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Old 14.05.2012, 18:39
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Offshore pension consolidation scheme


Can I ask if anyone has come across the DeVere group andtheir offshore pension consolidation scheme.
Basically I was approached with the scheme, it sounded goodand the arguments put forward by the consultant from the Devere group sounded logical, but I remain sceptical ofsuch offshore schemes especially in this present climate so Iím wondering ifanyone on this forum, 1) have also been approached with this scheme and perhaps can providea sort of reference or other practical considerations, 2) signed up for thescheme and 3) happy with what it is supposed to deliver.
Thanks
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Old 14.05.2012, 18:56
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Re: Offshore pension consolidation scheme

I can only offer two pieces of advice:

1. Ask yourself whether you do business with other companies who cold-call, and whether that's the way to find the best-qualified company to meet your needs.

2. Do a Google search to find out what other people are saying about the company. Let this be your guide about whether you want to entrust them with your hard-earned money or not...

Cavaet emptor.
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Old 14.05.2012, 19:16
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Re: Offshore pension consolidation scheme

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Can I ask if anyone has come across the DeVere group andtheir offshore pension consolidation scheme.
Basically I was approached with the scheme, it sounded goodand the arguments put forward by the consultant from the Devere group sounded logical, but I remain sceptical ofsuch offshore schemes especially in this present climate so I’m wondering ifanyone on this forum, 1) have also been approached with this scheme and perhaps can providea sort of reference or other practical considerations, 2) signed up for thescheme and 3) happy with what it is supposed to deliver.
Thanks
Their sales pitch is designed to appeal to your greed but the scheme serves their own greed and nothing but. Once all the costs and charges are accounted for you'll be lucky if you break even after 20 years.
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Old 14.05.2012, 19:16
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Re: Offshore pension consolidation scheme

in one word... RUN
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Old 14.05.2012, 21:59
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Re: Offshore pension consolidation scheme

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Can I ask if anyone has come across the DeVere group andtheir offshore pension consolidation scheme.
Basically I was approached with the scheme, it sounded goodand the arguments put forward by the consultant from the Devere group sounded logical, but I remain sceptical ofsuch offshore schemes especially in this present climate so Iím wondering ifanyone on this forum, 1) have also been approached with this scheme and perhaps can providea sort of reference or other practical considerations, 2) signed up for thescheme and 3) happy with what it is supposed to deliver.
Thanks
No I have not been approached.
Just lucky I guess
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Old 15.05.2012, 12:32
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Re: Offshore pension consolidation scheme

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I can only offer two pieces of advice:

1. Ask yourself whether you do business with other companies who cold-call, and whether that's the way to find the best-qualified company to meet your needs.

2. Do a Google search to find out what other people are saying about the company. Let this be your guide about whether you want to entrust them with your hard-earned money or not...

Cavaet emptor.

Also if you check they will try to push the STM MALTA QROPS, which is now partly owned by the man himself Nigel Green
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Old 15.05.2012, 14:49
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Re: Offshore pension consolidation scheme

You need to Google the company name and look for discussions. What's the name of the scheme?
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No I have not been approached.
Just lucky I guess
So you must either live under a rock or... work in their office.
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Old 16.05.2012, 11:02
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Re: Offshore pension consolidation scheme

You just need to check small things
Devere are licensed by the Belgium and Cyprus insurance regulators to sell insurance thats all.

You need to look for companies licensed by the FSC in Gibraltar and the FSA in UK so you are covered
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Old 16.05.2012, 11:36
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Re: Offshore pension consolidation scheme

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You just need to check small things
Devere are licensed by the Belgium and Cyprus insurance regulators to sell insurance thats all.

You need to look for companies licensed by the FSC in Gibraltar and the FSA in UK so you are covered
How does the FSA benefit non UK residents?
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Old 16.05.2012, 11:58
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Re: Offshore pension consolidation scheme

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How does the FSA benefit non UK residents?
The main benefit is if the companies are regulated by them it means they HAVE to be regulated with the relivant authorities in that country.
Also means the clients with have the comfort of knowing the advisor will have to follow all FSA or FSC rules when dealing with the client or the company could lose the regulation.
For a FSA company in Spain where i am it would mean they would have to be regulated by the DGS and CNMV

It also means that at least you know the advisor has the relevant qualifications to FSA standards or FSC

Last edited by swans1984; 16.05.2012 at 12:00. Reason: Spelling
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Old 16.05.2012, 14:42
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Re: Offshore pension consolidation scheme

Unlocking your pension can mean money today, misery tomorrow, warns FSA

Quote:
The Financial Services Authority (FSA) is today alerting consumers to the potential pitfalls of cashing in their pension pot before they retire.

So-called "pension unlocking" allows someone over the age of 50 to release their pension benefits from an occupational or personal pension before they have reached their retirement age. The benefits are transferred to a new pension arrangement from which they can release their money.

They can then take a tax-free lump sum from their pension fund and use the remainder to buy an annuity.

This will, however, substantially reduce the income available to them in retirement. ...

"Its an expensive way to free up extra cash and, in addition, your financial adviser may well take a fee for dealing with it meaning that part of your hard earned pension pot will benefit him rather than you!"
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Devere Group seminar

US & UK Citizens - How to Transfer your Pension Abroad

Join the informative deVere Seminar about unlocking your frozen pension.

Our expert Financial Adviser will explain the fantastic opportunities available to you as a UK or US expatriate living abroad with a frozen pension back in your home country. Through QROPS and ATES, clients now have the ability to unlock your frozen pension and start enjoying the benefits of having an offshore pension.
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