The world is totally full of international financial advisers ready to take a pension saver's money to help with setting up a qualifying recognised overseas pension scheme.
Although the majority financial advisers are regulated and reputable, some sharks are swimming in the QROPS market, so here are some tell tale signs on how to spot themQROPS
: up front - Financial advisers don't ask for money before they have undertaken any work. If your confidant is asking for money, then that's the first danger sign that something is wrong.
Limited Money QROPS or investment options - A 'whole of market ' confidant has no restriction on products or suppliers. Somebody pushing a single supplier or jurisdiction probably has some financial reason to do so that may not be in the best interests of the client. The possibility is they are ignoring your fiscal circumstances to squash your pension in to a product that suits them best, when the service should be fining the best product to match the customer.
Searching for a huge kill - If an adviser tells you a pension transfer is too little to consider a pension, then your advisor is trawling the market for big commissions. Recently, several schemes aimed in particular at backers with QROPS funds valued at less ?pension10,000 have hit the market.
Undisclosed commissions - This breaks most regulator's rules about transparent transactions. If you do not know the charges up front and have to ask, then bin the adviser because they are working outside of the law.
Lack of 0 expertise - Pro QROPS offshore advisers need support staff that research solutions for pension and investment issues for clients. Ask your advisor for proof of latest successful tax transfers.
QROPS rule breaking - Each QROPS has to meet the same rules for at least the first five years the QROPS saver is a UK non-resident. Any deals that sound too good to be true probably are.
Remember that if an advisor breaks the guidelines, it is the pension saver who pays the price in fines and other penalties imposed by Hm Income and Customs.
Although the majority financial advisers are regulated and reputable, some sharks are swimming in the QROPS market, so here are some tell tale signs on how to spot themQROPS
: up front - Financial advisers don't ask for money before they have undertaken any work. If your confidant is asking for money, then that's the first danger sign that something is wrong.
Limited Money QROPS or investment options - A 'whole of market ' confidant has no restriction on products or suppliers. Somebody pushing a single supplier or jurisdiction probably has some financial reason to do so that may not be in the best interests of the client. The possibility is they are ignoring your fiscal circumstances to squash your pension in to a product that suits them best, when the service should be fining the best product to match the customer.
Searching for a huge kill - If an adviser tells you a pension transfer is too little to consider a pension, then your advisor is trawling the market for big commissions. Recently, several schemes aimed in particular at backers with QROPS funds valued at less ?pension10,000 have hit the market.
Undisclosed commissions - This breaks most regulator's rules about transparent transactions. If you do not know the charges up front and have to ask, then bin the adviser because they are working outside of the law.
Lack of 0 expertise - Pro QROPS offshore advisers need support staff that research solutions for pension and investment issues for clients. Ask your advisor for proof of latest successful tax transfers.
QROPS rule breaking - Each QROPS has to meet the same rules for at least the first five years the QROPS saver is a UK non-resident. Any deals that sound too good to be true probably are.
Remember that if an advisor breaks the guidelines, it is the pension saver who pays the price in fines and other penalties imposed by Hm Income and Customs.