Saturday, 8 January 2011

Is this QROPS misselling?

Learning from other people’s experiences is one of the key issues which arise here on my Blog. In fact my own professional experience as an IFA in UK, my own knowledge of Spain and readers experience are all equally important.

  • QROPS investment of funds

  • QNUPS might also be affected

  • Not just transferring the pension but also the investment

Here is one that might affect you or someone you know;

In-Specie transfers

I had a conversation with an Englishman, during last year, now living and working in Spain who was telling me about his Self Invested Personal Pension (SIPP). Naturally, I asked if he had considered transferring to a QROPS. He told me that he was very happy with the investment returns in his SIPP and that his ‘adviser’ had told him that it wasn’t possible to transfer the assets in his SIPP to QROPS!

This advice is wrong

Such a transfer is possible and is known as an In-Specie transfer, this is perfectly acceptable and clearly good advice where the individual is pleased with his investment performance. He has ditched the ‘adviser’. Please don’t get the wrong ‘adviser’ email me

Some advisers seem unable to distinguish between the rules and their own business model.

Could you help me, please?

This story may not affect you but does it affect people you know? Please pass it on to your circle of friends, colleagues or neighbours as you never know who may benefit. I may be able to help if you email me