Uk Pensions
 

Hi, I am new to the forums here but I have a vested interest somewhat in Spain and I am curious about some things also. So please indulge me.

Let me give you a bit of background about me first:

I have worked for YBS (Branch Manager) and moved over to Abbey/Santander (Branch Manager and Financial Adviser) since I left uni with a law degree - which I know makes finance the obvious choice. I now work for an international IFA (a good one, and reputable which I am sure most expats will know is rare).

My brother moved to Spain a few years ago with his wife and 2 gorgeous little girls to be closer to his wife's mother and step father who retired near Barcelona. So I regularly visit them when I can but, since I moved to Moscow (don't even ask! :D) visits are more difficult. Since he has no intention of ever returning to the UK to live and runs his company from home, he has a long term future set out for him and his children are mutilingual and enjoy the lifestyle.

Now that is a brief outlay of me and my connection to Spain, because of what I do, and what I have read so far in the forums - I am curious:

Since the financial issues in Spain and all the negativity that seems to be flowing regarding pensions, I am curious as to:

1. How many of you actually undertook a private pension against just relying on the UK government?

2. How many of you still residing in Spain still use the UK pension schemes instead of transferring them into something else more beneficial and suited to European life?

To me, it seems very strange that so many people will sell up a property and all to move to Spain but, retain such a vital tie to a country you want nothing more to do with other than family.

I appreciate your time on this and any replies you may have.

Rory

Re: Uk Pensions
 

Why do I feel a bit suspicious about this post?

Re: Uk Pensions
 

Cos it sounds like a business survey ? :lol:

Re: Uk Pensions
 

It's a warm-up to spam.:rofl:

Re: Uk Pensions
 

Actually I liked warm spam, but only when it was in an omelette

Re: Uk Pensions
 

and eggs.................

Re: Uk Pensions
 

I've have contacted OP and he has confirmed that he isn't trying to advertise/spam etc, nor is his post a precursor for advertising anything. He is genuinely trying to figure out if he can run his business from Spain.

Re: Uk Pensions
 

thank you Sue.

:) ps. Hello everyone.

Re: Uk Pensions
 

Hi Rory.

To answer your questions.

1. How many of you actually undertook a private pension against just relying on the UK government?

I worked for a company that had a company final salary scheme and I also contributed AVCs. When I left I took a pension pot with me which I contributed into until I retired. I took the pension at 50 so the State pension was not a consideration (until recently).

2. How many of you still residing in Spain still use the UK pension schemes instead of transferring them into something else more beneficial and suited to European life?

That was not an issue as I took the full benefits before I left the UK.

Re: Uk Pensions
 

Congrats on the first sensible answer! It's nice to nice!:thumbup:

Re: Uk Pensions
 

Where's a conceirge when you need one;)

Re: Uk Pensions
 

If he is trying to work out if he can sell pensions in Spain the market is flooded with pension and financial advisors.

Re: Uk Pensions
 

Hi

I retired to Spain aged 56; at that time I wouldn´t have touch ANY financial advisor with a barge pole - The English Financial system gives too many safeguards. However I was advised by Blevins Franks about certain aspects; indeed I do not own my house, my children do. Therefore with luck, I will die a pauper!

My private (Local Government) pensions have now cut in with the associated AVC´s (loads) and I will collect the Government OAP in September

Hope this helps, feel fre to pm me

Dave

Re: Uk Pensions
 

Ok - well my instant reaction to everyone complaining was that noone had actually done anything! :D I stand corrected.... in the corner of the room.

I totally agree with the comment about UK Regs. One of the myriad reasons I left in the first place. But, on the flip side - there is little to no Regulation in most of the world. It is a shameful fact that puts my heckles up here.

Re: Uk Pensions
 

and thank you for the serious honest replies. I hope that your pension schemes keep you in vino and olives for as long as you need them.

:)

Re: Uk Pensions
 

?????????????? Explain please.

Rosemary

Re: Uk Pensions
 

You missed out the inevitable welcome spiel:rofl:

Re: Uk Pensions
 

I'm glad someone got it:D
It's against site rules to be unwelcoming isn't it and the opening replies to the OP were not welcoming as Sue pointed out.
Of course I'm being a bit tongue in cheek:rolleyes:
Nothing personal at all. Ironicaly some would say I was the cause of The Conceirge introduction:o:o
Sorry off topic I know, it just tickled my doo dahs, apologies.

Re: Uk Pensions
 

You saw the need
But did not do the deed

Shame on you:wink_smile::kiss:

Rosemary

Re: Uk Pensions
 

Is this an "inside" joke? I am confused....

