Sumner Holdings

Bean-counter_3

Anyone in Cyprus had problems with Sumner Holdings or a guy named Chris Clegg?

Has been doing a lot of UK Sipp business eg, transfers from final salary schemes.

jem16

If you are considering transferring a final salary pension to a firm outside the UK then beware. You are likely to lose most of it and be landed with a hefty tax bill from HMRC.

Loughton_Monkey

Many people with pension pots (non final salary) have this un-natural desire to 'release' money from their pension. These scams are typified by people operating from Cyprus and other places and should be avoided at all costs since they are pure scams.

Even to dream of doing this with a Final Salary Scheme is even more madness.

Just off the top of my head I would suggest if any FS scheme is "truly" worth £100K, then by the time it is 'converted' into money purchase [thankfully, an almost impossible task under current legislation and regulation] it might be worth £60K. This may then attract 'charges' to convert it offshore, and may result in a "loan" of, say £10K. The rest of the money will - as if by magic - disappear. HMRC will then be along asking for £5,500 extra tax for evading the rules, leaving you with £4,500 net. So you are probably being 'raped' of about 95% of value. It makes 200% APR loans look positively attractive!

dunstonh

Has been doing a lot of UK Sipp business eg, transfers from final salary schemes.

In the UK, this sort of transaction is considered bad 99% of the time. The FSA work on the assumption that they are mis-sold unless proven otherwise (including non-advice cases). So, this has led to some overseas scams starting up to attract fools who think that accessing a small part of their pension using fake loopholes Surprisingly successful for those overseas firms as well as the UK has lots of fools to pick from.

Sus3

Bean-counter wrote: »

Anyone in Cyprus had problems with Sumner Holdings or a guy named Chris Clegg?
Has been doing a lot of UK Sipp business eg, transfers from final salary schemes.

No. No problems then.

Isnt it strange that in all the time since posting No One has ever added any negative comment?
There is none.
What is strange is that the person who posted this comment did the very same thing in other forums which simply means it was posted by a sad and jealous competitor.
I am sure there are many very happy clients.
I am one for starters!
Great firm and nice people to deal with.

dunstonh

Very often, new sign ups to internet boards praising a company or individual are actually the indivdual or have links to the company. You can usually spot them (apart from being new sign ups) as they post against the trend and tend to mention other sites.

RichandJ

dunstonh wrote: »

Very often, new sign ups to internet boards praising a company or individual are actually the indivdual or have links to the company. You can usually spot them (apart from being new sign ups) as they post against the trend and tend to mention other sites.

Especially those dredging up old threads. But, of course, make your own mind up readers, caveat emptor & all that.

Personally, I'd Clarkson them. If they have a family that is.

Informative

Sumner are truly indendent, but your advice is pretty much in the hands of the individual, and the person that said you are likely to end up with a heft tax bill if transferring a UK pension is absolutley wrong, there are strict rules in place. There is a list of HMRC approved duristrictions, it is all perfectly normal and duristrictions also offer government back investor protection. The Hype of QROPS being a taxable event is because some contries were allowing the pension holder to cash in their pension with is an unauthorised taxable event. Stick to the Approved QROPS duristictions like Malta for example. Any IFA can help you. Sumner as good as any and better than some.

Sam4

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Sumners have had no connection whatever with Clegg since 2009

The whole thread seems to be a total wind-up and the poster (2011) two years too late has been found out !. .