UK Pension Transfers including QROPS

UPDATE:

This article is about UK Pension Transfers and NOT JUST QROPS.

So many changes have taken place, not just through BREXIT but for many other reasons too. One thing I must bring to your attention immediately:

If you were only offered QROPS and no alternatives, you have the WRONG ADVISER!

What are your future plans?                          Where are your pension funds?

When do you need income?                           What are your family circumstances?

What type of pension do you have?              Is this best for you?

Plus many other questions the adviser will discuss with you, must be discussed before a recommendation is made and you make the decision BEST FOR YOU. Always feel free to ask YOUR questions too.

QROPS may be best for you, but equally, it MAY NOT

This is one of my recent blogs which warns about getting misled by newspaper adverts:

  As it appeared on Twitter     

 DON'T BE MISLED Financial Pages in Spain: http://ow.ly/NLbm30rp9f3 Newspaper 'articles'             which are really ADVERTS #financial #pensions #Spain BEWARE Misleading & biased                     'information'

2021 Brings many changes

I am recommending readers of Financial Pages in Spain to get ADVANCED qualified advice and CAN and WILL recommend the RIGHT adviser.  EMail me to get the appropriate advice, on a personal basis.

I guarantee that you will be given only REGULATED advice, from an adviser with the CORRECT pension qualifications and very importantly, lots of experience IN SPAIN, if you contact me. Brief details by email are the best starting point, there is NO OBLIGATION and a guarantee of no up front charges.

There is lots more information before you can make up your mind and your questions WILL BE ANSWERED. Now is time to 'start the ball rolling'. REMEMBER, YOU have choices

 

David Goodall

Financial Pages in Spain

davidgoodall.spain@gmail.com

P.S. If your adviser doesn't consider alternatives to QROPS the you have the WRONG adviser!

Further Reading

Scam Watch Just say NO to cold calls

Professional Advice Always best

Foreign Exchange beating the banks on bank transfers!

UPDATE: Scam Watch

BEWARE:
Cold calls encouraging a ‘Review’ of your pensions

The Financial Conduct Authority (FCA) in the UK started a TV advertising campaign about Scammers &'Free' Pension Reviews. Financial Pages in Spain advises that this is exactly how many scammers operate in Spain. The watch word is CAUTION

Be mindful that unregulated companies are cold-calling consumers to offer high-risk investment advice.

They are also sending emails, text messages and using online advertising. That was the warning in the UK but in Spain they also advertise in newspapers and it is often difficult to distinguish the regulated from the unregulated.

If you let me know, I can tell you if a company is NOT regulated. Just Email 

The aim of the 'review' is to encourage you to move money from an existing personal or occupational pension to a self-invested personal pension (SIPP) or a small self-administered scheme (SSAS).

The money is then typically invested in investments not regulated by the FCA, such as overseas property developments, forestry or storage units known as store pods.

Such investments can be enormously risky and can be difficult to sell and consumers could lose all the money they move, reducing what they have to live on in retirement.

And they also have less protection should anything go wrong and may not be able to complain to the Financial Ombudsman Service (FOS).  Again, also, the FOS does not cover advice in Spain.

The majority of companies offering the reviews are not authorised by the FCA, although some falsely claim they are acting on its behalf. Others claim to be working with the government following the Budget commitment in March to introduce a free advice service for people at retirement.

Please Note:

Financial Pages in Spain ONLY refers readers to regulated advisers. In fact I am more than happy to give you the FCA registration details of anyone I recommend. Feel free to email me to be recommended or I can check out an adviser you have concerns about. Email

Professionals

·         My doctor is qualified, works in a practice with other professionals and I trust him   without hesitation

·         The veterinary practice we take the dog to is qualified I even know where he     studied and that he is a specialist in small animal health

·         My solicitor who I have known for many years is qualified in both UK and Spain

·         I could go on but I’m sure you’ve got the message. For contact My Email

David Goodall
Financial Pages in Spain

Email

Facebook

Financial Advisers MUST be Qualified

but BEWARE they often aren't!

