QROPS
 

I'm about 6 months from bailing out and plan to work overseas. I've got some appointments with Independent Financial Advisers, but I'm looking for any comments from anyone with practical experience who's gone down this route. There are some obvious pros and cons, but ................

I PVred 2 years ago and took the financial advise offered by an IFA through the resettlement process. His advise was good at the time given my situation. Two years down the line and having lived and worked in the Middle East (UAE) for that time, I felt that a review was in order and engaged an IFA locally. He is ex pat Brit, has lived in the ME for a number of years and specialises in ex pat Brit financial affairs. I am delighted with the new strategy he has mapped out for me and much better meets my needs.

Happy to take this to e-mail or PM if you prefer, and good luck!

A cautionary tale. Not directly linked to QROPs but definitely linked to dodgy pension schemes and following on from a busy thread in a RAF area on LinkedIn.

BBC News - Arrests follow alleged pension liberation fraud

Ali, I am currently transferring my Service and Teachers' Pensions to Canada. Al R's summary of the pros and cons is of course correct - the pros outweigh the cons a lot in my circumstances, one of which being that because I've lived in Canada for some time, my 'Tax-free' lump sums now won't be tax free.
I'm finding it very straightforward; PM me if your plans include Canada

Ali, you must be the last Lightning jock to leave. Turn out the light will you?

LJ :ok:

From a US perspective, QROPS means nothing here. HMRC define what is a qualifying scheme, but the US providers have never heard of such a thing. At least, not when I looked into it.

Just a few days to go. My clearance chit doesn't say to turn off the lights after me, but I'm doing it just in case!
:ok:

Yeah, I had a fairly easy time transferring mine here; biggest problem was getting a final amount from the pension company so the bank could go ahead, then them sending a six-figure cheque to my house instead of the bank!

The HMRC site had a .pdf somewhere listing the QROPS-approved schemes in various countries, but you'd still want to find someone who knew what they were doing for the transfer. The lady at the bank who did mine had done half a dozen already that year.

The one thing that struck me was how poor the investment logic was applied to my mil pension (it wasn't)

As stated, there is a risk....but with many shemes you can decide on the level of risk taken and stipulate the investment risks.

I am very happy this far with my choices....time will tell.

But one thing is for sure.....my MOD pension would have never grown....like the rest of the financial world does.

Caution - HMRC going in hard.

HMRC letter raises concern over overseas pensions - FTAdviser.com

HMRC really are a bunch of total f#ckwits.
Basic principle of Law - you can't backdate changes.
By my reading, this would apply to Canadian QROPS also.

Do they not realise this is why people are taking their money out of the UK in the first place? - because the Government is incompetent and untrustworthy.

Still waiting for a substantive response to my letter to HMRC dated April last year. An acknowledgement in October promised a reply "shortly".

And that’s the polite version...

Well, 'family' thread and all that ;)