Thai financial advisor

[recom273]

Can anyone help? Im from the UK, I have spent the last 25 years here, just living a carefree life, teaching in schools, working from hand to mouth - just for informations sake - I had some successes, I made enough money on the internet to build a pretty decent house here, I continue to work under the radar, my wife has a little business, we have enough to live on and thats fine. I never thought anything would change.

 

Now I have a headache, I reached 55 years of age, a pension fund that I paid into and contracted out my SERPS when I was in my teens has contacted me - I have a sizable pension pot, but as I am overseas, there's nothing they can do for me, they advised me to get a financial advisor in the country of residence. 

 

I approached my parents fiancial advisor who said, he cannot advise on overseas clients - at first I thought the figure was just a few thousand GBP and that I would just take it all  - but now I have a full statement, I know now I need professional advice.

 

tdlr: Is there such thing as a reliable / certified / financial advisor here who can advise a UK client? or an UK based financial advisor who can help me in Thailand? I am really confused, never thought I would be in this situation.

 

 

[BritManToo]

13 minutes ago, recom273 said:

Is there such thing as a reliable / certified / financial advisor here who can advise a UK client? or an UK based financial advisor who can help me in Thailand? I am really confused, never thought I would be in this situation.

No there isn't, as an expat you have no protection at all outside the UK.

Best to pretend you still live in the UK and use a legit company like Hargreaves Lansdowne. Using your parents UK address to register.

Anyone in Thailand will be a crook looking to steal your money.

Any pms you get offering advice will also be from crooks looking to steal your money.

[Halfaboy]

You could contact Citybank IPB in Singapore. So far, they gave me proper advises.

[dinga]

Based on my experience with a number of expat advisors:

 

*  Agree (somewhat) with BritManToo, you must be careful especially with some of the off-centre investment 'recommendations' that are risky and have significant commission influence over advisors 

 

*  Always understand what are the benefits the advisors reap if they put clients into their recommendations

 

*  Thoroughly understand the risks associated with the investments

 

*  Very few Thailand-based financial advisors are licensed by the SEC to provide such advice.  Best use one who is licensed

 

*  Arrange a preliminary discussion with Paul Gambles of MBMG to see if/how he can assist with your particular circumstances (he's a Pom too)  https://mbmg-group.com/

 

Good luck    

[BritManToo]

18 minutes ago, dinga said:

Arrange a preliminary discussion with Paul Gambles of MBMG to see if/how he can assist with your particular circumstances (he's a Pom too)  https://mbmg-group.com/

You'd need to see his work permit as financial advice work in Thailand is reserved for Thai citizens. I'm guessing he isn't a Thai citizen and his work permit is not to give financial advice, or interact with customers, but as some kind of office manager. But his Thai staff may be able to give completely legit advice, even though your money would receive no protection under UK law.

 

Beware of foreigners giving financial advice in Thailand!

[recom273]

37 minutes ago, BritManToo said:

No there isn't, as an expat you have no protection at all outside the UK.

Best to pretend you still live in the UK and use a legit company like Hargreaves Lansdowne. Using your parents UK address to register.

Anyone in Thailand will be a crook looking to steal your money.

Any pms you get offering advice will also be from crooks looking to steal your money.

 

Understood 

 

I dont think I can pretend im in the UK, I haven't set foot there for 25 years. I am not happy to meet anyone living / working here in Thailand tbh, I was just wondering if there was any legal advisor.

 

I think I need a financial advisor in the UK that is "allowed" (idk anything, I approached some that advise my sister / parents, and they used the wording "allowed") to advise overseas clients - The pension fund told me this  " .. (you) will need to transfer to a QROPS scheme via an independent financial adviser or take an uncrystallised fund pension lump sum (UFPLS). "

 

If I was going to pretend to be in the UK, I would need someone to advise me on this, I don't even have a bank account in the UK.

 

Then there is the TRD, I had an idea I would just ignore them, but now I have to deal with them too.

 

[Stocky]

You might want to consider offshoring to Singapore, it's easier to manage and more friendly than the UK, I've used HSBC Premier for over 20 years.

[scubascuba3]

why do you need a financial advisor? they are abliged to contact you to tell you you can take it from 55, mine did the same, personally I would just leave it until you're 65+, free advice for you

[recom273]

4 minutes ago, scubascuba3 said:

why do you need a financial advisor? they are abliged to contact you to tell you you can take it from 55, mine did the same, personally I would just leave it until you're 65+, free advice for you

 

I think I would rather enjoy it now. I can take 25% tax free which would basically finish my house and garden project and then a monthly pension and stop worrying about working. 

