another soveriegn state. They never attract clients in the state they are resident in. (isnt that a good first indicator!)

As to regulators - well, in the Phone Hacking enquiry in the UK it has now come out that the Information Commissioner (formerly known as Data Protection Commissioner) at the time knew all about the phone hacking, but taking legal advice which was to do nothing because it was so wide spread and rattled too many cages, decided he wouldnt investigate because he didnt have the finance or resources (i.e. people) to proceed with it.
So.....it carried on and on and on. The fact that the regulator could give such reasons is probably why many things we see and think are wrong, have just been brushed under the carpet.
Is that the same reason for so many solicitors, accountants etc not being registered under the DPA, but they did have a shout at an MP for disposing of constituants letters in a park rubbish bin (only because it was on the front page of a newspaper).

We expect better from the regulators who get paid more than the Prime Minister for doing far far less.

Is it small wonder I can see why we have dropped the Great that used to go with Britain
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Old Dec 10th 2011, 10:52 am   #78
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Default Re: QROPS

[QUOTE=Otto The Squid;9780800]

<<large snip>>

it is only similar to a GCSE in difficulty.

so must I have that GCSE along with Maths English and Science to get in to University ?

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Old Dec 10th 2011, 1:33 pm   #79
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Can we not lose the subject of this thread, which is basically to discuss the product rather than those that are pushing it
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Old Dec 10th 2011, 2:47 pm   #80
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Default Re: QROPS

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Can we not lose the subject of this thread, which is basically to discuss the product rather than those that are pushing it
Sorry Mitzy, I thought the quality of person peddling along with the quality of the product were all intermingled, no matter how good a product the quality of the person selling it was also of relevence - as witnessed by HSBC being hit by the FSA for more than £40m in fines and compensation for selling a perfectly good product, just to the wrong people, by people who should have known better.
will take more care next time
rgds
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Old Dec 20th 2011, 3:59 pm   #81
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Default QROPS

Hi, I'm looking for some advice on QROPS. I am currently paying into a final salary pension scheme which I will receive when I retire next year. We intend to make a permanent move to Italy once our house is sold here. We have friends and relations who have relocated to various countries within the EU and they all seem to endure being charged to access their money and suffer the effects of the fluctuating exchange rate. We have an appointment with a trusted financial advisor after Christmas to discuss our various options but, I wondered if anyone here has a personal experience with the scheme. Thanks in advance, Bob.
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Old Dec 21st 2011, 12:28 pm   #82
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Default Re: QROPS

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Originally Posted by monza2011 View Post
Hi, I'm looking for some advice on QROPS. I am currently paying into a final salary pension scheme which I will receive when I retire next year. We intend to make a permanent move to Italy once our house is sold here. We have friends and relations who have relocated to various countries within the EU and they all seem to endure being charged to access their money and suffer the effects of the fluctuating exchange rate. We have an appointment with a trusted financial advisor after Christmas to discuss our various options but, I wondered if anyone here has a personal experience with the scheme. Thanks in advance, Bob.
Hi monza2011,

You originally posted this in our Currency Exchange forum, so I've moved it into a already existing QROPS thread in our Europe forum as this discussion may be more useful for you. You might want to start on page one and read through it, as some of the info may be useful.

Merry Christmas to you

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Old Dec 21st 2011, 5:40 pm   #83
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Default Re: QROPS

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Originally Posted by monza2011 View Post
Hi, I'm looking for some advice on QROPS. I am currently paying into a final salary pension scheme which I will receive when I retire next year. We intend to make a permanent move to Italy once our house is sold here. We have friends and relations who have relocated to various countries within the EU and they all seem to endure being charged to access their money and suffer the effects of the fluctuating exchange rate. We have an appointment with a trusted financial advisor after Christmas to discuss our various options but, I wondered if anyone here has a personal experience with the scheme. Thanks in advance, Bob.
I think the comments made on this thread are enough to make you think twice.
FYI, in many banks you dont get charged to access your money, nor do you get charged for the transfer from country to country if you choose the right method.
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Old Dec 21st 2011, 5:56 pm   #84
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Default Re: QROPS

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Originally Posted by Sue View Post
Hi monza2011,

You originally posted this in our Currency Exchange forum, so I've moved it into a already existing QROPS thread in our Europe forum as this discussion may be more useful for you. You might want to start on page one and read through it, as some of the info may be useful.

