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Middle East Many expats still flying in Knoteetingham. Regional issues can be discussed here.

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Old 22nd Mar 2017, 20:53   #41 (permalink)
 
Join Date: Jan 2016
Location: Burgherville
Posts: 35
I'm with Devere/Acuma. Don't have a savings plan, I moved my UK pensions offshore with QROPS.

My advisor is a Brit who has been in the UAE for 17 years. He speaks a lot of sense, tells me pro's and con's, backs them up with good info from the major players (G-S) etc. Only works on referral which is how I got involved. I'm happy to refer him. PM if you want details.

Mac
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Old 23rd Mar 2017, 00:30   #42 (permalink)
 
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I'm feeling a bit left out I have had a QROPS with Deveres for almost 10 years and have never been offered a savings plan of any sort.
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Old 23rd Mar 2017, 07:35   #43 (permalink)
 
Join Date: Mar 2016
Location: Kuwait
Posts: 45
QROPS may be a good option for non-UK residents who intend to live abroad permanently, but here's the kicker, most expats do not live abroad permanently, particularly married expats.


With longer life expectations generally we can think of retirement as having two phases, the years of good health when travel and otherwise pottering around sunny climes can be enjoyed, and then the older years where frailty and declining health begin.


The QROPS salesperson talks only of the first part, but we must also face up to and plan for the second part and the truth is that most of us will wish to die at home, in the country of our birth. For couples the first part will come to an end when one partner has a heart attack or stroke or cancer.


We all know there are many expats with younger Asian wives who plan to retire to Asia. I think that intuitively we also know that 19/20 will end up back in Blighty before they die.


Now if you are returning to the UK in your 80s, in poor health or with a partner who is in poor health, the last thing I think you will want to deal with are the legal and taxation consequences of a pension transfer that you arranged 20 years earlier.


MacSheikh, you cay that "My advisor is a Brit who has been in the UAE for 17 years. He speaks a lot of sense, tells me pro's and con's, backs them up with good info from the major players".


I'm sure your adviser is very agreeable company, but you have to ask yourself if you are equipped to tell the difference between a good adviser and an adviser who talks a good game. What qualifications (particularly pensions and tax related) does your adviser have, if any? Does he/she have professional indemnity insurance? Do you know how much the advice is costing you?


The fact that your adviser says that he/she only works on referrals is meaningless, they all say that. It is the financial equivalent of the barrow boys who sell perfume at a special price, only for you Sir!


Concerning DeVere and QROPS specifically you might not be aware that it is reported that DeVere is currently the subject of a review by the Financial Conduct Authority in the UK:
http://www.financialreporter.co.uk/r...ca-review.html
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Old 23rd Mar 2017, 10:07   #44 (permalink)
 
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JJ9

I have no idea where I'll end up.

Who knows what the legal and taxation consequences will be in 20 years? I do know that my pension pot is doing a hell of a lot better offshore than had it been in the U.K.

My advisor is British qualified and overseen iaw UK regulations. He has shown me letters from the UK tax office regarding specific QROPS questions which formed part of his advice before I decided to move my pension.

One of the first things he said to us was "you should ask me what's in it for me?"

I have referred several friends who are happy with him.
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Old 23rd Mar 2017, 10:36   #45 (permalink)
 
Join Date: Mar 2016
Location: Kuwait
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Hi MacSheikh


You say that your adviser is in the UAE for the past 17 years - I'm assuming he/she came from the UK. At that time there were no educational requirements in the UK to be a financial adviser, and there are still none in the UAE (where the market is effectively an unregulated wild-west). DeVere's founder, Nigel Green, even goes as far as to make a virtue of the fact that he prefers financial advisers who have no relevant qualifications (love the balls he shows in making the comparison to Goldman Sachs!):
https://www.youtube.com/watch?v=wbcSgiYju-w


Even if your adviser holds the minimum standard now required in the UK that is just a Level 4 qualification, equivalent to the first year of a graduate qualification. Now, would you use a lawyer, or a doctor or an accountant who had just one year of training under their belt?


If your adviser is living and working in the UAE then they are not authorized and supervised by UK authorities and are not subject to UK regulations. Full stop.


You say that your pension pot is doing better than in the UK. How do you know, have you modeled how it would have done under the UK? Also, take a look at your adviser's car/apartment/watch. Who do you think is paying for it, and where do you think that money came from? (Hint - your pension pot is part of the answer).


You may be one of those who has received good advice from Devere, but this firm is notorious for smooth-talking high pressure salesmen selling high-commission products. It has also had more than its fair share of run-ins with regulators in better regulated countries. In addition to the current review by the Financial Conduct Authority in the UK:
DeVere recently had its license suspended in Hong Kong:
DeVere Group has licence suspended following probe | South China Morning Post
And DeVere also previously left Singapore after it was fined in that jurisdiction:
http://www.trustnetoffshore.com/News...ry.aspx?id=368


(PS If you have no idea where you'll end up then a QROPS is probably unsuitable for you. If you told DeVere that you have no idea where you'll end up then the QROPS may have been mis-sold).
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Old 23rd Mar 2017, 15:43   #46 (permalink)
 
Join Date: Jan 2002
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I have heard all the bad claims about high pressure selling from Deveres but I didnt get any (I must have been lucky) - in fact the only time I had someone wanting to sell me one of these long term 'savings schemes' was when I had a review from the crowd who look after the EK Provident Fund - I would have still been 'saving' at 73!
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Old 23rd Mar 2017, 18:59   #47 (permalink)


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Join Date: Mar 2017
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Quote:
Originally Posted by MacSheikh View Post
I'm with Devere/Acuma. Don't have a savings plan, I moved my UK pensions offshore with QROPS.