[BritManToo]

1 minute ago, recom273 said:

 

Understood 

 

I dont think I can pretend im in the UK, I haven't set foot there for 25 years. I am not happy to meet anyone living / working here in Thailand tbh, I was just wondering if there was any legal advisor.

 

I think I need a financial advisor in the UK that is "allowed" (idk anything, I approached some that advise my sister / parents, and they used the wording "allowed") to advise overseas clients - The pension fund told me this  " .. (you) will need to transfer to a QROPS scheme via an independent financial adviser or take an uncrystallised fund pension lump sum (UFPLS). "

 

If I was going to pretend to be in the UK, I would need someone to advise me on this, I don't even have a bank account in the UK.

 

Then there is the TRD, I had an idea I would just ignore them, but now I have to deal with them too.

 

QROPs all crooks!

Anyone even suggesting this will be a crook.

 

Hargreaves Lansdowne don't investigate where you live, you just need a UK address to start the ball rolling. Don't mention anything about living outside the UK, they won't ask. Then you can transfer your funds to them by filling a few forms, no need to invest, they are happy to hold cash. Then you just use drawdown to take up to 10kgbp out every year until it's gone. Dead easy, no risk, but they might take 20% tax off your drawdown, which you reclaim through your government gateway account online.

[recom273]

Just now, BritManToo said:

QROPs all crooks!

Anyone even suggesting this will be a crook.

 

Hargreaves Lansdowne don't investigate where you live, you just need a UK address to start the ball rolling. Don't mention anything about living outside the UK, they won't ask. Then you can transfer your funds to them by filling a few forms, no need to invest, they are happy to hold cash. Then you just use drawdown to take up to 10kgbp out every year until it's gone. Dead easy, no risk, but they might take 20% tax off your drawdown, which you reclaim through your government gateway account online.

 

Yes, this is what I want! (I discussed with the wife, it would be nice to have 30K and continue to do a little work, with no pressure) - just 10k per year. The issue is .. I live at this address in the UK, honestly, but can you just pay it into this account in Thailand - do you think they will go for it ? 😄

 

I like your ideas, its the perfect solution, I would just like someone to assist - to pay a financial advisor to arrange it seems the best idea.

 

11 minutes ago, Stocky said:

You might want to consider offshoring to Singapore, it's easier to manage and more friendly than the UK, I've used HSBC Premier for over 20 years.

 

This is great, the issue is, as soon as I pull the whole lot, I pay 40% tax - afaik - and I again, I know nothing! but I value your comment and will check it.

[recom273]

10 minutes ago, BritManToo said:

QROPs all crooks!

Anyone even suggesting this will be a crook.

 

 

Why is this?

 

I spoke with pensionwise, some government advisors and they said it was difficult to arrange this, they suggested something else. That suggestion was from my existing pension fund, they say they cant advise, they just told me the facts.

[mikebike]

2 minutes ago, recom273 said:

 

Yes, this is what I want! (I discussed with the wife, it would be nice to have 30K and continue to do a little work, with no pressure) - just 10k per year. The issue is .. I live at this address in the UK, honestly, but can you just pay it into this account in Thailand - do you think they will go for it ? 😄

 

I like your ideas, its the perfect solution, I would just like someone to assist - to pay a financial advisor to arrange it seems the best idea.

 

 

This is great, the issue is, as soon as I pull the whole lot, I pay 40% tax - afaik - and I again, I know nothing! but I value your comment and will check it.

30k 😂😂😂😂

[BritManToo]

4 minutes ago, recom273 said:

Yes, this is what I want! (I discussed with the wife, it would be nice to have 30K and continue to do a little work, with no pressure) - just 10k per year. The issue is .. I live at this address in the UK, honestly, but can you just pay it into this account in Thailand - do you think they will go for it ? 😄

Visit you parents, open a UK bank account, open a Hargreaves Lansdowne account, open a government gateway account, open a WISE account.

Renew your passport while you're there.

[recom273]

1 minute ago, BritManToo said:

Visit you parents, open a UK bank account, open a Hargreaves Lansdowne account, open a government gateway account, open a WISE account.

Renew your passport while you're there.

 

Nice idea.

 

I dont even think it's possible, when was the last time you opened a UK bank account? I hear that if you are lucky you can plead and maybe they will open a building society account for you. Again, I would rather pay someone to do it for me and save the flight.