Merry Christmas to you

Sue
Hi Sue, Thanks for moving me and Merry Christmas. Mitzyboy, Having read through this thread I am indeed having second thoughts. At least my pension is as secure here as it possibly be. I'll look at various banks and methods of accessing my pension. Bob.
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Old Dec 21st 2011, 6:12 pm   #85
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Default Re: QROPS

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Originally Posted by monza2011 View Post
Hi Sue, Thanks for moving me and Merry Christmas. Mitzyboy, Having read through this thread I am indeed having second thoughts. At least my pension is as secure here as it possibly be. I'll look at various banks and methods of accessing my pension. Bob.
Good move imho, especially as HMRC have set up a section to investigate how it is being used.

I dont listen to IFA's any more because I dont think they are able to offer good advice in the current financial circumstances.

Last edited by Mitzyboy; Dec 22nd 2011 at 7:59 am.
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Old Dec 22nd 2011, 6:09 am   #86
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Default Re: QROPS

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Dood move imho, especially as HMRC have set up a section to investigate how it is being used.

I dont listen to IFA's any more because I dont think they are able to offer good advice in the current financial circumstances.
Since the proposed changes are just that, proposals, no one can state what the rules will be in April ( Unless HMRC have already made up their minds and this " consultation period" is just for show).
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Old Dec 22nd 2011, 8:05 am   #87
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Default Re: QROPS

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Since the proposed changes are just that, proposals, no one can state what the rules will be in April ( Unless HMRC have already made up their minds and this " consultation period" is just for show).
It wasnt a criticism of IFA's because of their standing in the financial world. It's a comment taking into consideration that the financial world has changed. I ask my IFA for advice and the only reply I get is "dont panic sell". he has no idea what the future will bring.

I can only assume on this subject though, that if HMRC are setting up a group to investigate how people are using QROPS as regards tax, then it's not probably a clever idea to be taking on any such venture until things are completely clear.
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Old Dec 22nd 2011, 8:20 am   #88
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Good move imho, especially as HMRC have set up a section to investigate how it is being used.

I dont listen to IFA's any more because I dont think they are able to offer good advice in the current financial circumstances.
must agree, despite taking a course of study and a test at the end of it IME they are still people looking to make some money for themselves first, their client second. The speed that things have changed in the current financial markets are proving to be too much for those who are just "licenced" salesmen without any real experience.

I remember the difficulties my BIL got into with his business and the convoluted financial shenanigans of his good friend who was an IFA. That period very nearly destroyed the marriage, with loss of the house etc etc. It was only hard work by all and help from the family that recovered the situation and they breathed a sigh of relief when they had worked their way out of that mess. The IFA just made it 3 times worse, but he got his commissions up front before a single penny was paid back on the debt, which he had never told them about.

Its situations like this that make me so wary about the promises of money now and money later "so long as you take me up on this marvellous offer in the next 7 days or you will never get another chance"
Another chance always come along a couple of months later.
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Old Dec 22nd 2011, 2:53 pm   #89
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Default Re: QROPS

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I am currently paying into a final salary pension scheme which I will receive when I retire next year.
Regardless of the in's and out's of QROPS, or the vagaries and uncertainties of the exchange rate, you would, IMO, be stark raving bonkers to take your money out of a guaranteed final salary pension scheme and cast your fortune to the shark infested waters of open market forces.

By all means do what you like with the lump sum but not the pension.
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Old Dec 27th 2011, 9:40 am   #90
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Default Re: QROPS

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QROPS are increasingly popular under British Expats due to the tax advantages on the pension draw downs and death benefits. Pension funds left in the UK are heavily taxed, in some cases up to 82%. Transferring a UK pension fund into a QROPS can avoid UK taxation.
I think this rather depends on the circumstances. So, leaving the benefits in the UK, in this case, does not mean that the funds are heavily taxed. This is why the UK funds are referred to as exempt approved.

If benefits have not been drawn, then there is no tax deducted on death. If the benefits in drawdown are being taken at time of death, these too can be passed tax free to provide a dependant's pension.

Otherwise the benefits are taxed at 55%, the 82% to which you refer was removed as at 6th April 2011 and no longer applies. I have seen continued references to this , now defunct 82% rule, on a number of offshore IFA websites.

Don't take my word for it, here is link to HMRC on the subject.

http://www.hmrc.gov.uk/budget-update...x/tiin2955.pdf
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