Join Talk Quesada
Welcome to Talk Quesada! My name's Alex and this is my website all about Ciudad Quesada in Spain. Talk Quesada is free to sign up and use so register below!
Transfer out from a UK Defined Benefit Pension to QROPS
Transfer out from a UK Defined Benefit Pension to QROPS
by traceracing » Thu Oct 28, 2021 10:03 am
Hi all,
I have a DB pension in the UK which is offering me a 25x annual value as a transfer out value (so I'd need to live to 90 to get the same amount via an annuity).
To transfer out I need both a reputable company to manage the transfer and to create the QROP.
Have you done this and if so, who did you use and would you use them again with the knowledge gleaned in hindsight?
Thanks
Dave
I have a DB pension in the UK which is offering me a 25x annual value as a transfer out value (so I'd need to live to 90 to get the same amount via an annuity).
To transfer out I need both a reputable company to manage the transfer and to create the QROP.
Have you done this and if so, who did you use and would you use them again with the knowledge gleaned in hindsight?
Thanks
Dave
- traceracing
- Posts: 18
- Joined: Fri Feb 19, 2021 7:48 pm
- Which part of Spain are you from?: Quesada
- Gender: Male
Re: Transfer out from a UK Defined Benefit Pension to QROPS
by jpeg » Thu Oct 28, 2021 10:33 am
Email [email protected] or phone 00 44 965641163 she has a article in the Olive Press about the very subject you mention
- jpeg
- Posts: 9395
- Joined: Tue Jun 27, 2017 11:24 am
- Which part of Spain are you from?: Dolores
- Gender: Male
Re: Transfer out from a UK Defined Benefit Pension to QROPS
by Bernie59 » Thu Oct 28, 2021 7:14 pm
As an ex- police fraud officer I recommend you're very careful about this and the company you choose. It's a huge area for fraudsters. It's hard to beat DB funds
- Bernie59
- Posts: 93
- Joined: Tue Jan 16, 2018 6:15 pm
- Which part of Spain are you from?: Dona Pepa
- Gender: Female
Re: Transfer out from a UK Defined Benefit Pension to QROPS
by Massie57 » Fri Oct 29, 2021 7:30 am
I have done this via Seagate wealth in Benijofar. Very thorough,and excellent service. Ask for Robert Pearl.
-
Massie57 - Posts: 251
- Joined: Wed Oct 25, 2017 8:38 pm
- Which part of Spain are you from?: Quesada
- Gender: Male
Re: Transfer out from a UK Defined Benefit Pension to QROPS
by Darro » Fri Oct 29, 2021 8:51 am
Caution is the watchword here.
A DB pension is NOT the same thing as an annuity so don't base your calculations on quotes you may receive for one.
Depending on the exact terms of a DB pension there may be a case for switching to a ROPS (technically the Q for 'qualifying' has been dropped) but it's not a given.
One potential advantage is that funds invested in a QROPS remain yours in their entirety and can be passed directly to your survivor, or other named beneficiaries, on death.
Seagate are a bit of a 'one trick pony' who concentrate on a single product out of Malta administered by Sovereign Pension Services Ltd. I'm not saying there is anything wrong with that but there are many others on the market.
It's crucial that you understand the fees and charges of a scheme which can potentially exceed a funds earnings.
Another thing to be aware of is that if you are tax resident in Spain cashing in a pension, even to immeditely invest elsewhere, may be regarded as income by the Hacienda and taxed accordingly,
Seagate are NOT tax advisors!
A DB pension is NOT the same thing as an annuity so don't base your calculations on quotes you may receive for one.
Depending on the exact terms of a DB pension there may be a case for switching to a ROPS (technically the Q for 'qualifying' has been dropped) but it's not a given.
One potential advantage is that funds invested in a QROPS remain yours in their entirety and can be passed directly to your survivor, or other named beneficiaries, on death.
Seagate are a bit of a 'one trick pony' who concentrate on a single product out of Malta administered by Sovereign Pension Services Ltd. I'm not saying there is anything wrong with that but there are many others on the market.
It's crucial that you understand the fees and charges of a scheme which can potentially exceed a funds earnings.
Another thing to be aware of is that if you are tax resident in Spain cashing in a pension, even to immeditely invest elsewhere, may be regarded as income by the Hacienda and taxed accordingly,
Seagate are NOT tax advisors!
- Darro
- Posts: 1342
- Joined: Tue Sep 21, 2021 12:51 pm
- Which part of Spain are you from?: Catral
- Gender: Male
Re: Transfer out from a UK Defined Benefit Pension to QROPS
by marianna13 » Fri Oct 29, 2021 10:01 am
Darro wrote:Caution is the watchword here.
A DB pension is NOT the same thing as an annuity so don't base your calculations on quotes you may receive for one.
Depending on the exact terms of a DB pension there may be a case for switching to a ROPS (technically the Q for 'qualifying' has been dropped) but it's not a given.
One potential advantage is that funds invested in a QROPS remain yours in their entirety and can be passed directly to your survivor, or other named beneficiaries, on death.
Seagate are a bit of a 'one trick pony' who concentrate on a single product out of Malta administered by Sovereign Pension Services Ltd. I'm not saying there is anything wrong with that but there are many others on the market.
It's crucial that you understand the fees and charges of a scheme which can potentially exceed a funds earnings.
