Paul1952

No idea if this is the correct Forums to ask ??

I need help and advise... I simply have no idea about Private Pensions,

I do have a United Friendly Private Pension Plan No xxxxxxx [have the number] likewise have the number Personal Pension No: xxxxxx

I have the date and day started and 19 years later the date and day ended as no longer working, but have No other info or documents at all, lost somewhere, as moved about to different Countries before coming here 11 years ago... here always lived at the same address..

​over the past 9 year have sent a number of emails + 3 or 4 letters registered [so I know they received them via on-line tracing] yet never received a reply... every time downloaded the 'change of address Form' and sent... last letter sent a month ago by EMS @ 1.300 baht !! on-line tracing showed it was signed for a few day later. yet nothing no reply at all, not even a email..

I do not use a phone, do not even have one in the house, hearing is not what it used to be, so pointless trying to phone..

Have no idea what to do ? no idea if and what is in the 'pot' will there be some sort payment due? 65 this year so anything more than my State Pension would be nice.

I take it you have tried to contact them via the Royal London website - as they seem to be the ones looking after customers from United Friendly?

http://www.royallondon.com/contact/?amp%3Bepslanguage=en

If yes I would initially try sending a mail to their complaints section.

Otherwise can you pay someone else to phone for you?

I am an IFA in the UK who can help you track it down. Please let me know.

I oversee many transfers from DB schemes in the UK to QROPS in different parts of the world and the main advantages are ability to pass the whole fund on after the second to die (assuming husband and wife) free from tax - almost like a family trust it can then go down the generations. Also, there is no currency risk because you can denominate you new fund in the local currency.

However, and this is the point I have to stress to people, this may not be enough to compensate for the fact that you are giving up a guaranteed final salary scheme benefit for an unknown pension amount.

You have to weigh it up for yourself but if you are transferring from a DB scheme I can confirm that a previous poster is correct - you do need to get it signed off by an adviser in the UK - it's part of the law now. I have to sign off many of these, otherwise the scheme will not release the money.

Have you looked at QROPS? They can be in any country (virtually) which could be a different on from the one you are resident in. If you are a UK citizen, moving it to a QROPS would free the fund from tax when you die and you could denominate it in your local currency which would protect you from exchange rate risk. There is a published list of these schemes on the HMRC website

https://www.gov.uk/government/publications/list-of-qualifying-recognised-overseas-pension-schemes-qrops

You should make sure the QROPS you are going to is on this list otherwise it would attract an unauthorised payment charge of 55%.

Transfers are possible from both money purchase and final salary schemes, although the latter, and also any money purchase schemes with 'guarantees' need to be signed off by an IFA in the UK with the appropriate pensions transfer qualification.

Hope this helps.

UK expats that I have dealt with who have UK pensions put them into a QROPS denominated in the local currency which removes the exchange rate risk but I don't know if you can do that with yours if it is already in payment. Other than that I agree there is not much you can do except dabble in the FOREX market which is difficult.

This is from the HMRC website

https://www.gov.uk/tax-foreign-income/residence

"You’re automatically resident if either:

• you spent 183 or more days in the UK in the tax year
• your only home was in the UK - you must have owned, rented or lived in it for at least 91 days in total - and you spent at least 30 days there in the tax year

You’re automatically non-resident if either:

• you spent less than 16 days in the UK (or 46 days if you haven’t been classed as UK resident for the 3 previous tax years)
• you work abroad full-time (averaging at least 35 hours a week) and spent less than 91 days in the UK, of which less than 31 days were spent working"

It then gives this link

Tax Residence Indicator

Take the test if you are in doubt.

You have to be careful because there is the famous case of Robert Gaines Cooper who relied on an IR statement of practice IR20 rather than the legislation itself. He lost.

http://www.taxjournal.com/tj/articles/gaines-cooper-decision-highlights-need-certainty-residence-say-experts-34751

Hope this is useful