Talk Quesada forum

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

Email [email protected] or phone 00 44 965641163 she has a article in the Olive Press about the very subject you mention

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

I have done this via Seagate wealth in Benijofar. Very thorough,and excellent service. Ask for Robert Pearl.

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!

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!).