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

[bondjames007]

Hi,

 

I am looking at the option of transferring funds from a DB Scheme to a DC Pension Fund Scheme,  my funds value is greater than 30,000 GPB,  and it's by UK law that I need  a Financial Advisor for advice to before I can  make the transfer. 

 

I am having some difficulty in finding a UK Financial Advisor that is willing to assist me because I am based in Thailand.  I have currently DC Pension Fund that I can transfer the funds into and also have a current UK address.  

 

As anyone else been in a similar situation and how did they go about it ?

 

Look forward to your comments.

 

Thanks

[Oxx]

There is no such thing as an "International IFA".  IFA is a UK-specific status.

 

Have you tried contacting Sovereign Group? They're an international group used to dealing with expat pension issues and have UK-based IFAs.

 

https://www.sovereigngroup.com/

 

(Whenever someone says they're an IFA, it's essential check their registration and the firm's registration at https://www.fca.org.uk/firms/financial-services-register  )

[treetops]

4 hours ago, Oxx said:

(Whenever someone says they're an IFA, it's essential check their registration and the firm's registration at https://www.fca.org.uk/firms/financial-services-register  )

 

Also in this case important to check they have the specific qualifications required for this particular transaction type.  Not a high percentage do.

[UKresonant]

Of course the IFA may not recommend that you do actually move it to a DCc scheme, as they will have to give the DB scheme trustees re-assurance. https://www.thepensionsregulator.gov.uk/en/document-library/regulatory-guidance/db-to-dc-transfers-and-conversions

 

I went to the same IFA twice. First time he thought the company's offer was a bit lacking, 12 months on they had change the rates but the IFA still said not a good idea! (and he was only getting a fee if I did transfer). Though the amount may have produced a similar pension payment, the value of dependent's benefits for the wife and son  considered , the transfer value was still no where near.

One thing is that if I get a windfall in the future, that IFA will certainly have a customer.

There is still enough in my DC schemes to toy with anyway....

https://www.moneyhelper.org.uk/en/pensions-and-retirement/building-your-retirement-pot/transferring-your-defined-contribution-pension?source=tpas#

 

[scubascuba3]

The move makes IFAs very nervous as they can and have been sued if it's a poor decision. 

 

Why do you want to switch from DB to DC?

[bondjames007]

On 7/1/2021 at 5:29 AM, scubascuba3 said:

The move makes IFAs very nervous as they can and have been sued if it's a poor decision. 

 

Why do you want to switch from DB to DC?

I am looking at having some flexibility with my pension,  and looking at purchasing a condo in Thailand,

[bondjames007]

On 7/1/2021 at 12:04 AM, UKresonant said:

Of course the IFA may not recommend that you do actually move it to a DCc scheme, as they will have to give the DB scheme trustees re-assurance. https://www.thepensionsregulator.gov.uk/en/document-library/regulatory-guidance/db-to-dc-transfers-and-conversions

 

I went to the same IFA twice. First time he thought the company's offer was a bit lacking, 12 months on they had change the rates but the IFA still said not a good idea! (and he was only getting a fee if I did transfer). Though the amount may have produced a similar pension payment, the value of dependent's benefits for the wife and son  considered , the transfer value was still no where near.

One thing is that if I get a windfall in the future, that IFA will certainly have a customer.

There is still enough in my DC schemes to toy with anyway....

https://www.moneyhelper.org.uk/en/pensions-and-retirement/building-your-retirement-pot/transferring-your-defined-contribution-pension?source=tpas#

 

Thanks for that,  did you pay for the advice ?  without doing a transfer,  Any advice that are available offering free service as I might not consider doing the transfer,  What I am reading and searching,  is not to transfer,  the amount is not worth the benefits that you will give up.

 

On 7/1/2021 at 12:04 AM, UKresonant said:

Of course the IFA may not recommend that you do actually move it to a DCc scheme, as they will have to give the DB scheme trustees re-assurance. https://www.thepensionsregulator.gov.uk/en/document-library/regulatory-guidance/db-to-dc-transfers-and-conversions

 

I went to the same IFA twice. First time he thought the company's offer was a bit lacking, 12 months on they had change the rates but the IFA still said not a good idea! (and he was only getting a fee if I did transfer). Though the amount may have produced a similar pension payment, the value of dependent's benefits for the wife and son  considered , the transfer value was still no where near.

One thing is that if I get a windfall in the future, that IFA will certainly have a customer.

There is still enough in my DC schemes to toy with anyway....

https://www.moneyhelper.org.uk/en/pensions-and-retirement/building-your-retirement-pot/transferring-your-defined-contribution-pension?source=tpas#

 

Did you pay the advice ?

[UKresonant]

8 hours ago, davemax49 said:

Thanks for that,  did you pay for the advice ?  without doing a transfer,  Any advice that are available offering free service as I might not consider doing the transfer,  What I am reading and searching,  is not to transfer,  the amount is not worth the benefits that you will give up.

 

Did you pay the advice ?

At that time they looked at it free of charge, but if they did recommend to transfer they would charge a small percentage (in comparison to others) of the transfer value circa £5k....I believe they may also have some ongoing minor reward from the company it was transferred to (not sure).

I'm feel that they did a lot of work, especially dialogue with the DB pension Scheme administrators, the first time at the start of 2017, as very few had transferred out, the second time he could just do a quick re-calc.

There was one person I worked with, somehow managed to transfer some out and leave some in the DB, but it took him a long time to get it sorted, and did not know of that possibility. 

There was a bit of Transfer out fever starting in 2018, just after I left that employer. But also more scrutiny of the subject, later that year from the P.R. & the F.C.A. ....

 

[UKresonant]

8 hours ago, davemax49 said:

I am looking at having some flexibility with my pension,  and looking at purchasing a condo in Thailand,

I would look at your scheme commutation rates for the up to 25% tax free lump sum, along with the 25% tax free from the DC scheme. 

Would that be enough for a condo and 1 years money (makes things simple if you do not transfer earning/pension income to Thailand during the same calendar year you received it in your UK bank.