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Old 28.07.2011, 14:58
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Bringing UK pension into Switzerland and QROPS

Hi everyone

I can't seem to find the answer to my question on the net. I have relocated to Switzerland and would like to bring my UK pension savings to Switzerland since I have no plan on returning to the UK and certainly not retiring there when the time comes. My understanding is that if my employer's pension scheme was a QROPS this would not be a problem, however despite being a large corporate entity I just found out that our pension scheme is not one of the approved schemes by the Inland Revenue (so is not a QROPS)

Does this mean that I can't bring in my pension to Switzerland? Or can I sign up to a QROPS independent of my employer?

Thank you...
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Old 28.07.2011, 15:24
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Re: Bringing UK pension into Switzerland and QROPS

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Hi everyone

I can't seem to find the answer to my question on the net. I have relocated to Switzerland and would like to bring my UK pension savings to Switzerland since I have no plan on returning to the UK and certainly not retiring there when the time comes. My understanding is that if my employer's pension scheme was a QROPS this would not be a problem, however despite being a large corporate entity I just found out that our pension scheme is not one of the approved schemes by the Inland Revenue (so is not a QROPS)

Does this mean that I can't bring in my pension to Switzerland? Or can I sign up to a QROPS independent of my employer?

Thank you...
Expect some PM's on this topic!
There are Effers who have posted on this subject and have had some experience.
The only advice I can offer is read some of the posts in the Financial forum, and if you get a PM from one of the friendly cold calling companies, check them out on PissedConsumer.
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Old 16.08.2011, 13:07
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Re: Bringing UK pension into Switzerland and QROPS

If the plan is not on the HMRC list of approved QROPS, do not make the transfer!!! It will be classified as an unauthorised payment and therefore subject to a tax penalty of 55% of the transfer value. You can however transfer your UK pension fund to a Qrops elsewhere.

I hope this helps!
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Old 16.08.2011, 13:18
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Re: Bringing UK pension into Switzerland and QROPS

No problem at all moving your pension to a QROPS but please please get some great advice because it will give you the freeedom to choose investments within its structure. As this is your pension you need to choose very carefully.
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Old 16.08.2011, 15:22
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Re: Bringing UK pension into Switzerland and QROPS

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No problem at all moving your pension to a QROPS but please please get some great advice because it will give you the freeedom to choose investments within its structure. As this is your pension you need to choose very carefully.
Sniff sniff. Smells like a commission-hungry investment tout.

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If the plan is not on the HMRC list of approved QROPS, do not make the transfer!!! It will be classified as an unauthorised payment and therefore subject to a tax penalty of 55% of the transfer value. You can however transfer your UK pension fund to a Qrops elsewhere.
I hope this helps!
Your website shows that you sell QROPs yourself and have a phone number in Spain. Are you by any chance related to jacksarahholly or Moorgate?

Last edited by Reb77Br; 16.08.2011 at 16:05.
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Old 17.08.2011, 12:20
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Re: Bringing UK pension into Switzerland and QROPS

Does anyone have any real life idea of the commision on a QROPS transfer?
I know there is usually an exit fee/processing fee from the current provider, commision to whomever sells you/organises the transfer, and no doubt fees to the new provider, but how much is all of this on say a £100k pension pot?
How long does it take to recover your pension pot back to it's pre-transfered level?

Also, unless you plan to take all your money out after 5 years, why would anyone have their pension offshored from a relatively well regulated place like to the UK (where the FSA has at least got some milk teeth) to somewhere like the Channel Islands where it's the financial companies running the show for their own benefits?
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Old 17.08.2011, 17:41
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Re: Bringing UK pension into Switzerland and QROPS

I looked into it briefly - with one of the firms we cannot talk about on here - and the admin fees were around £500 a year - so even they suggested it would need to be a pension pot of £25k+ to make it worthwhile.

So, with a pension pot of £100k, I'd definitely consider it, but going with a reputable independent QROPS provider. This is probably not going to be your employer, at a guess.

Last edited by big yin; 17.08.2011 at 17:44. Reason: answer the OP's actual question
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Old 17.08.2011, 18:13
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Re: Bringing UK pension into Switzerland and QROPS

The only reason I can see for bringing the pension to CH if you wish to take the pension as 100% cash lump sum.

On Uk pensions you have a very wide range of possible investments, so you don't need to hold any UK assets, however I would think very carefully transfering a UK pension at todays exchange rates. 3 years ago the CHF value would have been roughly twice that of today.

If it's a guaranteed pension leave it alone whatever anybody says. (I know the BA scheme is hopelessly insolvent!) The running costs of a large company scheme wil be very low indeed.

