need advice for my retirement

[alex56]

Hi

 

i live in thailand nearly 15 years and design to claim my pension in uk, my problem is no financial in uk give advice to me, because i'm not uk resident anymore, So they tell me find financial advise in thailand who have office base in uk and find qrops company to transfer all pesion out and take 100% cash

 

who have idea about it?

[jacko45k]

If you believe you can take the state pension as cash in advance I believe you to be wrong. 

If a company pension, a Google Search (QRops UK Pension) will lead you to advisers but be careful.

[alex56]

it's not statepension, work place pension sorry

[UKresonant]

3 hours ago, jacko45k said:

If you believe you can take the state pension as cash in advance I believe you to be wrong. 

If a company pension, a Google Search (QRops UK Pension) will lead you to advisers but be careful.

Not sure QROPS are all that useful now...

Op should perhaps talk with the pensionsadvisoryservice

https://www.pensionsadvisoryservice.org.uk/content/spotlights-files/uploads/QROPS_SPOT021_v1.3.pdf

Like you say be very very careful, some situations lead to a QROPS transfer and the pensioner ending up with a tax bill of 55%, and perhaps resulting in a pension of -10% of the fund value i.e. worse than penny-less!

[UKresonant]

2 hours ago, alex56 said:

it's not statepension, work place pension sorry

Can you not simply ask the scheme to put it into payment or are you trying to transfer to a DC scheme from a company defined Benefit scheme? 

[Oxx]

QROPS are now utterly useless for someone resident in Thailand.  Hector immediately steals 25% of your money on taking out a QROPS now.  You probably meant SIPP.  However, you're going to find it very difficult to identify a SIPP provider who will allow a non-resident to open an account.

 

Unless your workplace pension has a guarantee (e.g. a final salary pension), then there is no requirement to take financial advice.

 

However, it's not clear why you think you need to transfer your pension at all.  Assuming you're of the appropriate age you can simply start taking income from your existing scheme.