Retrieve cancelled pension from Malta

FERRETDOG

Can anyone give me any advice as to why a lot of IFA'S are not able to help me transfer my cancelled pension plan from Malta back to the UK (in simple terms please).

Drp8713

What exactly do you mean by cancelled?


Did you transfer it to a QROPS?


How old are you?


Did you live overseas or did you just get advice to transfer it?

FERRETDOG

Yes QROPS, 50's, not planning on living overseas. Have spoken to pension company in Malta and cancelled, hopefully. Trying to get it transferred back to my other pension plan here in UK but they say I need a FA to handle it.

Drp8713

How many IFAs have you spoke to? Where is the initial advisor who arranged the transfer to the QROPS?

My guess (since you have no intention of living overseas) is that somebody approached you with the bright idea of transferring your pension overseas to save on tax/take it earlier or invest in a wonderful property investment or similar.


If that is the case, with that initial transfer not being appropriate, the other IFAs maybe don't want to get involved?

FERRETDOG

Any advice would be appreciated. Done some investigating and there are links to Ben Fox, Sanderson Clark and Storefirst, not good.

Your_Hero

The issue is that not many UK IFAs have experience transferring QROPS back to the UK. Their compliance department may not allow them to get involved in such transfers. I've certainly not come across this and it's a case I would decline to advise on because there's too many variables and things that can go wrong which could lead to myself becoming liable. Too high risk area I'm afraid. I'm sure there are advisers who can help, so probably speak to some more?

Have you tried contacting a few more providers? Which providers?

Edit:

Any advice would be appreciated. Done some investigating and there are links to Ben Fox, Sanderson Clark and Storefirst, not good.

http://www.bbc.co.uk/news/business-29687817
https://forums.moneysavingexpert.com/discussion/4402445

Unfortunately it looks like you've fallen for a big scam. There is nothing any IFA or UK provider can do to help you on this. Speak to TPAS probably?

FERRETDOG

I cancelled it before they had chance to do anything with it investment wise, does that make a difference?.

Your_Hero

FERRETDOG wrote: »

I cancelled it before they had chance to do anything with it investment wise, does that make a difference?.

They've transferred it out of the UK now, right? It is no longer with a UK pension provider. God knows what scheme it is in currently.

Have you tried speaking with that same company and ask them to transfer it back to a UK provider? Is there something within the cooling off period?

At the same time, contact TPAS and see if they can help you? http://www.pensionsadvisoryservice.org.uk/

FERRETDOG

I know very little about pensions, which is why I have asked the question on here, to get help from people who do understand pensions. It would appear that I am a victim of an incomplete pension scam, all I am trying to do is retrieve my money, please don't make me feel any more stupid than I have been to fall for it.

mgdavid

If you need help & guidance you will need to give full and precise details...

DonM

Technically it should be possible to transfer a QROPS back to a SIPP. Ultimately, a QROPS operates like a SIPP so the only reason to move it would be to reduce costs. This could be a minefield for an UK IFA to deal with.

As you had no intention of moving abroad I am surprised your original UK pension company allowed the transfer. The best course of action would be to speak to both the QROPS & your original pension provider to see if the action can be reversed.

Do not feel stupid about falling for the scam. The most important aspect is that you caught it before (hopefully) it is too late. As the money hasn't been invested you may not lose out though I'd speak to both parties above ASAP.