The world is full of world finance experts 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 ? advisor has no restriction on products or suppliers. Somebody pushing a single supplier or jurisdiction likely has some monetary reason to do so that might not be in the best interests of the client. The chance is they are ignoring your financial circumstances to squish your pension in to a product that suits them best, when the service should be fining the best product to fit the customer.
Looking for a big kill ? If an advisor tells you a pension transfer is too small to think about a pension, then your adviser is trawling the marketplace for gigantic commissions. Lately, one or two schemes targeted particularly at stockholders with QROPS funds priced at less ?pension10,000 have hit the market.
Hidden 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 confidant 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 ? Every QROPS has to meet the same rules for a minimum of the 1st 5 years the QROPS saver is a UK non-resident. Any deals that sound too good to be true potentially are.
Don't forget that if a confidant breaks the rules, it's the pension saver who pays the price in fines and other penalties imposed by Hm Cash and Customs.
To chat to the number 1 QROPS advisory firm, visit this site www.qrops.net
Source: http://www.freetaxreliefhelp.com/tax/how-to-spot-a-bad-qrops-advisor/
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