Pension Plans
May 23rd 2011, 8:58 am
#1
Forum Regular
Thread Starter
Joined: Jun 2010
Posts: 81
Pension Plans
Hi. I'm looking for some advice on pension plans. I've got a pot built up in the UK which i'm planning to leave there and start a new pot here as I'm planning to stay.
Any advice would be much appreciated....
Any advice would be much appreciated....
May 23rd 2011, 9:02 am
#2
Retired and loving it!
Joined: Sep 2007
Location: Ontinyent - Valencia region (campo)
Posts: 5,160
Re: Pension Plans
I, personally, would QROPS it so you can be in charge of 'where & how it is spent'.
May 23rd 2011, 10:50 am
#3
Senior Moment
Joined: Jan 2006
Location: On the edge
Posts: 20,460
Re: Pension Plans
To the OP, you really need professional advice on this as there will be so many different opinions. Snikpoh will say Qrops, I will say property, someone else will say something else.
But as recent events show, we could have all been wrong so theres no easy answer. My daughter is talking about starting a pension right now ... I really dont know what to tell her other than I will probably end up being her pension, if I'm careful not to spend it all
May 23rd 2011, 11:56 am
#4
BE Forum Addict
Joined: Apr 2008
Posts: 3,171
Re: Pension Plans
Dont bring your money to Spain! For me I`d buy a UK or Gibraltar property and let it , theres nothing safer in my view 
May 23rd 2011, 12:08 pm
#5
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Re: Pension Plans
Hi Mitzy, no problem.
I actually agree with both you and Rotor but the issue is how to release the pension pot in the first place - only then can it be spent on property (which is what I would do).
To release the funds, probably the only way that I know of is QROPS. As you say, not for everyone but the associated fees have tumbled recently and you can certainly release 25% straight away and possibly all of it if you meet the tax criteria.
As said, seek professional advice
I actually agree with both you and Rotor but the issue is how to release the pension pot in the first place - only then can it be spent on property (which is what I would do).
To release the funds, probably the only way that I know of is QROPS. As you say, not for everyone but the associated fees have tumbled recently and you can certainly release 25% straight away and possibly all of it if you meet the tax criteria.
As said, seek professional advice
May 23rd 2011, 12:13 pm
#6
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Joined: Aug 2008
Location: Madrid
Posts: 6,400
Re: Pension Plans
I used to think oil company shares were the safest to go into, but I don't suppose shareholders in BP would agree now. IMO Mitzy's right - get professional advice, but hedge eg if the advice is to buy X, do so, but keep 10-20% invested elsewhere.
May 23rd 2011, 12:25 pm
#7
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Joined: Jun 2005
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Posts: 6,904
Re: Pension Plans
Hi Mitzy, no problem.
I actually agree with both you and Rotor but the issue is how to release the pension pot in the first place - only then can it be spent on property (which is what I would do).
To release the funds, probably the only way that I know of is QROPS. As you say, not for everyone but the associated fees have tumbled recently and you can certainly release 25% straight away and possibly all of it if you meet the tax criteria.
As said, seek professional advice
I actually agree with both you and Rotor but the issue is how to release the pension pot in the first place - only then can it be spent on property (which is what I would do).
To release the funds, probably the only way that I know of is QROPS. As you say, not for everyone but the associated fees have tumbled recently and you can certainly release 25% straight away and possibly all of it if you meet the tax criteria.
As said, seek professional advice
May 23rd 2011, 1:12 pm
#8
Banned
Joined: Dec 2006
Location: Living in a good place
Posts: 8,824
Re: Pension Plans
Sound advice from Mitzy. QROPS is attractive for the jam today bread tomorrow people. Lured by the lump sum they take advice from dodgy British financial advisors in Spain. Their pension pot is sometimes invested in off-shore companies set up for the purpose...some have gone bust already. Charges are massive too.
May 23rd 2011, 1:29 pm
#9
Just Joined
Joined: Feb 2011
Posts: 24
Re: Pension Plans
The bottom line is that you have not given us anywhere near enough information for anyone to make a fair assessment in laymans's terms with regards to what or is not achievable here. To simply say that QROPS would be a good option for you to consider without knowing the correct details is both irresponsible and dangerous (SNIP)
Last edited by Mitzyboy; May 23rd 2011 at 2:27 pm. Reason: Do not link to your site in the forums please
May 23rd 2011, 1:58 pm
#10
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Joined: Dec 2006
Location: Living in a good place
Posts: 8,824
Re: Pension Plans
Davey, is the Tumbit blog yours? I ask because out of 24 posts you have linked to it at least 12 times. A lot of the topic you have linked to are in free beer on this site. It's not a very good one either.
Last edited by jackytoo; May 23rd 2011 at 2:01 pm.
May 23rd 2011, 2:05 pm
#11
RETIRED ;-))
Joined: Jul 2003
Location: Benalmadena Pueblo,Spain
Posts: 20,156
Re: Pension Plans
Didn`t this come up before about always promoting his site ?
May 23rd 2011, 2:21 pm
#12
Banned
Joined: Dec 2006
Location: Living in a good place
Posts: 8,824
Re: Pension Plans
I may have mentioned it...dunno. I have noticed it though. Funny how some get away with it
May 23rd 2011, 2:27 pm
#13
Senior Moment
Joined: Jan 2006
Location: On the edge
Posts: 20,460
Re: Pension Plans
.... I just hadnt picked up on it as I thought this was just a link. On further investigation I have realised who it is, and the site belongs to them.
May 23rd 2011, 2:53 pm
#14
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Location: Benalmadena Pueblo,Spain
Posts: 20,156
May 23rd 2011, 4:00 pm
#15
Joined: Jun 2006
Location: Granada Costa
Posts: 10,902
Re: Pension Plans
Be very careful with any of these fancy UK tax efficient schemes such as SIPPs and ISAs.
The may have tax free benefits in the UK but if you are tax resident in Spain the rules may be completely different. ISAs are taxable in Spain and even the lump sum payment from a UK pension plan is taxable.
Even a UK premium bond win is taxable in Spain!
The may have tax free benefits in the UK but if you are tax resident in Spain the rules may be completely different. ISAs are taxable in Spain and even the lump sum payment from a UK pension plan is taxable.
Even a UK premium bond win is taxable in Spain!