Pension disinvestment after father in laws death

Anditipping

My father in law had his pension invested in a company called GFS based in Hong Kong who are QROPS registered... following his death in July 2015 we have been trying to disinvest his pension but we are constantly being fobbed off and need some advice

Firstly we were told we would have the money in 90 days after we sent a letter saying we wished to disinvest. The 90 days was up on the 10th June but no cash arrived. Then we were told that the company that the GFS had invested in were going to make monthly payments to GFS which ends October and that we couldn't have any of the money till GFS had received it all... I'm just concerned that come October they will come up with another excuse not to pay

Anyone have any legal advice or had something similar

dunstonh

My father in law had his pension invested in a company called GFS based in Hong Kong who are QROPS registered.

Is that because he moved to Asia? (or was he caught up in the QROPS scams).

It doesnt sound hopeful. It is the sort of excuses you get with scams or failed investments. i.e. illiquid (so they cant release money) or the assets have no realisable value or there is actually no value.

Do you know what he invested in?

jamesd

Anditipping wrote: »

the company that the GFS had invested in were going to make monthly payments to GFS which ends October

Just to get it right, it was him who chose where to invest the money, not GFS, which would normally just do whatever he told them to do with his money. But there's always the chance that he was scammed and persuaded to invest in something dodgy.

Do you have any idea of the names of the various things he was invested in?

Anditipping

I believe he invested in a property management company and not sure if that was his choice or theirs

dunstonh

Anditipping wrote: »

I believe he invested in a property management company and not sure if that was his choice or theirs

Why am I not surprised.

Do you know why he moved the pension using a method that is reported to be used by scammers in 4 out of 5 cases? i.e. was there a genuine reason (is he the 1 in 5)

Anditipping

We do know he had a financial advisor so we presume that's what he was advised to do

dunstonh

Anditipping wrote: »

We do know he had a financial advisor so we presume that's what he was advised to do

If it really was a financial adviser then go to them and get it sorted. Hopefully, it is a real financial adviser as all the scams pretend they are when they are not.