DUE DILIGENCE ensures that the ADVISERS I RECOMMEND are able to deal with 2021 changed regulations

In these difficult times it's good to know that you can see an adviser with modern technology. After initial contact by email, phone and text, but only if necessary, it is possible to make video calls

Protect your savings, pensions and investments

I’ve said before at ‘Financial Pages in Spain’ that I check out any adviser that I might recommend to a reader. It’s often known as ‘Due Diligence’ and I take it seriously.

Someone calling himself an ‘Adviser’ contacted me to see if we could ‘work together’. My first question was ‘Are you qualified?’ He said ‘No’, I replied we cannot work together then! His retort threw me for a minute but he said ’I don’t have to be, I work in Spain’. Well in 2021 YOU DO have to be! I said you must be Qualified to work with me. But this is why you must be so careful

Professionals

·         My doctor is qualified, works in a practice with other professionals and I trust him   without hesitation

·         The veterinary practice we take the dog to is qualified I even know where he     studied and that he is a specialist in small animal health

·         My solicitor who I have known for many years is qualified in both UK and Spain

·         I could go on but I’m sure you’ve got the message. For contact My Email

So, why would you trust your savings, pensions and investments to an unqualified ‘adviser’ just because they happen to be in Spain? I certainly won’t recommend such a person!

Due Diligence

What I am looking for before I will recommend anyone to you are the following;

• The adviser firm needs to be regulated by an EU regulator and hold professional indemnity insurance
• The individual adviser needs to be fully qualified. This qualification can be awarded by several examining bodies, so I check with the relevant body and ask for qualification certificates
• I also want to see that they are registered with the European Financial Planning Association and that they hold a membership certificate
• Next, I’m interested in their career history with the UK regulator and if they have a history on the Financial Conduct Authority (FCA) register. I can also see what permissions they held when actively advising in the UK, and this tells me what work they are experienced in and what specialist advice they can give. This is vital in any recommendation.
• The adviser needs to be authorised to give investment advice, not just to recommend “insurance” products – this is now a minimum requirement to be able to advise on Malta pension plans and UK SIPPs
• Finally, I check their advice process and what investment options they have to offer clients. I ask for specimen reports to check the advice offered in several important areas

This due diligence process is difficult for you, the consumer, to undertake so please get in touch. My Email

​David

P.S. I just came back from the gym where the instructors all proudly display their Qualification Certificates and Diplomas!

David Goodall

Financial Pages in Spain

Email me

FACEBOOK

Please ‘like’ Financial Pages in Spain on Facebook

https://www.facebook.com/financialpagesinspain

Further Reading;

Scam Watch

Readers’ Favourites

Hidden Costs & Charges

Hidden costs & charges

Are you paying for something you’re not receiving?

• Renewal commission

• ‘Trail’ commission

• Ongoing ‘adviser’ costs

Please note:

If you have an excellent Financial Adviser who not only did a great job for you in the first place but continues to give you service, this does not apply to you!

How closely do you look at statements you receive from your investment company or pension plan provider? Is there a charge for ongoing service by the adviser who set up the plan?

Do you receive a service from your adviser? Do you even remember who was the adviser?

Many people tell me that they don’t! So why are you paying? Well it’s in the fine print, in the Terms & Conditions which you signed. That doesn’t mean you can do nothing about it. If you don’t know if there’s a charge and receive no service you can still write to the company concerned and ask them to stop any payment from your account, plan or pension.

Financial Pages in Spain can also offer you a way out. You can ask for a review with a fully qualified, correctly regulated and professional adviser. Let us know your details, the details of your plan or policy plus the name & address of the investment company, insurance, QROPS or pension provider. If you have doubts just ask.

I hope that you have a good adviser, one you can trust and who gives you good service but I want to help you with the ones who don’t.