My advisor is a Brit who has been in the UAE for 17 years. He speaks a lot of sense, tells me pro's and con's, backs them up with good info from the major players (G-S) etc. Only works on referral which is how I got involved. I'm happy to refer him. PM if you want details.

Mac
I'm currently looking to invest in an offshore platform with them. May I ask who you have been dealing with? How have you found them to be?
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Old 23rd Mar 2017, 19:54   #48 (permalink)
 
Join Date: Mar 2016
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Originally Posted by Stags84 View Post
I'm currently looking to invest in an offshore platform with them. May I ask who you have been dealing with? How have you found them to be?
Hi Stag84

For the avoidance of doubt I attach a below picture of an "offshore platform".

The term "offshore platform" is a meaningless term in financial services, but it is a phrase used by deVere and their ilk to disguise what they actually sell, which is insurance policies.

They may talk about a platform, but what they're really selling is an "insurance wrapper", a specialised type of insurance policy which is issued in either the Isle of Man or the Channel Islands. These policies have such high charges and opaque structures that that cannot legally be sold in the UK - this crap is for export only.

Now, as this is your first post I guess there are two possibilities, one is that you are an innocent abroad, and have no idea what you're getting in to, and the other is that you are a shill. I wonder....

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Old 24th Mar 2017, 09:38   #49 (permalink)
 
Join Date: Oct 2011
Location: out of this world...
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Simple question.. I signed up for a Zurich investment last year (25yr "saving" plan) before I found this thread or heard about their dealings....

Before I pull the plug based on what I have read here and from another source, has anyone had any postitive experience from them?

I emailed my "advisor" from Holborn and complained about the less than 2% growth in my product since I invested with him, and he blames a downturn in market forces...
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Old 24th Mar 2017, 11:17   #50 (permalink)
 
Join Date: Mar 2016
Location: Kuwait
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Originally Posted by transport jock View Post
Simple question.. I signed up for a Zurich investment last year (25yr "saving" plan) before I found this thread or heard about their dealings....

Before I pull the plug based on what I have read here and from another source, has anyone had any postitive experience from them?

I emailed my "advisor" from Holborn and complained about the less than 2% growth in my product since I invested with him, and he blames a downturn in market forces...
Hi

I'm travelling this weekend so it'll be a few days before I give you a detailed response - but I will.

Two questions:
1 Its the Zurich Vista product I assume? and
2 Can you post a list of the underlying funds that you are invested in - including percentages? (so that I can look at the risk profile and charges of those funds, and thus of your policy).

Regards

JJ
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Old 24th Mar 2017, 13:50   #51 (permalink)
 
Join Date: Oct 2011
Location: out of this world...
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Hey JJ

Thanks for the reply. It is indeed a vista account. I tried to login to my Zurich account now but it seems my password is incorrect, and I have been locked out. I am also traveling around at the moment but will try to send you the details as soon as my account access is back.

Thanks a mil!

TJ
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Old 24th Mar 2017, 15:30   #52 (permalink)
 
Join Date: Aug 1998
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-https://andrewhallam.com/category/expat-investing/zurich-international-friends-provident/
-Take your lumps and exit Zurich ASAP
-Move on
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Old 24th Mar 2017, 16:23   #53 (permalink)
 
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Quote:
Originally Posted by Dropp the Pilot View Post
-https://andrewhallam.com/category/expat-investing/zurich-international-friends-provident/
-Take your lumps and exit Zurich ASAP
-Move on

I dont know the details of the Zurich plan but Mr Hallams Low Cost Indexed Platform only comes out ahead if you get a total return averaged over the 25 years of 8%.

In todays low interest environment that would be good - Warren Buffet thinks that 6-7% is more likely and that is if we see growth at the same rate as in the past.

"My primary source for that number comes from Warren Buffett, who claims point-blank that you should expect a 6-7% annual return in the stock market over the long term."

Total return
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Old 24th Mar 2017, 19:51   #54 (permalink)
 
Join Date: Aug 1998
Location: Blandings
Posts: 628
Mr. Hallams methods will come out ahead every time, all the time. There are no longterm circumstances under which paying 2.5% management fees to numbnuts who propose to "beat the market" will ever outpace a disciplined approach to index investment.

Last edited by Dropp the Pilot; 24th Mar 2017 at 19:51. Reason: editing
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Old 24th Mar 2017, 20:24   #55 (permalink)
 
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Not in the scenario he details on his website. He is advising the investor to walk away from $39k already invested and rely on making 8% for the next 24 years.

I'm always wary about people who are flogging books on get rich quick, in most cases it is only the author of the book who makes any money.
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Old 24th Mar 2017, 20:26   #56 (permalink)
 
Join Date: Jan 2016
Location: Burgherville
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Will PM you.

Mac
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Old 24th Mar 2017, 21:34   #57 (permalink)
 
Join Date: Aug 1998
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If you think Hallam is about getting rich quick you are entirely bereft of reading comprehension skills.
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Old 24th Mar 2017, 22:29   #58 (permalink)
 
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Please - his whole website is about flogging his books.
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Old 24th Mar 2017, 23:08   #59 (permalink)
 
Join Date: Aug 1998
Location: Blandings
Posts: 628
Read one.

You will give him $20 and he will give you some advice .

If you have a million dollars with any of the pension firms you gave $25,000 to your account "manager" this year and received nothing in return.

You can play with your calculator a bit and see which of those is a better deal.
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Old 25th Mar 2017, 06:56   #60 (permalink)
 
Join Date: Apr 2003
Location: UAE
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Jet, if you are happy to give away 2% or so of your life savings every year in fees but won't consider paying $20 for a book that suggests an alternative (and easy) approach then you really do need some good financial advice!
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