:huh:

Am I required to introduce myself here? I am sure I did that on a seperate thread but, may have been mistaken.

:unsure:

Re: Uk Pensions
 

No worries. You did introduce yourself on another thread and we thought that we welcomed there, if not then apologies to you and a belated welcome.

Rosemary

Re: Uk Pensions
 

Thank you and I am too big and ugly to take offence... and maybe too stupid to even notice!

Hope I can be of some entertainment to this group in the future. Just don't hit me in the face, that's the money maker :D

R

Re: Uk Pensions
 

I retired at 52, making it a long run in to pensionable age.
I have several private pensions that I intend to take at 60, and then of course the state pension that I will (allegedly) get at 65.

As regards to transferring them to something more beneficial, with all the financial turmoil there has been over the last years I'm really challenged to think of anything that I can trust that would be more beneficial.

Re: Uk Pensions
 

Have you not considered that each individual pension carries a certain number of running charges?

I recall a Watchdog program putting the frighteners on everyone (wrongly) about pensions and their costs and telling viewers emphatically to not undertake a pension.... I thought my head was going to explode after watching this! But, the show did raise some valid points - these things can be expensive and don't ultimately benefit!

On a side note - well done on the early retirement.

I have recently had an email relating to one particular shady firm about trying to help raise issues with the FSA and any other governing body which will listen and to attempt to lobby governments to regulate a little more than nothing and a little less than stifling. Will be interesting if anything shall come of it.

:thumbsup:

Re: Uk Pensions
 

Sorry walkthetalk, didn't mean to hijack your thread.
I have been a very naughty boy in the past:ohmy: nothing to do with you or your post.
Big welcome to BE:thumbsup:

Re: Uk Pensions
 

no problem Bez ;) (you're twisting my melon man...)

You know, having left the Uk and seeing most of the communities - I can't ever imagine going back. Do you all live near each other or have you all just gotten really close over the years?

Will I ever cease to be an outsider? :):fingerscrossed:

Re: Uk Pensions
 

Like most forums there is always those who are fairly regular posters ( cos we are saddo's with no other life) (( joking)).
I have been given some very good advice here and as such I always try and give something back but as with ALL forums things can go a bit wonky at times. Expats are a strange bunch, well apart from me ....of course.
Settling in anywhere always takes time.

Re: Uk Pensions
 

Once people have made more than one post they cannot possibly be called outsiders. Some members have friendly little jokes running between them due to having been on BE for a while. I believe that some may live near to each other. We do not have any other English nearby but have met up with Mitzy and his wife and Lynnxa and her husband. Plus a few others like a lovely lady called Spain who have now left Spain and either no longer post or post rarely.

So relax and enjoy yourself.

Rosemary

Re: Uk Pensions
 

Well ... yes of course I did. But you invest in most things and there more often than not is a charge. If it's not those horrible IFA's, its the insurance company :lol:

I pay ridiculous charges on investments as well. Partly to the insurance, partly to the IFA. When it all went to crap with the banks the investments plummeted, but the professionals still had their charges. The pensions were the same. I did consider taking it out and sticking it under the bed, because when your investments can be effected by some idiot having his evil way with a chambermaid in the US, you know you are on a loser!

The best investments I ever made over the years was in UK property. It never failed me, and it was one of the reasons I was able to retire at an early age

Re: Uk Pensions
 

Ouch! Burned! :D :D

Yeah but, not all charges are % - some are monthly set amounts. Although if you retired THAT early maybe you are like some of my Russian clients - "Rory, I am not really bothered by returns, just a safe location...!!!!" Honestly, these millionaires... ahem ;)

I like to think of myself as the charitable guy. Looked after a lot of people for nothing in the past in an attempt to atone for the errors of my industry. Unfortunately, there is not always enough hours in a day for that!

Re: Uk Pensions
 

Ironically, I got hurt a little by UK property when I left. It hadn't grown or depreciated so I basically walked away from the beach house - and the ex now has a bargain! :(

But, like most markets - even property has a fluctuation connected somewhat to a business cycle. It's just that they appear less obvious because of the value of money always increases too (forgive me for stating the obvious - force of habit now). It only takes a look at the Spanish housing market to see that it can and does from time to time fall apart. The Moscow market may be about the greediest I have ever seen - renting a 2 bedroom apartment for $7000 US a month is insanity but, it is common place here. I absolutely expect the glue to unstick soon.

That said, you got in and got out at very good times and clearly did not fall into the capitalist trap of being too greedy so WELL DONE! :)