Just EMAIL if you have any queries

David Goodall

Financial Pages in Spain

Email

Facebook

Additional reading:

·        Unauthorised Advisers

·        Readers’ Favourites

·        Foreign Exchange – Beat the Bank

Professional Advice - Always Best

Regulated, Qualified and Professional Advice

If you need advice, please email me.

UPDATED APRIL 2020
'In these difficult times it's good to know that you can see an adviser with modern technology. After initial contact by email, phone and text, but only if necessary, it is possible to make video calls'

My own connections included the following professionals;

• Regulated financial advisers

There are many people and organisations who call themselves ‘financial advisers’ without any qualifications and no regulatory body. I will only recommended regulated and fully qualified advisers who’s services I have checked.

Value for money comes from open and clear commissions and charges declared in an honest way. Hidden charges and undeclared commissions should always be avoided. For a referral to a suitably qualified & regulated adviser, please email me.

Due Diligence is vital

• Suitably qualified accountants and professional lawyers

Both the Institute of Chartered Accountants and the Law Society have qualified professionals working in Spain. Whilst you may have a good local source for advice, the professional standing of these people cannot be denied. If you need a referral, please email me.

You are further protected as all qualified professionals will carry ‘Professional Indemnity Insurance’ (PI) just in case anything goes wrong.

Unless your situation is very complex, I would expect most professionals to give you an estimate of costs upfront.

• Chartered surveyors in Spain

Similarly, I can recommend UK qualified Surveyors. Please email me to be referred

• Estate Agents

This is an area of service which is by definition very local. You could already know of a local estate agent with a good local reputation. If this is not the case I can recommend you to a Member of the Association of International Property Professionals.

• Company formation for property ownership

This is a very specialised service and is often used to save on Spanish Inheritance Tax (ISD). There is a service on my blog under the heading ‘Check your Spanish Inheritance Tax Liability’ to the right of this article.

The service involves the formation of a UK company to own a property in Spain. It involves UK law for the formation of the company and Spanish contracts, translations and knowledge of Spanish law. For this reason, the company concerned has offices in both UK and Spain.

• Foreign Exchange

I set up La Torre Fx – Foreign Exchange with the specific objective of beating the banks. This is a service and it is worth checking out, with easy access on the right of the blog.

La Torre Fx – Foreign Exchange is linked to a highly professional ‘trading platform’ provided by FTT Global. All of the necessary regulations are in place;

Key Facts about FTT Global:

·        Registered in the United Kingdom - Company Number 5685288

·        Regulated by FCA - Registration Number 503228

·        Regulated by HMRC - Registration Number 12231114

·        Registered for Client Data Protection - ICO Number Z9470988

·        Underwritten by A Rated Insurer

·        Corporate Bankers - Barclays Bank PLC

·       Get the best rate today

If you email please let me know your question and where you live. I may be able to answer myself, just point you in the right direction or refer you to a suitably qualified person.

Please remember that my Blog is about unbiased, factual financial information. You can look elsewhere for information but remember that an advert will certainly be biased towards the company who paid for it. I have no problem with that but remember it’s biased!

David Goodall

Financial Pages in Spain

davidgoodall.spain@gmail.com

Also Recommended:

Qualified Financial Advisers

Readers’ Favourites

Newspaper Adverts

UK Misplaced, forgotten and lost Accounts

Please pass on to your family, friends and colleagues

UPDATE

                                 

• Pensions – company or personal 
• Insurance Policies
• Bank Accounts
• Building Society savings
• Premium Bonds
• Shares
• Inheritances

The major cause of people being parted from their accounts and other assets is CHANGE OF ADDRESS, this makes this a very important topic for EXPATS

A few straightforward checks can be extremely valuable

One of the most obvious sources of lost accounts is banks and building societies. For those of you who have moved, especially to another country, it is easy to forget an old account. If you have lost accounts or think you may have unclaimed assets, as long as you can identify yourself, you can reclaim your money.

Financial institutions have literally billions of pounds in unclaimed assets, waiting for their rightful owners to collect. Did you know that uncollected inheritances, in the UK, go to the HM Treasury?

