Should I take private pension out of UK?
Feb 18th 2015, 11:18 pm
#31
BE Forum Addict
Joined: Aug 2004
Posts: 4,754
Re: Should I take private pension out of UK?
Yes, it will be interesting to see how many audits come out of FATCA. I expect it to strongly depend on IRS budgets and personnel levels....right now all the new regulations are creating enormous amounts of work for the IRS.
May 17th 2015, 4:58 am
#32
Just Joined
Joined: Jul 2014
Location: Abu Dhabi
Posts: 11
Re: Should I take private pension out of UK?
An expat of some 15 years, I have been approached by a Boston company asking if I would like to take my private pension funds out of UK. Unfortunately, my profession is removed from finance and I have little knowledge to judge whether this maybe a good or bad idea. Has anyne else done this? What are the presumed gains in doing this?. I would be grateful for any pointers,,. Thanks, Gezza
Leave you pension where it is, it is safe.
May 17th 2015, 7:47 pm
#33
Just Joined
Joined: May 2015
Location: London > LA > London > Brisbane
Posts: 1
Re: Should I take private pension out of UK?
I was contacted by a ****** representative about moving my UK SIPP to a Malta QROPS when I lived in the United States. I've briefly returned to the UK before immigrating again (this time to Australia) so I've put the discussions on hold.
The ****** representative suggested there would be a GBP1,100pa fee for the trust, 1.14%pa fee for the investment platform, and a 1% service fee from ******. For my modest SIPP, that's a significant investing headwind that puts me off.
However, I like the benefits of QROPS (esp avoiding UK inheritance tax). So I might wait a few years when I'm in Australia and see how the QROPS market develops. I'd like to see some fixed-fee and low cost providers and hear some positive stories before I commit myself.
In the meantime, I just need to find a low-cost SIPP provider that doesn't go bersek when I move out of the UK and don't have an IFA (as my current provider did).
The ****** representative suggested there would be a GBP1,100pa fee for the trust, 1.14%pa fee for the investment platform, and a 1% service fee from ******. For my modest SIPP, that's a significant investing headwind that puts me off.
However, I like the benefits of QROPS (esp avoiding UK inheritance tax). So I might wait a few years when I'm in Australia and see how the QROPS market develops. I'd like to see some fixed-fee and low cost providers and hear some positive stories before I commit myself.
In the meantime, I just need to find a low-cost SIPP provider that doesn't go bersek when I move out of the UK and don't have an IFA (as my current provider did).
May 18th 2015, 11:25 am
#34
BE Forum Addict
Joined: Aug 2004
Posts: 4,754
Re: Should I take private pension out of UK?
I was contacted by a ****** representative about moving my UK SIPP to a Malta QROPS when I lived in the United States. I've briefly returned to the UK before immigrating again (this time to Australia) so I've put the discussions on hold.
The ****** representative suggested there would be a GBP1,100pa fee for the trust, 1.14%pa fee for the investment platform, and a 1% service fee from ******. For my modest SIPP, that's a significant investing headwind that puts me off.
However, I like the benefits of QROPS (esp avoiding UK inheritance tax). So I might wait a few years when I'm in Australia and see how the QROPS market develops. I'd like to see some fixed-fee and low cost providers and hear some positive stories before I commit myself.
In the meantime, I just need to find a low-cost SIPP provider that doesn't go bersek when I move out of the UK and don't have an IFA (as my current provider did).
The ****** representative suggested there would be a GBP1,100pa fee for the trust, 1.14%pa fee for the investment platform, and a 1% service fee from ******. For my modest SIPP, that's a significant investing headwind that puts me off.
However, I like the benefits of QROPS (esp avoiding UK inheritance tax). So I might wait a few years when I'm in Australia and see how the QROPS market develops. I'd like to see some fixed-fee and low cost providers and hear some positive stories before I commit myself.
In the meantime, I just need to find a low-cost SIPP provider that doesn't go bersek when I move out of the UK and don't have an IFA (as my current provider did).
May 25th 2015, 6:56 am
#35
BE Enthusiast
Joined: Feb 2014
Posts: 592
Re: Should I take private pension out of UK?
Yes inheritance or death taxes have reduced from 55 % to 45 % - on pensions - from 06 th April 2015.
45 % of a pension fund being paid in taxes upon death is something to seriously consider especially on larger balances and where the surviving family is reliant on the pension fund being paid in full.
Too many greedy adviser companies out there flogging transfers to make a buck which is why the current crack down being done by HMRC is going on. Those that do not meet the new rules by the 16 June 2015 will be removed from the HMRC List of funds being able to receive UK Funds.
The recent changes to the rules in some cases are increasing the cost of transfers especially where defined benefit schemes over 30,000 GBP are concerned. These types now require a Uk Adviser to provide advice adding to the cost of the transfer.
Always be vary of companies cold contacting you !!
45 % of a pension fund being paid in taxes upon death is something to seriously consider especially on larger balances and where the surviving family is reliant on the pension fund being paid in full.
Too many greedy adviser companies out there flogging transfers to make a buck which is why the current crack down being done by HMRC is going on. Those that do not meet the new rules by the 16 June 2015 will be removed from the HMRC List of funds being able to receive UK Funds.
The recent changes to the rules in some cases are increasing the cost of transfers especially where defined benefit schemes over 30,000 GBP are concerned. These types now require a Uk Adviser to provide advice adding to the cost of the transfer.
Always be vary of companies cold contacting you !!
May 25th 2015, 8:41 am
#36
Forum Regular
Joined: Dec 2011
Posts: 193
Re: Should I take private pension out of UK?
Too many greedy adviser companies out there flogging transfers to make a buck which is why the current crack down being done by HMRC is going on. Those that do not meet the new rules by the 16 June 2015 will be removed from the HMRC List of funds being able to receive UK Funds.
!
!
May 25th 2015, 11:10 am
#37
BE Enthusiast
Joined: Feb 2014
Posts: 592
Re: Should I take private pension out of UK?
Yes there is a big grey area - there are some industry fixes for this that are being looked at - and if not then it leaves it up to individual funds to make a decision on their status. Thus even more grey areas.. :-(
