Anchorage50

Hi, I've just transferred my UK pension to a qrops scheme managed by <<<snip>>> am now at that crucial stage of deciding on investment portfolio and which financial advisors to go with - anyone had any experience - good or bad on this subject ? I'm considered a low risk investor looking to minimisemy annual charges - also has anyone used a financial advisor in the UK as am worried about the regulation here in the UAE ? Regards and thanks

bakedbean

Hi and welcome to the forum

Congrats on sorting QROPs as I am still dithering away over the subject

If you go to the main index page of the forum and page down, you'll see a section on UK transferred pensions. You might like to have a look in there and maybe start a new thread.

Also you may wish to check out the Middle East section of the forum too if you want to chitchat with others out there in the Gulf.

Mitzyboy

Ive read so much about QROPS and the UK tax authorities attitude towards it that I think the very very last thing I would ever consider is taking on such a thing. Also, is a UK IFA really going to be able to help you with financial regulation in the UAE??

Anchorage50

Thanks to comments so far and I'll certainly look through other posts. It's not so much a UK IFA and UAE regulation, you can appoint any IFA anywhere I believe that's approved by the QROPS fund.<<<snip>>> In theory using an IFA face to face gives you a better service but your right Mitzy that here the regulation is not like the FSA regulation in the UK. Again in theory a UK IFA should give advice that is more stringently regulated than one in the UAE. I'm trying to find out if anyone has done this. regards

bakedbean

Maybe this should be shifted to the Pensions section? Perhaps a wise moderator could decide.

I tried to get advice from my UK IFA and he said in an email that, due to latest regulations, he is not allowed to talk with me I suspect though that most UK IFAS would be more inclined to recommend UK pensions since they will get a cut of them. QROPS I doubt....though correct me if I am wrong.

Mitzyboy

Thats true. A UK IFA is not really allowed to deal with someone living abroad. Mine had to send all documentation to a UK address whilst I was abroad as he was unable to send it overseas.

john in oz

Yes agree working with our Uk advisers they would state the same that they could not provide advice on investments in another country as they are not approved or qualified to do so. Same for me in OZ unable to provide any advice on overseas funds. You will need to get advice from a person who is authorised to do so in UAE.

Meow

Generally IFAs are only permitted to advise people in the jurisdictions where they have authorisation, so if you are in the UAE you need to speak to someone here.

Despite the very limited regulation and compliance requirements, some of us are ethical and do the right thing by our clients. Big difference between a proper adviser and the salespeople who are sadly all too prevalent.

mikewot

Yup! New guy at work was very nearly hooked by the company that must not be named. Yesterday they had him sign to say he had a chat with them (no advice offered), tomorrow they wanted him to come & sign up to a plan! We put him straight today.
Meow do you handle Hungarian nationals?

Millhouse

her middle name is Granville

Meow

Handle?

I advise people of many nationalities if that's what you mean.

Meow

Whoosh?

Otto The Squid

Out of interest, how many Brits retire in the UAE? If they return home, what is the point of moving UK pensions to a QROPS? It would fall under the UK tax net and the fund would be smaller due to the higher QROPS charges and generally higher fund management fees.

There will be exceptions, but surely the volume of QROPS being sold to UAE expats is way greater than the exceptions dictate. Isn't the place of retirement an important consideration as opposed to only considering current residency?

Meow

Very few can retire in the UAE but that doesn't necessarily mean they move back to the UK. It is true that too many are 'sold' and are not suitable but that sadly is due to the lack of regulation and compliance in the region. There are too many unqualified, commission chasing salespeople in the UAE. No question that residency in retirement in the main factor to consider and that's why I don't arrange that many.

Quite a few Brits will not retire in the UK so it could be suitable for them and there are also many non Brits who have worked in the UK for many years and accrued pension benefits who are likely to be better off with the monies outside the UK. The cost difference between SIPPs and QROPS has diminished so it's really about suitability for the individual.

john in oz

Yes agree - I only transfer clients funds to OZ when we know or they assure us that they are not returning back to the Uk and are making OZ their home !!