If you have pensions you cannot trace, then a financial adviser may be able to help. Many companies have been taken over or merged and can be difficult to trace. I will recommend a regulated adviser if you email me. Finding a lost pension plan could be valuable but equally if it is said to be ‘trivial’ you may get the benefit in cash

The same is also true about life assurance. It’s amazing how many ‘household’ names of a few years ago no longer exist. You might even benefit from a deceased relative but you don’t know you’re a beneficiary and the Life Company doesn’t know you exist.

National Savings & Investments (NS&I) is a UK Government company which, amongst other things, runs Premium Bonds. They recently carried out a survey of people which found that the main reason for claims, after the event, was change of address. It’s easy to forget one or two items, when moving house or emigrating!

Just as it’s easy to forget, it’s also easy to trace & claim.

I can give you four sources where you can look, that I have checked;

There are more that I am aware of but most also have charges, including one below

• www.mylostaccount.org.uk

• www.unclaimedassets.co.uk

• www.findmylostpension.com

• www.uar.co.uk   (Try this last as there may be a charge)

What’s more you could be doing your family, friends and neighbours a great favour by passing on this information. You just never know……….

David Goodall

Financial Pages in Spain

Facebook

davidgoodall.spain@gmail.com

Additional Reading:

Readers’ Favourites

Financial Healthcheck

Getting a Highly Qualified second opinion

Many changes will take place from January 2021.

Financial Pages in Spain undertakes 'DUE DILIGENCE' to ensure that ALL financial advisers and their firms are correctly qualified, authorised and regulated  and have the necessary experience and knowledge.

APRIL 2020 UPDATE;
In these difficult times it's good to know that you can see an adviser with modern technology. After initial contact by email, phone and text, but only if necessary, it is possible to make video calls

Financial Pages in Spain is happy to provide this service, referring you to a qualified, regulated and independent financial adviser

I have been finding for sometime that many people come to me for a ‘second opinion’ For many differing reasons but they are unhappy with the advice they have been given and send me examples.

Rather than guesswork people also ask me to recommend Accountants, Lawyers, Surveyors and other professionals.

Some of the things people have said to me:

• ‘ It  looked like a mass produced report with just my name and personal details changed’

• ‘ They wanted an up front fee even to talk to me, funny they never mention that in their       adverts’

• ‘ I wasn’t convinced the advice was correct’

But they trust ‘Financial Pages in Spain’ and I am receiving comments which show a great deal of respect. I’ll try to help. Email me In return I refer readers of Financial Pages in Spain to advisers who pass a strict DUE DILIGENCE test. 

Can you help me to help you?

• Please send me both good and bad examples of reports you have received, from financial advisers, I’ll respect your privacy
• Tell me the names of Advisers who've given you bad advice
• If the fees, charges and commissions are hidden in a report and not openly disclosed, please send examples

This sort of information will help everyone and help eradicate some of the greedy practices.

I may not have intended it when I started out but it seems that Financial Pages in Spain is becoming the respected second opinion.

* * * * * * *

Whatever your query, please contact  Email me
 is on this link

David Goodall

Financial Pages in Spain

Email me

Further Reading from Financial Pages in Spain

Scam Watch

Readers’ Favourites

Financial Healthcheck

UPDATE:

If someone referred you to an unqualified quack doctor you wouldn’t thank them for it, would you?

Well here’s a deal: I’ll never send you to an unqualified, unregulated financial adviser and I will check them out beforehand. Also, I promise you there will be NO upfront charges. My Email 

Background

The peak year for house purchases by UK & Irish citizens in Spain was 2006. Expanding equity in main residences fuelled the desire to buy second homes, many with the specific intention of retiring to Spain. Let’s call it living the dream!

Many emigrated with the specific intention of making Spain their permanent home. Why is this important? Many non-residents are also affected. Let’s look at what has changed since 2006

Major Changes

How many of you readers are affected by one or more of the following changes?

