Public sector pension transfer value request

vbm

Cookie, this will be my last post on this subject as you have said you don't care about making the right decision. But let me just say this.

From all of your posts it is clear that you do not have a grasp on what you are trying to do. You don't really seem to understand the value of your defined benefit scheme, the structure of QROPS you are transferring to and the options available to you from your exisitng scheme.

I don't know you and your financial well being is of no concern to me, but you should definatley talk to a professional about this course of action, because as it stands everything points to you making a bad decision.

dunstonh

From all of your posts it is clear that you do not have a grasp on what you are trying to do. You don't really seem to understand the value of your defined benefit scheme, the structure of QROPS you are transferring to and the options available to you from your exisitng scheme.

I agree. Plus, with many QROPS transfer companies being unregulated in their region and prone to charging massive amounts, the losses are likely to be significant.

Its almost certainly a bad decision based on misconceptions and whims that will end up costing a lot of money when there is absolutely no reason for it.

cookiecrew_2

seven-day-weekend wrote: »

Do you think Spain is in any better a position?

I understand that you hve planned your finances this way so that you can live comfortably in Spain (we are there on my husband's Teachers' Pension which he took at 55), but please don't make the mistake of many expats by thinking everything there is better than the UK. It most certainly is not. Unemployment in some places is 40% and overall I think it is 20%, and for the few jobs there are you normally need fluent Spanish.

Not trying to rain on your parade, just saying to go in with your eyes open and don't jepardise your Fire Service Pension in any way.

Thanks for the warning, but we have already lived in Spain for the last seven years. My wife speaks Spanish very well and is working in and looking to expand her own business.
We want our finances, such as they are, under our own control (as far as that is ever possible) and not at the mercy of rapidly-changing and never for the better (for the likes of us) Government policies. I just want to know how long it is likely to be before they see fit to provide us with the CETV we require.

I note that my initial thread is constantly being hi-jacked, so I am bowing out of it. Thanks to all that have thrown any light on my initial question.

kentgirlinfrance

Hi Cookiecrew
Just before you give up totally I thought you might be interested in our position.
We moved to France 8 years ago and, like you, thought we had made prudent plans for our future (before the various Governments decided that they had more of a right to our pension pots than we did). Like you we wanted to have more control over our funds and also find the insurance companies who sell annuities pocketing any remaining funds on death distasteful. At the beginning of this year after having spent many hours discussing options with my (UK based) IFA I decided to move my three pension pots, two of which were defined benefit schemes, into a QROPS. I was given a huge choice of funds after having filled in numerous forms to assess my acceptable level of risk, and decided to move my funds to Guernsey. The charges are very low (before dunstonh or vbm come back to post more patronising remarks) and I can monitor my fund's performance online. I can also change my investments after each quarterly review should I so choose (not that I have) and I have watched my fund value grow over the past six months.
I can't help with the original thread of your post re. the fire brigade's reluctance to give transfer values, but I just thought you might like to hear that QROPS can be a workable alternative to leaving your fund in the UK.
I hope you manage to move to a QROPS if that's what you want to do before the Government kills that off too.
Good luck, and enjoy your life in Spain.

dunstonh

before dunstonh or vbm come back to post more patronising remarks

They are not patronising. Cookiecrew is almost certainly throwing away a guaranteed income for life to get a lot less security and income. Its an attempt to try and get him to not make an expensive mistake. The fact he cant see that is a shame but his choice.

I have watched my fund value grow over the past six months.

And you watched it go down in 2008-09 as well. Just as investments always do. Up and down. Something that Cookiecrew wouldnt have to worry about at the moment but would have to worry about in future.

cookiecrew_2

Thanks, kentgirl - I was beginning to think that I was alone in my decision to take the whole thing out of the UK, to avoid further exposure to broken contracts, shrunken expectations, and an ever-increasing waiting period.

What many of the posters here seem to be ignoring is the fact that I want to get out now. I have made the point that my equation isn't wholly based on money considerations, but also largely figures lifestyle too. I am now getting quite cross at the audacity of people (whose opinion I never sought anyway!) who are telling me that I am making a big mistake, I don't understand, I refuse to see etc etc. I thought that a full personal profile needed to be constructed before any IFA ventured an opinion on a course of action? And nobody here knows anything more than a few scant facts, which constitute just one part of our whole situation.
I also resent the implication that I am stupid and/or blind, since we have put a good deal of legwork into our research of our chosen route.
Besides which, and importantly, this was not the thrust of my original question.

So - thanks again, and I sincerely hope that your life in France is and will remain as pleasant as ours is in Spain!

BoGoF

Unusual first post from kentgirlinfrance, how on earth did she stumble upon this thread..

Anyhow, to cookiecrew, you will find that dunstonh is one of the most respected members when it comes to pension advice and if you want to dismiss his view then fair enough.

jem16

BoGoF wrote: »

Unusual first post from kentgirlinfrance, how on earth did she stumble upon this thread..

One wonders ?

Perhaps cookiecrew has now moved to France

I am now getting quite cross at the audacity of people (whose opinion I never sought anyway!)

By posting on here you sought the opinion of those who post on here. Just because they don't agree that you are doling the right thing doesn't mean that they should not make you aware of the disadvantages of what you are doing.

You have been made aware - the choice is now yours.

kentgirlinfrance

BoGoF - Has it occurred to you that my husband may also be a fire fighter?

jem16

kentgirlinfrance wrote: »

BoGoF - Has it occurred to you that my husband may also be a fire fighter?

And I suppose you just happen to have your own business and speak French very well?

Crivens! - what a coincidence.