Another thing to be aware of is that if you are tax resident in Spain cashing in a pension, even to immeditely invest elsewhere, may be regarded as income by the Hacienda and taxed accordingly,
Seagate are NOT tax advisors!
Good advice here! I have a DB pension and, after a lot of research, decided to keep it, because of the security of the income (for life!). The article in the Olive Press had some incorrect information in it - it mentions the BT pension (mine) being in trouble and at risk of going bust. It was in some difficulties a few years ago, but not now - I have the very latest figures and they've had a huge investment and are now 75% recovered, with 100% prediction within 2-3 years. All great with mine. There are, of course some advantages to transferring to flexible pensions, depending on your circumstances - my husband's, with Aviva, has been very good and helpful to us, in the short-term, but has a shorter lifespan. A good financial advisor would be advisable for you, I would say (would recommend ours, but he's retired himself now!).
- marianna13
- Posts: 635
- Joined: Sun Sep 22, 2019 9:23 pm
- Which part of Spain are you from?: Quesada
- Gender: Female
6 posts
• Page 1 of 1
Related topics
-
- Similar Topics
- Replies
- Views
- Last post
-
-
UK Pension up
1, 2, 3 by Chrisdee » Wed Nov 22, 2023 3:12 pm in Quesada general discussion - 27
- 1099
-
by JCoop
Thu Nov 30, 2023 2:12 pm
-
UK Pension up
-
-
How not to collect a pension
by RJC » Sun Jul 23, 2023 3:47 pm in Quesada general discussion - 1
- 542
-
by Steve wilkins
Sun Jul 23, 2023 5:43 pm
-
How not to collect a pension
-
-
State pension
1, 2 by Benjy » Sun Aug 20, 2023 1:49 pm in Quesada general discussion - 19
- 916
-
by Mr, Angry
Wed Aug 23, 2023 10:14 am
-
State pension
-
-
state pension
1 ... 4, 5, 6 by dennisthemenace » Tue Jan 30, 2024 11:02 am in Quesada general discussion - 59
- 2347
-
by Ginner
Thu Feb 22, 2024 5:13 pm
-
state pension
-
-
Anybody tried a change of address for the UK state pension
by tel49 » Mon Dec 11, 2023 12:37 pm in Quesada general discussion - 7
- 446
-
by suzi wong
Thu Dec 14, 2023 10:11 pm
-
Anybody tried a change of address for the UK state pension
Return to Banking and finances
Who is online
Users browsing this forum: Bing [Bot] and 14 guests
Login
Find in Quesada
Quesada pages
Quesada discussion
- Quesada general discussion
- Banking and finances
- Broadband, Wifi, Phone and TV
- Buses and public transport in and around Quesada
- Driving to Spain / Car hire in Spain / Buying and owning a car in Spain
- Fiestas in Quesada
- Flights, baggage and airports
- Health services in Quesada
- Insurances and wills in Spain
- Items for sale and wanted in and around Quesada
- Interesting articles about Spain
- Jobs and careers in Quesada
- Lost and found in Quesada
- Market days
- Places to go for free Wi-Fi
- Recommended restaurants / cafes / bars
- Recommended Tradesmen and Companies
- Residency in Spain: padron, residencia and passport advice
- Safety / security information and property in Spain hints and tips
- Taxes in Spain: Suma, NIE and general tax advice
- Taxis in Quesada
- Things to do and places to go in and around Quesada
- Utilities in Spain: Electric, gas and water recommendations and advice
- Weather in Quesada
- Where to buy things in and around Quesada
- Where to hire things in and around Quesada
Properties discussion
Businesses and places in Quesada
- Bars and pubs in Quesada
- Beaches near Quesada
- Beauticians / Beauty salons in Quesada
- Bedding and soft furnishings shops in Quesada
- Butchers in Quesada
- Car dealers in Quesada: new and used car dealers
- Car garages, mechanics, tyre fitter centres in Quesada
- Car hire in Quesada
- DIY / Bricolage / Ferreteria stores in Quesada
- Equipment hire centers in Quesada
- Estate agents in Quesada
- Furniture shops in Quesada
- Garden centres and garden furniture shops in Quesada
- Golf Courses in Quesada
- Grills / gates / metal items shops in Quesada
- Hairdressers in Quesada
- Hotels, guest houses and bed and breakfasts in Quesada and nearby
- Internet service providers that cover Quesada
- Launderettes / dry cleaners in Quesada
- Markets in Quesada
- Medical / Health centers in Quesada
- Pet shops in Quesada
- Pharmacies / Chemist shops in Quesada
- Restaurants in Quesada
- Shopping centres in Quesada
- Sports centres and gyms in Quesada
- Supermarkets in Quesada
- Swimming pool services in Quesada
- Town Halls (Ayuntamientos) in Quesada
- Waterparks/Aquaparks in Quesada
- TalkQuesada » Board index
- The team • Delete all board cookies • All times are UTC [ DST ]
- Our other websites:
- Costa Blanca forum
- Costa Calida forum
- Costa del Sol forum
- Costa de Almeria forum
- Costa de la Luz forum
- Costa Dorada forum
- Costa Brava forum
- UK forum
- Jobs in the UK
- Our policies:
- Privacy policy
- User agreement
- Content policy
- Website created and operated by JSM Forum Websites