QROPS advice - where to go?

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QROPS advice - where to go?


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Old 9th September 2011, 04:00 PM
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Smile QROPS advice - where to go?

hi guys,

I've come across a couple of sites about QROPS.

SNIP

Has anyone else on here taken a qrops out and what is there to look out for - negatives? positives?

still not sure if it's for me or not even though I will def be in spain over 5 years.

many thanks


Last edited by jojo; 9th September 2011 at 04:06 PM. Reason: removing name
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Old 9th September 2011, 05:00 PM
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There are many companies such is this one. I'm not advertising but Blevins Franks has a good name. I've never heard of the one you have mentioned but in the end, it's your money and I don't think anyone here will advise you where to go for financial advice. The choice is yours...

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Old 9th September 2011, 05:50 PM
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Negatives? you ask.

From what I have read you can have your State Pension now & spend it.

Well you will have to make your own mind up about that, but I would not go anywhere near an company/individual trying to promote this scam (IMO)

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Old 12th September 2011, 09:49 AM
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Thanks guy for your replies.

will check out blevins franks.

So a large company rather than an induvidual IFA then. ok.

Is QROPs legit?

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Old 12th September 2011, 03:12 PM
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Quote:
Originally Posted by john4spain View Post
Thanks guy for your replies.

will check out blevins franks.

So a large company rather than an induvidual IFA then. ok.

Is QROPs legit?

From what I can gather, it depends on the type of pension.
If it's a SIPP, be very careful. There are strict rules as to what you can and can't do as you will already have received tax relief in the UK.
I would never use an independent advisor. Many live from the commissions they receive from pushing specific products.
Five years ago I was awarded several úthousands compensation because I was mis-sold a product by a IFA.
Best to consult your accountant, fund manager , even your bank manager but bear in mind that somewhere along the line you will be paying for any service you may receive.

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Old 12th September 2011, 07:35 PM
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I released 2 small private pensions through a New Zealand QROPS earleir this year. Went as smooth as you like.

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Old 13th September 2011, 08:20 AM
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Quote:
Originally Posted by djfwells View Post
I released 2 small private pensions through a New Zealand QROPS earleir this year. Went as smooth as you like.
Did you read a post -I think it must date back quite a few months -about how HMRC is closing down these 'off-shore' loopholes and imposing severe penalities on those who make use of them?
I know it depends on the type of pension but I would advise anyone contemplating realising a pension to contact HMCR and find out from the source about any possible pitfalls.
Do not take the word of any individual or company which stands to benefit from handling your pension.

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Old 13th September 2011, 08:43 AM
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Quote:
Originally Posted by mrypg9 View Post
Did you read a post -I think it must date back quite a few months -about how HMRC is closing down these 'off-shore' loopholes and imposing severe penalities on those who make use of them?
I know it depends on the type of pension but I would advise anyone contemplating realising a pension to contact HMCR and find out from the source about any possible pitfalls.
Do not take the word of any individual or company which stands to benefit from handling your pension.
Quite right.
I looked into the subject of QROPS in depth for quite a while and what I found (and this is just my opinion) was that what QROPS scheme worked for 1 person was not always a good scheme for the next person. There are simply too many variables here and it is is important to take professional advice to find the one that suits you and your requirements.
- BUT, even more important to ensure that the advice that you are taken is from a reliable and reputable source, who is professionally qualified and experienced in giving this kind of advice specifically.
- Also, check how and where they are regulated - If your advisor is based in the Spain then the CMNV and the DGS is a good place to start.

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Old 15th September 2011, 03:07 PM
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Quote:
Originally Posted by john4spain View Post
hi guys,

I've come across a couple of sites about QROPS.

SNIP

Has anyone else on here taken a qrops out and what is there to look out for - negatives? positives?

still not sure if it's for me or not even though I will def be in spain over 5 years.

many thanks

When I set up my QROPS I looked into the issue in some depth as I did not want to fall victim to commission hungry advisor. I decided to use a company regulated in Gibraltar because as I understand it the regulation is much more stringent than that in Spain. Anyway the company I used were excellent and fully "transparent" in the issue of fees, I was very pleased.

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Old 15th September 2011, 04:50 PM
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Quote:
Originally Posted by jackdaw View Post
When I set up my QROPS I looked into the issue in some depth as I did not want to fall victim to commission hungry advisor. I decided to use a company regulated in Gibraltar because as I understand it the regulation is much more stringent than that in Spain. Anyway the company I used were excellent and fully "transparent" in the issue of fees, I was very pleased.

It might be a good idea to look back at an earlier thread about Gibraltar and QROPS.
A poster was actually working on closing the Gibraltar loophole,I think on behalf of HMCR,and issued dire warnings as to what penalties HMRC might impose on improperly liquidated QROPS.
We had vaguely thought about it but he clearly knew what he was talking about and we stopped thinking about it.
Can't remember the thread title...it was startedabout a year ago by someone who had paid 15% -yes 15% -of the not excessively large sum of money realised via a FSA in Alhaurin....
He was advised that he could well be penalised by HMCR who are shutting down all loopholes for realising pension schemes which have enjoyed UK tax advantages.
It seems HMCR could issue a demand for return of unpaid tax.....

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Last edited by mrypg9; 15th September 2011 at 04:52 PM.
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