Offshore Pensions Services
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Offshore Pensions Services
Had a leaflet in my mailbox from Offshore Pension Services Ltd advertising a service to " Unlock your UK Pension Benefits" by sending the funds to New Zealand where you can then get your hands on the money! Anyone have any experience of the company and whether it works?
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I had similar information from a financial services consultancy firm (CANDOUR), this time though to place the funds in Singapore. I made additional enquiries and got quite a lot of literature back. I have still not made a decision. If anyone wants copies I can pass them on - it did include a lot on whether it would suit personal circumstances etc.
Or you can visit: http://www.candourconsultancy.com/Pension_Transfers.htm
Or you can visit: http://www.candourconsultancy.com/Pension_Transfers.htm
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I went to see Candour about some financial proposals and got the details. Well, when I spoke to another agency and had it explained to me the first 20% of the investyment plan I was looking into would be the fee paid to Candour/the plan provider. They (Candour) have a different way of explaining it as only 2% cost p.a. But they dont tell you that on a 10 year plan its 20% which is the first part of your investment which means you dont put anything away for 18 months and just keep paying them!!!! Good luck in the shark pool.
Pensions wise, Fry's say that you need to have about 100k sterling to make it worth while for a company to cash it in for you, that will only cost you a 5% charge and anything less than the 100k would be a one off fee of 5k!????
Some snippets for you.
Pensions wise, Fry's say that you need to have about 100k sterling to make it worth while for a company to cash it in for you, that will only cost you a 5% charge and anything less than the 100k would be a one off fee of 5k!????
Some snippets for you.
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This thread has been brought to my attention as the Managing Partner of Candour Consultancy.
I think I know who 'Jack Schidt' is and, having reviewed the correspondence we sent to him, I would like to inform him (as well as any other readers of this thread) that he was mislead by the other adviser and not us.
The facts in this case are as follows; yes the total costs of establishing the policy and administering this for the full 10 years equates to 20%. As we correctly stated, this fee is taken as 2% per annum over the 10 years - 2% x 10 equals 20% over the term of the policy which anyone can simply equate.
Where 'Jack Schidt' was completely mislead is that this is taken upfront and "nothing is put away for 18 months". This is a complete lie and it is obvious that the other brokerage has told him this to get him to take the policy they recommended over our recommendation.
As we explained at the time, the first 13 months (not 18 months as stated) contributions have to remain in the policy for the full 10 years as it is from these contributions that the fees are taken on an annual basis. This is to ensure that the policy provider recoups their expenses for establishing and adminisering the policy - these fees are spread equally over the 10 years and not taken upfront as suggested. As such, the policyholders money remains invested (i.e. it is put away) and growing tax-efficiently.
I think I know who 'Jack Schidt' is and, having reviewed the correspondence we sent to him, I would like to inform him (as well as any other readers of this thread) that he was mislead by the other adviser and not us.
The facts in this case are as follows; yes the total costs of establishing the policy and administering this for the full 10 years equates to 20%. As we correctly stated, this fee is taken as 2% per annum over the 10 years - 2% x 10 equals 20% over the term of the policy which anyone can simply equate.
Where 'Jack Schidt' was completely mislead is that this is taken upfront and "nothing is put away for 18 months". This is a complete lie and it is obvious that the other brokerage has told him this to get him to take the policy they recommended over our recommendation.
As we explained at the time, the first 13 months (not 18 months as stated) contributions have to remain in the policy for the full 10 years as it is from these contributions that the fees are taken on an annual basis. This is to ensure that the policy provider recoups their expenses for establishing and adminisering the policy - these fees are spread equally over the 10 years and not taken upfront as suggested. As such, the policyholders money remains invested (i.e. it is put away) and growing tax-efficiently.
Last edited by Candour; 28th Mar 2008 at 05:40.
