UK Govt finally acts to protect UK pensioners!

[johnjonesnine]

The exceptionally risky, poorly understood and horrendously expensive business of advising UK expats to transfer their pensions offshore shouldbe dealt a death blow by the UK Government’s decision to apply a 25% tax chargeon pensions transfers.

Unfortunately, too many people have already being wrongly advised to transfer out of a gold-plated final salary scheme into a self-invested personal pension.

[harry the cod]

johnjonesnine

Gold plated final salary scheme? Not sure the 300 pilots in Monarch would agree with that statement.

Still, the point you make is a valid one and should be considered at length before taking such an important decision. A mate of mine lost almost £500,000 thanks to the greed and lack of integrity from Globaleye in Dubai. Along with DeVerre, they are without doubt the biggest bunch of incompetent, unregulated and greedy con men (and women) you'd never want to meet! Stay well away.

Harry

[Jet II]

Its all down to individual circumstances, for some staying invested in a UK scheme is the correct action for others it isn't. i transferred my frozen UK pension into QROPS through Devere years ago and now I have accessed those investment funds almost 10 years before I could if I had left them in the UK.

I would also point out that the reason the Government are sticking 25% withdrawal tax on transfers out is because UK funds are struggling to survive - I wouldn't want to have to rely on the Pensions Protection Fund.