• Exchange rates

I made a comparison of mid February 2006 to 2019. Using a sum of £500, say a monthly income or pension the exchange rate reduced. €734 in 2006 became €560 in 2019.

• Interest rates

If you have savings or investments based on interest rates, you won’t need me to spell it out. Have you considered any alternatives? This would be a vital part a Financial Healthcheck with a fully qualified adviser. My Email

Interest rates that affect us are set by the European Central Bank and Bank of England and at present, low rates are likely to continue 

• Mortgages

If interest rates are low, this must be good for mortgages, so you would think. However, there are two factors which cloud this issue;

• Because of past mistakes, which lead to bank closures, it can difficult to get a mortgage.
• Many people, especially those who borrowed high percentages often can’t get out of deals they made in earlier years. If you are paying more than 2.25% you definitely need a review

The mortgage market has changed substantially in the 13 years since 2006. If you need help with getting a mortgage I can put you in touch with a major company who have been successful in the past  My Email

•  UK Pension Schemes

If you have emigrated or plan to, then it helps to know and understand your existing scheme. The rules which are ‘set in stone’ in the UK may be very different if you seek a transfer. This often surrounds retirement age. There have been many changes in the past few years with new ones planned.

One of the values of a Financial Healthcheck is for the adviser to understand and tell you exactly what you have now and to compare with the alternatives. The Financial Conduct Authority (FCA) is very strict about pension transfers. You should fully understand your rights & options. To help this, I only ever recommend QUALIFIED and fully INDEPENDENT financial advisers.My Email

• QROPS and other OPTIONS

The concept of QROPS became available in 2006 but did not really have a market until 2008. Along the way, there have been many  major changes and 11 year old schemes are hardly recognisable today and almost CERTAINLY need reviewing by a PENSIONS SPECIALIST.

In 2019, whilst QROPS suit many expats, International SIPP's are often a very realistic option. Unless your adviser considers ALL OPTIONS then you have NOT received best advice.

Remember QROPS or SIPP's are a UK pension transfer and NEED regulated specialist advice plus a comparison with alternative options. Ask me for a referral My Email

•    UK & Spanish Inheritance Tax

This subject is so complex that it cannot be dealt with in a paragraph.

The headline topic for me is that Spanish ISD is levied on the death of the first spouse or partner. It’s bad enough becoming a widow(er) without having to pay a tax too! This can be avoided by careful planning. I will put you in touch with a suitably qualified adviser My Email

It’s also important to understand the difference between residency and domicile which affects these two taxes in a major way.

One factor which affects most UK expats and property owners in Spain, unlike other taxes there is NO double taxation agreement between UK & Spain on Inheritance Tax, because the taxes are so different

•  Spanish compliant Investment Bonds

If you have had an investment bond for more than five years it definitely needs a review. In recent times the charging structures have been reduced and you maybe losing a benefit. As I only recommend Qualified and Regulated advisers you can seek best advice. I addition, there are many companies offering Investment Bonds so it is important that the advisers I recommend are Independent too.My Email

This is just a sample! When did you last review your finances? Can you get better arrangements? Can you save money? Can you cut your tax bill?

Whatever your objective, you can get help. A Financial Healthcheck, without obligation and no upfront fees can be arranged with a regulated, qualified & independent financial adviser. If the advice involves a pension transfer, a specialist consultant will check your suitability.

YOUR Financial Healthcheck

Please send me a few outline details, so that I can source the right adviser for you. In particular, the subject(s) you want to discuss, age(s), your concerns and the area where you live. It will also help if you can give a contact number and the best time(s) to call. My Email

After checking out where you stand, with peace of mind you can get back to living the dream!

Further Reading

More detailed information can also be accessed from Financial Pages in Spain;

Scam Watch

Readers’ Favourites

La Torre Fx – Foreign Exchange

Please feel free to My Email on any aspect of financial information, UK or Spain

​David

David Goodall

Financial Pages in Spain

davidgoodall.spain@gmail.com