Floundering From AFar: Help!

LaCaLa

I would love to get some suggestions regarding:
How to find a reputable IFA or FA when.....
I don't live in the UK, I have no postal code to enter into web site info forms in order to find a "local" firm, I will have no opportunity to "look anyone in the eye" in order to try to make an assessment of the person in question, I live many time zones away from England - and so will have to communicate by telephone, email or through the post at hours which will be both inconvenient and restricted.

Specifically - I wish to transfer an Aviva Variable Annuity Policy (pension fund ) to another Company in order to avail myself of ( the possibility of) "flexible drawdown". Unfortunately, Aviva do not offer Flexible Drawdown - or I would certainly pursue this with them.
Furthermore I actually wish to explore the possibility/feasibility of drawing down the entire fund amount.
Yes, I do realize there will be a substantial tax implication - but I would like to at least investigate the possibility of doing so.
Why?
Well, I believe this policy is especially vulnerable to the world economic decline. The tax implication with regard to flexible drawdown (of the entire policy at once) may well be less than that being lost due to the rapidly declining fund value of the policy. And I could immediately put the funds received (rescued) into a safer investment in my own country - where I could at least have some measure of control over what is now out-of-reach to me in every sense.
Furthermore - since this is an Aviva "closed fund" policy - a legacy instrument - originally taken out with "Commercial Union" - I believe it's not being actively managed - which further exacerbates the risk inherent in any variable policy - even at the best of times - but especially so now and into the foreseeable future.
I believe if I am allowed to combine the annual income received from the 2 different UK annuities which I hold - with the annual income derived from US Social Security payments to me (which is equivalent to a State Pension in UK) - I more than meet the minimum threshold required for the option of exercising "Flexible Drawdown".

And so, in summary, since I'm given to understand that one is required to use a Financial Adviser in order to opt for "Flexible Drawdown" - I thought I'd see if anyone might have a helpful suggestion given my particular circumstances and the specific thing I wish to accomplish.
Furthermore - if I've misunderstood the rules re: flexible drawdown - please correct me. Trying to understand it thru what I can manage to research online leaves me unsure about what is not easily comprehensible - in any case.

Cook_County

Is this permissable in the country where you reside?

atush

And if it is, you will have to return to the UK in order to interview an IFA, take a meeting, decide what you will do and sign paperwork. so choose a postcode of an area you will have reason to visit, or a town in which there is a major airport (such as say Crawley) where you might have cause to be in transit?

LaCaLa

Not sure I understand the question.....
Why would it not be permissible? - I'd be bringing in the money in the same way I bring in annuity payments or lump-sum amounts:
ie: declared as fully taxable income.
I would not be transferring a policy or a fund....I'd simply be transferring pounds sterling to my local financial account and subsequently converting funds to my local currency.
Or hmmmmm: have I missed something?¿?¿?

LaCaLa

atush wrote: »

And if it is, you will have to return to the UK in order to interview an IFA, take a meeting, decide what you will do and sign paperwork. so choose a postcode of an area you will have reason to visit, or a town in which there is a major airport (such as say Crawley) where you might have cause to be in transit?

But that's not something I can do!
Can't a financial advisor be engaged without an in-person meeting?
I assume the answer is "yes" - tho obviously it is hardly ideal, if not downright risky - but that's one reason for my post.

As for "paperwork" - it can certainly be either printed out, signed, dated, scanned and emailed back, or signed and faxed or - snail mail - signed and sent thru the post.
I've already done all of the above when transferring my pensions to annuities - so know there is no 'paperwork" issue.

Cook_County

1. Is your UK based IFA regulated to do business in the country you reside?
2. Can a UK based IFA satisfy its own KYC obligations in the UK?
3. Will a UK based IFA choose to give advice to someone living in your country if this is not their core business?
4. How have you declared your existing UK pension plans in the country you reside - they are of course not pension plans under local law?
5. Please explain the tax implications in your country of your proposals?

LaCaLa

Cook_County wrote: »

1. Is your UK based IFA regulated to do business in the country you reside?
2. Can a UK based IFA satisfy its own KYC obligations in the UK?
3. Will a UK based IFA choose to give advice to someone living in your country if this is not their core business?
4. How have you declared your existing UK pension plans in the country you reside - they are of course not pension plans under local law?
5. Please explain the tax implications in your country of your proposals?

Hi Cook_County:
1. I don't have any IFA at all and never have needed one before.
However, I think I may be required (?) to have one if I wish to avail myself of "flexible drawdown" (correct me if I'm mistaken).
And if I am obliged to have one - must (s)he be licenced in my country in order to act on my behalf with regard to a policy which is held by a company in England?
2. I don't know what KYC stands for - much less what "obligations" you refer to
3. Is that a rhetorical question? I would imagine that "business is business". £££s = £££s , and that's the "core" of the matter, no?
And actually I'm not really seeking IFA "advice" - but simply wish to fullfill a requirement (if it exists?) that one must apply for "flexible drawdown" thru a Financial Advisor, rather than directly on ones own.
4. But the subject of my post has nothing to do with tax.
I'm only trying to find out how best to go about finding a Financial Advisor from afar.

I just reread my original post after I posted this - I think I should clarify re: tax
I'm not looking for an IFA to advise me about tax implications in my own country - this is a matter dealt with at this end.

atush

1- some pension companies will let you arrange things yourself so call a few.

2-Know Your Customer- identity and money laundering protections
3- If you contact some IFAs ask them if they will work for someone who doesn't reside in the UK. They may, they may not (as perhaps their insurance won't cover that?)
4- tax is a concern in your country of residence so check the regs there