If anybody can tell me of a QUOPS scheme where I can invest exactly how I want directly in equaties (NOT UNIT TRUSTS) please let me know.
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Old 18.08.2011, 10:55
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Re: Bringing UK pension into Switzerland and QROPS

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Does anyone have any real life idea of the commision on a QROPS transfer?
It's not clear whether this is typical, but see pages 4 and 11.
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Old 18.08.2011, 12:21
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Re: Bringing UK pension into Switzerland and QROPS

I was hoping to use it as a deposit for a house purchase in Switzerland. Ouch fees!!
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Old 18.08.2011, 12:31
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Re: Bringing UK pension into Switzerland and QROPS

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It's not clear whether this is typical, but see pages 4 and 11.
I like the bits "investment may be managed by a third party" who may or may not be any good any you don't have control over what they do with your money anyway

"agree to be a member of the Pension Plan for a minimum of 10 years" (thereby ensuring they earn their fees of £12,500 regardless of how much your pot is worth when entering or leaving, then you need to add on the initial 12% paid to the people who make the introdction (the beers in this case named on the form))

"Having been advised that an independent pension review is recommended prior to the transfer, and having considered all my options I hereby waive my need to obtain an independent pension review relating to said transfer.
Furthermore, I hereby indemnify and release the Trustees from any potential liability resulting from this waiver." ie, you're on your own when it all goes tits up.
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Old 18.08.2011, 12:32
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Re: Bringing UK pension into Switzerland and QROPS

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I was hoping to use it as a deposit for a house purchase in Switzerland. Ouch fees!!
That may well cause a problem within the first 5 years, as any 'pension busting' gets reported.
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Old 18.08.2011, 12:35
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Re: Bringing UK pension into Switzerland and QROPS

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on the initial 12% paid to the people who make the introdction (the beers in this case named on the form))

"Having been advised that an independent pension review is recommended prior to the transfer, and having considered all my options I hereby waive my need to obtain an independent pension review relating to said transfer.
Furthermore, I hereby indemnify and release the Trustees from any potential liability resulting from this waiver." ie, you're on your own when it all goes tits up.
12% introduction fee on a pension transfer? Someone is taking the piss, normally would be WAY less than that and would be taken from the buy/sell spread.
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Old 18.08.2011, 12:42
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Re: Bringing UK pension into Switzerland and QROPS

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12% introduction fee on a pension transfer? Someone is taking the piss, normally would be WAY less than that and would be taken from the buy/sell spread.
The fees are normally around 6 to 7%.
And people looking to cash in the pensions 100% will pay anything upto the 12%, as it is actually illegal to cash them in 100% and the countries that are doing them now will have the QROPS taken away from them and the companies will be closed down eventually, Like happened in Singapore and all the people who cashed them in are being chased by the HRMC for the 55% tax on it.
In Spain now there are 250 advisory firms and only 9 are actually regulated.
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Old 18.08.2011, 12:44
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Re: Bringing UK pension into Switzerland and QROPS

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12% introduction fee on a pension transfer? Someone is taking the piss.....
And we know who
http://devere-group.pissedconsumer.c...5178426/3.html

mods, please delete the link if it breaches their rights to rob people blind without being exposed for what they are
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Old 18.08.2011, 12:52
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Re: Bringing UK pension into Switzerland and QROPS

Well thank you, looks like that answers all my questions. I'll stay put. I assume if my employer's scheme was a QROPS none of these hidden and not-so-hidden fees would apply?
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Old 18.08.2011, 13:08
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Re: Bringing UK pension into Switzerland and QROPS

Hi
is it possible to transfer an UK Private Pension to AVS/AHV? The problem is that I don't work at the therefore I have no a private scheme in Switzerland (I pay only AVS/AHV) and I must transfer the funds somwhere. Anyone had a similar problem? Thanks!
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Old 18.08.2011, 13:26
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Re: Bringing UK pension into Switzerland and QROPS

Another important thing to note is many of these companies are incestuous, ie, they share the same directors etc, despite seemingly being totally seperate entities.

This is certainly the case for the two companies discussed above.
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Old 18.08.2011, 13:32
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Re: Bringing UK pension into Switzerland and QROPS

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Hi
is it possible to transfer an UK Private Pension to AVS/AHV? The problem is that I don't work at the therefore I have no a private scheme in Switzerland (I pay only AVS/AHV) and I must transfer the funds somwhere. Anyone had a similar problem? Thanks!
As a UK personal pension has very wide investment powers I am not sure what actual benefit you could have transfering it.

My Frozen swiss pension has only 3 possible investments funds, none of which are what I am looking for.
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Old 18.08.2011, 13:33
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Re: Bringing UK pension into Switzerland and QROPS

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And we know who
http://devere-group.pissedconsumer.c...5178426/3.html

mods, please delete the link if it breaches their rights to rob people blind without being exposed for what they are
Yes the mod's should delete your link ASAP!
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