Pension Advice

ConfusedUser71

I currently have a small pension pot with Virgin Money (Stakeholder) which has around £13.5k sitting in it that has been left untouched for many years.

Im currently in the process of emigrating to a country that has no ROPS providers in place... and will be unlikely to return to the UK. The fund itself wont provide any sizeable income.

I have already spoken to the pension provider and explained the situation, but get the bog standard wait until you are 55...
Does anyone have any suggestions ? are there any reputable providers that I could potentially transfer the funds to and then close down ?
Obviously there are going to be income taxes payable.. but the potential to take the funds with me and invest in a retirement property overseas far exceed the growth in the UK.

Any sensible suggestions or comments would be really useful.

SonOf

but get the bog standard wait until you are 55...

Which you would considering that is the law.

Does anyone have any suggestions ?

Wait until you are 55 at the earliest.

are there any reputable providers that I could potentially transfer the funds to and then close down ?

no

Obviously there are going to be income taxes payable.. but the potential to take the funds with me and invest in a retirement property overseas far exceed the growth in the UK.

No it wouldn't.

ConfusedUser71

you would be surprised at the interest rate you can get overseas compared to the UK... 9% is fairly common... failing that invest in a new build off plan - wait until completed in 2 years and double your money sometimes treble in the right development

Keljayne21

This month i received a Zurich personal pension plan yearly statement and realised I had no idea what this policy was.

I think this is something to do with my first ever employment many years
ago.when I'd just turned 18(back in the 90's).

I remember being told I had to pay into a pension as part of my employment
as there would be no government pension scheme by the time I got to
retirement age.
I don't know any of the details of this policy and hold no paperwork or
legal documents in regards to it.
I was young and financially naive and my mother had died of a long term
illness.

I think any payments I made into this policy must have gone directly out of
my wages and I'm pretty sure I never paid any more into it after I left
that place of employment.

Therefore I believe that this policy was mis sold to me and I would like to
request an end to that policy and my money back.

I spoke to Zurich this morning and they agree that my policy was mis sold to me but say they can't end the policy until I'm 55 (12years time) even though it was a policy that I didn't understand or want when it was sold to me.
Is there anything I can do??

scalextric

What age are you? You can take it from age 55 anyway. What is wrong with having it as a pension, is that not better?

cfw1994

ConfusedUser71 wrote: »

you would be surprised at the interest rate you can get overseas compared to the UK... 9% is fairly common... failing that invest in a new build off plan - wait until completed in 2 years and double your money sometimes treble in the right development

I’m sure that Country has many other benefits compared with the UK, right?
But as SonOf says.....why are you expecting to be able to access something you know you cannot access until you are 55?!
Good luck!

atush

Just leave it to grow until you retire, wherever that may be.

[Deleted User]

you would be surprised at the interest rate you can get overseas compared to the UK... 9% is fairly common...

Are we talking about Syria, Sudan or Zimbabwe? You can get an even better rate in Venezuela. Good luck with your investments.