[BritManToo]

9 minutes ago, recom273 said:

 

Nice idea.

 

I dont even think it's possible, when was the last time you opened a UK bank account? I hear that if you are lucky you can plead and maybe they will open a building society account for you. Again, I would rather pay someone to do it for me and save the flight.

Wise will open with a UK address, passport, birth certificate.

There's a few other online banks that will also.

Don't mention ever being out of the UK, to anyone, ever.

And don't forget, government gateway will send you an invite code to get your unfrozen UK pension, once you're all setup as living in the UK.

[persimmon]

It might be possible to contact HMRC and explain that you are non-resident for tax . They should then issue you with the appropriate tax code . Then the pension provider might be able to pay out  without taking off the tax first . 

[dinga]

1 hour ago, BritManToo said:

You'd need to see his work permit as financial advice work in Thailand is reserved for Thai citizens. I'm guessing he isn't a Thai citizen and his work permit is not to give financial advice, or interact with customers, but as some kind of office manager. But his Thai staff may be able to give completely legit advice, even though your money would receive no protection under UK law.

 

Beware of foreigners giving financial advice in Thailand!

Agreed - as I suggested from personal experience.

 

Here's an extract from the MGMB website:

 

 

https://content.app-sources.com/s/89294029229078671/thumbnails/640x480/Team/IMG_0749-1807057.JPG?format=webp

Key Person

Paul Gambles

Co-founder & Managing Partner

Paul’s range of expertise includes asset allocation, tax structuring
and macro-economic analysis.

He graduated Cum Laude from the University of Warwick, B.A. in English and European Literature, and became a Full Technical Inspector at the UK Inland Revenue. He then moved to the Bank of Scotland Group and spent nine years in corporate and asset finance. In 1994 he helped
set up MBMG Group.

Paul has completed CFA Level 1 and he is licensed by the SEC as both a Securities Fundamental Investment Analyst and an Investment Planner. He is well known as an expert commentator appearing regularly on CNBC, Bloomberg TV and Channel News Asia. Paul is a regular contributor to industry and chamber of commerce magazines.

[Cardano]

You only really have one viable option to get this properly sorted and that is get on a plane back to the UK, use your parents address as your UK residential address and arrange to meet with a reputable pension advisor (not a financial advisor)  

[recom273]

22 minutes ago, Cardano said:

You only really have one viable option to get this properly sorted and that is get on a plane back to the UK, use your parents address as your UK residential address and arrange to meet with a reputable pension advisor (not a financial advisor)  

 

I don't believe that is the only viable option, there seems to be plenty of other options, for example, using a financial advisor will limiting the tax payable, as mentioned above, opening offshore accounts may help with dealing with TRD and HMRC, along with international SIPPS may suit my purpose.

[scubascuba3]

2 hours ago, BritManToo said:

QROPs all crooks!

Anyone even suggesting this will be a crook.

 

Hargreaves Lansdowne don't investigate where you live, you just need a UK address to start the ball rolling. Don't mention anything about living outside the UK, they won't ask. Then you can transfer your funds to them by filling a few forms, no need to invest, they are happy to hold cash. Then you just use drawdown to take up to 10kgbp out every year until it's gone. Dead easy, no risk, but they might take 20% tax off your drawdown, which you reclaim through your government gateway account online.

Hargreaves use to charge a management fee if you held investment funds with them which was a con so I moved my SIPP away, can work out quite a lot of money 

[topt]

4 hours ago, recom273 said:

a pension fund that I paid into and contracted out my SERPS when I was in my teens has contacted me - I have a sizable pension pot, but as I am overseas, there's nothing they can do for me,

Not sure I understand that. They should be able to give you a quote to take the 25% tax free and then set up the annuity if that is what you want - not sure where you live has anything to do with it. It may be their particular scheme rules..........?

Did they advise that you could potentially transfer it into another provider who may have less strict rules?

Some companies will pay into foreign accounts and some won't apparently which you may need to get round.

 

Lots of information online which should give you an understanding of the basic options.

Link here for simple explanation of QROPS and QNUPS.........

https://www.aesinternational.com/blog/the-differences-between-qrops-qnups-and-sipps

make sure you read the negatives. My reading in the past said it was not worth it unless you were taking of quite large amounts and that was before they tightened the criteria some years ago.

