Looking for an International IFA licensed for Thailand for UK private pension

[Saltire]

I am applying for a new pension from a UK Pension provider. As the fund is above £30k they are insisting I take advice from a registered UK financial advisor before they release the funds. The appointed IFA must complete an official form to this effect. However the majority can't help me as I am officially non-resident status in the UK and they are unable to advise for this reason. It's a simple matter and not a huge fund and the few International ones I have contacted also say they can't help, mainly as they have no licence for Thailand or passporting rights, and/or it's not worth their while (i.e. they won't make much money!).

 

The fund comes with a Guaranteed Minimum Pension (GMP) and the fund, if transferred to another provider, would never be worth more then the GMP so I really don't need much other than written confirmation of this but I can't find anyone to do this.

 

I feel someone on here may have encountered this so I ask here while continuing googling.

 

It may be I have to return to the UK just to get this moving.

[fletchsmile]

If you're referring to a transfer from a defined benefit scheme to a private pension I did this, and confirm it's UK law to get an advisor if above 30k.

 

Note: If simply setting up from scratch and not a transfer, then no advisor is required, but you may have difficulty setting up a new UK SIPP as being non- UK resident

 

As an experienced investor I found the whole system ridiculous. The decision to transfer was a no-brainer.

 

The biggest difficulty and risk is finding a reputable IFA who you can trust. Some IFAs really don't understand whether they can do or not and just say no. Some are dodgy and just say yes. Some are dodgy and want to tie you into future commitments where they become your ongoing advisor for a set up fee and ongoing fee and whatever other fee etc.

 

The next biggest step after that is whether you have an existing UK SIPP you could transfer the funds into. If not you need to find one to receive the funds

 

I already had with Hargreaves Lansdown. HL would not advise on the transfer but they would accept the funds, on condition of a positive recommendation to transfer via the IFA.

 

If you don't have an existing UK SIPP it's not easy to find them, but there are some, and your IFA may be able to help

 

That then gives you the risk that you could pay for an IFA, but they then in their final recommendation to you say it's not in your interest. So you need to think about an IFA that will work on a contingency/ success basis

 

Stay away from QROPs/QNUPs/Offshore SIPPs

 

Many legit IFAs will accept only transfers with minimums like GBP 250k, and set their fees accordingly as a % of this. But if you are prepared to pay their minimum fee anyway they will likely accept lower amounts.

 

As it's a requirement by UK law, the IFAs know you have no choice. In fairness, the work they have to do to comply is also ridiculous, and if done properly can take a while. It also affects their indemnity insurance levels. So many don't want to bother with it because of that as well. Simply not worth their while as a one-off

 

Cheapest I found was about GBP 2,500 but I wasn't fully comfortable with them. I went for one I felt more comfortable with, who charged min GBP 5k (including VAT).

Check also if their fee includes VAT or not.

 

I did it all from Thailand. No need to go to UK. I did have a UK address and existing UK SIPP already though.

 

Cheers

Fletch ????

Edited September 13, 2019 by fletchsmile

[Saltire]

1 hour ago, fletchsmile said:

If you're referring to a transfer from a defined benefit scheme to a private pension I did this, and confirm it's UK law to get an advisor if above 30k.

 

Note: If simply setting up from scratch and not a transfer, then no advisor is required, but you may have difficulty setting up a new UK SIPP as being non- UK resident

 

As an experienced investor I found the whole system ridiculous. The decision to transfer was a no-brainer.

 

The biggest difficulty and risk is finding a reputable IFA who you can trust. Some IFAs really don't understand whether they can do or not and just say no. Some are dodgy and just say yes. Some are dodgy and want to tie you into future commitments where they become your ongoing advisor for a set up fee and ongoing fee and whatever other fee etc.

 

The next biggest step after that is whether you have an existing UK SIPP you could transfer the funds into. If not you need to find one to receive the funds

 

I already had with Hargreaves Lansdown. HL would not advise on the transfer but they would accept the funds, on condition of a positive recommendation to transfer via the IFA.

 

If you don't have an existing UK SIPP it's not easy to find them, but there are some, and your IFA may be able to help

 

That then gives you the risk that you could pay for an IFA, but they then in their final recommendation to you say it's not in your interest. So you need to think about an IFA that will work on a contingency/ success basis

 

Stay away from QROPs/QNUPs/Offshore SIPPs

 

Many legit IFAs will accept only transfers with minimums like GBP 250k, and set their fees accordingly as a % of this. But if you are prepared to pay their minimum fee anyway they will likely accept lower amounts.

 

As it's a requirement by UK law, the IFAs know you have no choice. In fairness, the work they have to do to comply is also ridiculous, and if done properly can take a while. It also affects their indemnity insurance levels. So many don't want to bother with it because of that as well. Simply not worth their while as a one-off

 

Cheapest I found was about GBP 2,500 but I wasn't fully comfortable with them. I went for one I felt more comfortable with, who charged min GBP 5k (including VAT).

Check also if their fee includes VAT or not.

 

I did it all from Thailand. No need to go to UK. I did have a UK address and existing UK SIPP already though.

 

Cheers

Fletch ????

Thanks for the detailed reply. You are correct this not a transfer. No transfer can match this pension as it has a gmp which is easily double any purchase.

 

complication is its 2 funds one policy. Main gmp which I will apply for next Birthday and a pot with substantial unlinked redress monies which I want now. I managed to talk to a Uk ifa today who told me the same as you. No transfer no need for an ifa. Will call the provider again on Monday 

 

thanks !

[UKresonant]

Have you had a look and perhaps a chat with 

https://www.pensionsadvisoryservice.org.uk/

also read there spotlight on QROPS, be very careful if offered one, some folk have transferred, then lost, been non-compliant and then owed the HMRC a very large tax bill! 

[Saltire]

15 hours ago, UKresonant said:

Have you had a look and perhaps a chat with 

https://www.pensionsadvisoryservice.org.uk/

also read there spotlight on QROPS, be very careful if offered one, some folk have transferred, then lost, been non-compliant and then owed the HMRC a very large tax bill! 

Thanks will take a look

 

Looked into QROPS a fair while ago and decided it looked too good to be true. One of my better financial decisions.