Your future retirement planning matters as an expatriate in USA. Avoid poor advice about Tax, QROPS or International SIPP’s which has proven devastating to British pension transfers, especially Final Salary Defined Benefits.
We help people like you through our regulated award winning advice.**
**(Rated best UK pension & EU advisory firm by 5 different publications between 2016-2019).
If you have £250,000 or more in your pension or investments,
our award winning advisers can show you how to increase your growth or income, and avoid bad advice and hidden charges.
Our FREE guidance focused on expatriates living in USA will provide the following benefits:
Four simple steps to ensure best outcomes for your pension.
Advantages and disadvantages of considering a DB pension transfer.
Only authorised and regulated firms of advisers will assist you.
A FREE fact sheet with information on qualifying criteria and assistance.
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Yes! I would like to download my FREE Guide to British Final Salary Pensions Defined Benefit Transfers SIPPs USA.
Be wary of non-UK firms acting as advisers who use a UK firm to “sign off” the pension transfer. To put this into laymen’s terms, ensure you ‘Talk to the organ grinder and not the monkey’!
The regulator believes that over 50% of defined benefit transfers lead to poor outcomes for you, the clients.
For offshore advice this rises to almost 90% of cases advised by COMMISSION based salespersons.
Ask about the experience and qualifications of the adviser – they really should be Chartered or Certified for this type of advice – always ask for evidence. Especially to do with British Final Salary Pensions Defined Benefit Transfers SIPPs USA.
Nigel, not his real name, was recommended to transfer his Defined Benefit (DB) scheme for flexible access, so his wife would receive funds upon his death and the transfer would remove it “from the clutches of the Treasury” in the UK.
What was Nigel told?
He was told it had a 1% annual charge plus trustee fees of £250 per annum. He was promised double digit returns if he locked part of his money up for 6 years.
What happened next?
If Nigel’s story is your story, then his outcome could be your outcome. Nigel lost his pension and his retirement was destroyed.
What should you check now to avoid this?
Nigel had been sold a SIPP on the basis of a fraudulent report based on 1% charges.
He had been asked to sign a waiver from a Spanish company so they were not responsible for the advice. However, he had also signed a waiver with the UK firm signing it off, so they were not responsible for the advice. He accepted a separate advice letter with caveats saying that the final charges may be different from the basis of charges that the report had been prepared on!
Nigel’s pension had been put into assets he could not access for years without penalties; an insurance bond wrapper and structured products which were not in the original transfer report. An insurance bond wrapper is completely unnecessary in a QROPS or a SIPP!
How bad is your problem?
If an insurance bond is unnecessary, why would it be sold to you inside a QROPS or SIPP other than for commission? Remember question 1 above, and the idea that you did not have to pay for advice?
FACT: An insurance bond wrapper can pay a large commission to unscrupulous salespersons. Along with other commission products it can be up to 13% of your fund.
Nigel lost most of his money in his SIPP but the sale of a QROPS could have resulted in a similar outcome. He had no reason to think that he had any problem until the salesperson disappeared. He had been lied to by his offshore “adviser” and the chances are, if you are like Nigel, and your salesperson is telling that the charges are only 1% per annum, then your salesperson is lieing to you as well.
What should be in a DB transfer report for you?
Your report should be specific based on your pension scheme and your objectives and have:
Advice as to whether a transfer will meet your objectives.
It should discuss your expenditure and needs in retirement.
Discussion about risk and your understanding of it and whether a transfer is within your acceptance of risk.
The report should have the full costs and charges of the recommended products and the fees for the advice.
Cashflow assists understanding of benefits or losses. Ask for a professional to assess your risk and target for retirement. Maybe, pay for a report.
Ensure your professional is registered with the regulator in your country AND openly declares third party connections in other regulated territories AND allows you to vet them.
What should NOT be in the report and what should you AVOID? Contact us or watch our video.
Watch our video:
Advice on British Final Salary Pensions Defined Benefit Transfers SIPPs USA
For Bond information CLICK HERE ›
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Our expert knowledge is provided by the “Aisa Group”. Internationally we have several firms in different countries both within Europe (including the UK) and outside of Europe, often known as Aisa International.
Aisa Group have been acclaimed in the UK for pensions, investment and tax advice – We are experts in British Final Salary Pensions Defined Benefit Transfers SIPPs USA and multiple finalists and 20+ times award winners between 2009 and 2020 including UK Investment Excellence awards, UK Pension Awards won and tax planning awards from publications including FT.
Advice provided by the multi-award winning Aisa Group.