[treetops]

4 hours ago, recom273 said:

tdlr: Is there such thing as a reliable / certified / financial advisor here who can advise a UK client? or an UK based financial advisor who can help me in Thailand?

 

Some UK advisers are allowed to advise overseas clients if they have the necessary qualifications or have relationships with overseas regulators, although these were mostly advising EU based clients pre Brexit.  There's an off chance some will be able to offer you advice and the best way to track one done would be via unbiased.com

 

If the pension company's rules don't allow you to do as you wish it should be easy enough to transfer if you can set up with the likes of HL, as mentioned above, or AJ Bell.

[recom273]

14 minutes ago, topt said:

Not sure I understand that. They should be able to give you a quote to take the 25% tax free and then set up the annuity if that is what you want - not sure where you live has anything to do with it. It may be their particular scheme rules..........?

Did they advise that you could potentially transfer it into another provider who may have less strict rules?

Some companies will pay into foreign accounts and some won't apparently which you may need to get round.

 

Lots of information online which should give you an understanding of the basic options.

Link here for simple explanation of QROPS and QNUPS.........

https://www.aesinternational.com/blog/the-differences-between-qrops-qnups-and-sipps

make sure you read the negatives. My reading in the past said it was not worth it unless you were taking of quite large amounts and that was before they tightened the criteria some years ago.

 

Quote

 

As you currently reside overseas, xxx cannot offer financial advice on this plan, but should you want advice you would need speak to an independent financial adviser from your country of residence, who are registered to advise on UK pensions, to help decide which option is best for you.  The Personal Pension Plan fact sheet will be of use to an advisor to understand the ins and outs of the plan.
 
Taking your plan’s benefits – Outside UK 

Customers that live outside of the UK who are not eligible to purchase an annuity with xxx, will need to transfer to a QROPS scheme via an independent financial adviser or take an uncrystallised fund pension lump sum (UFPLS).  

 

 

I spoke to pensionwise regarding QROPS and unless I had a large amount it wasn't worth it and HMRC rules were quite strict regarding transfer. I messaged a couple of financial service providers and they scheduled calls for tomorrow. I hope I can transfer the 25% from my original fund without any trouble, I do have a wise account, I just saw that I have a regular bank address and account number.

[topt]

1 minute ago, recom273 said:

Customers that live outside of the UK who are not eligible to purchase an annuity with xxx,

This is the fly in the ointment. If this is from your provider it would appear to be their rules. However a little surprised that they can enforce that in this day and age.

Likely the only way round it is to transfer to another provider - did they say whether that was possible? (and it shouldn't cost much if anything).

 

[recom273]

1 hour ago, topt said:

This is the fly in the ointment. If this is from your provider it would appear to be their rules. However a little surprised that they can enforce that in this day and age.

Likely the only way round it is to transfer to another provider - did they say whether that was possible? (and it shouldn't cost much if anything).

 

 

Yes, it's possible - I don't think there is a charge for moving funds. 

 

[recom273]

18 hours ago, BritManToo said:

Wise will open with a UK address, passport, birth certificate.

There's a few other online banks that will also.

Don't mention ever being out of the UK, to anyone, ever.

And don't forget, government gateway will send you an invite code to get your unfrozen UK pension, once you're all setup as living in the UK.

 

Just to say, thanks for your input. When I contacted them at first, I told them I had been abroad for 30+ years and hadn't kept in contact - not thinking it would be an issue. Now its impossible to turn back the clock, I should have changed the policy in 1998, I should have updated the address to my parents new address, 25 years ago. Basically, two options, take the whole lot and pay 40% tax or move the pension to a company who deals with overseas customers. I have a few meetings lined up with companies in the UK, it could be in my interest to make some plans now, rather than at a later date. 

[1FinickyOne]

22 hours ago, BritManToo said:

like Hargreaves Lansdowne.

How about the firm - "Dewey, Cheatham, and Howe" ?? 

 

Sometimes it is best to just open your own account and buy a few different Index Funds... 

[PBob]

Try Hargreaves Lansdowne they may allow you to transfer your pension pot into a SIPP. You will need to jump through a few hoops to proved identity.

Charges on a SIPP are capped at £16.99 a month.

[treetops]

3 hours ago, recom273 said:

Basically, two options, take the whole lot and pay 40% tax or move the pension to a company who deals with overseas customers.

 

Upthread you mentioned UFPLS as an option with the current company.  That should not require you to take it all at once and incur 40% tax.  You should be able to spread UFPLS withdrawals over the years keeping you in a lower tax bracket.