Colmik

I retired from work a few days ago, and am due to receive my first State Pension payout shortly. In the meantime, I am trying to get a QROPS started, and will be leaving the UK within 6 months - probably to go sailing for some time, then I'll probably settle in France.

For the QROPS, I don't know how to set it up myself, and that would be fraught with hazard, so I'm using a QROPS specialist adviser that I found on the web. They are regulated by the FSA (Financial Services Authority), which is good, but it has been my experience that financial advisers tend to advise you to do what is best for them, so I'm looking for advice, if anybody has dealt with this company.

I must stress absolutely that I have no reason to doubt them - I'm just being careful. I have saved all my life for this pension pot, so I don't want to lose any of it through carelessness. The company is Gerard Associates, in Bristol. Please feel free to use my e-mail address if you don't want to post a reply to the forum.

As things stand, I'm all set to go with them. They seem professional and reliable, but so does any successful con artist. I don't think they are in any way dubious - but as I said - I'm just being cautious.

Thanks,

Colmik

bangkoktimesonline

Hi Colmik,

The fees vary considerably between companies as well as the investment advice given. Getting the correct investment advice is perhaps more key than the fees or charges in the long run. But, all need to be taken into consideration. Make sure you know of all hidden fees and charges.

Also, you may well be better off leaving the pension where you are and there may be issues when it comes to drawing your lump sum in France when it comes to taxation. There have been recent changes on April 6th which has led to most companies being delisted. QROPS pension transfers are really only for larger transfers.

Try QROPS Specialists for advice and another quote.

Good luck,

Richard

Colmik

Thanks a lot, Richard,

I appreciate the input, but it left me perplexed.

I'm sure that not all advisers are equal, and that you get good ones, mediocre ones and poor ones. Taking a QROPS for the first time in my life, and knowing nothing about the subject, I didn't know who to go to, so I looked for a specialist adviser on the web and found what seemed to be a good one - but I can't tell how well they know their field, so I was hoping to make contact with other people who had used them.

You said "Make sure you know of all hidden fees and charges". Do you have any advice there? If they are hidden, I won't know about them, so I wouldn't know what to ask about.

If I try another QROPS specialist, as you suggest, I have no way of knowing whether they are better or worse than the one I chose initially.

Regards,
Colmik

Marworcs

On the question of QROP fees, the QROP provider I used provided an illustration of expected benefits using 7% pa, NET of ALL fees payable.

It shouldn't be beyond any provider to produce that figure.

Of all the providers I looked at, you might try Waterstones.