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WoodallServices Posted on 14/09/2017 10:29
Pension Transfers?
 
 
I know there was a thread not long ago but my wife and I are considering transferring our company pension to a QROP's pension and as it's quite daunting I would appreciate anyone's experience of this, ie pleased regrets.
Also as our company has announced it's intention to close our final salary scheme (timing impeccable) does anyone know the deal reached for the British Steel Pension. I know my dad as a retired member still takes a hit so I would imagine future retirees are taking a bigger one.
I know it's a personal thing but any info greatly appreciated.
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Bergeracois Posted on 14/09/2017 11:17
Edited On: 14/09/2017 11:20
Pension Transfers?

 
I did it a few years ago - three UK company pensions and a couple of private UK pensions, combined into one QROPS pot. A lot more flexibility with what you can do with your money. I had to prove that I'd lived out of the UK for a number of years (can't remember how many) by supplying my French tax returns, and stating that I had no intention of returning to the UK in the forseeable future.

I believe it's got a lot more bureaucratic now, but mine was fairly straightforward to do, though it did take a few months to get it all sorted and transferred.

I believe my money is now electronically resident in Malta [8D]

Edit : you asked whether pleased / regrets - in terms of flexibility, access, all in one place, transferred in its entirity to Madame Bergeracois if I peg it, I'm obviously pleased - in terms of my pot being in sterling and my needs being in euros, the current exchange rate is a complete bummer
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WoodallServices Posted on 14/09/2017 11:35

Pension Transfers?

 
Thanks for tthat. Got all that paperwork in front of me as I type. Phew!!
We live in France but work out of Heathrow and this will give us the flexibility to wind down at our choosing. Not looking to become big shot investors so low to medium risk. If it gives us what we were expecting from our works scheme plus the benefits you've outlined we can't grumble. Especially the fact your spouse gets everything should you die.
Although there's a risk, too often you find yourselves saying " surely that can't be legal" with what your employer or government can do with your contracted pension when you've worked a lifetime.
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WoodallServices Posted on 14/09/2017 18:27

Pension Transfers?

 
Bumping this in case anyone else has info. Cheers.
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boroPE Posted on 14/09/2017 18:43
Edited On: 14/09/2017 18:43
Pension Transfers?

 
Heres the previous thread. Im still undecided whether to transfer mine now or wait a couple of years till im in my 50s and ready to look into things a bit more. Mine is worth a few hundred thousand.

Link: Pension
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Emmersons_BrazillianDong Posted on 14/09/2017 18:46

Pension Transfers?

 
Mate with something like this I urge you to send a few quid and get professional advice.
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boroPE Posted on 14/09/2017 18:53

Pension Transfers?

 
You cant transfer anything over 30k anyway without financial advice.
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WoodallServices Posted on 14/09/2017 20:58

Pension Transfers?

 
Thanks for the link boroPE and likewise re the transfer value. Although everything looks positive with such large amounts you do want to be 100% sure. What's more of a worry is what companies can do to it when you've worked a lifetime.
We forwarded an article on the BMW v Cowley workers dispute re their pension. Basically if BMW (or any company) don't get their way they can void your contract (not change the terms) and just reissue it minus your pension!! I bet BMW wouldn't get away with it in Germany!
Apparently the government passed a bill or are trying to whereas if a company is in dire straits they can dip into pension funds to BORROW??? Money for essential purchases. It's criminal!
Thanks also Emmerson but already done that just need final reassurance before committing.
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