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non UK citizens can't have pension funds

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Brie
Brie Posts: 14,733 Ambassador
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So got this line from an IFA who I'd gone to to deal with 2 DC pensions I have and was looking to put into some sort of investments in order to fund my retirement now.

Basically he's said he can't help me as I'm not a UK citizen and therefore there's no pension funds that will allow my to transfer my 2 funds to them.  

I find this a bit bizarre given that I can't do anything with my funds unless I take advice but I can't get advice because I'm not a UK citizen.

There must be thousands of non UK citizens working legitimately in the UK and getting money paid into pensions.  So what are they supposed to do with it when they want to retire?  

fyi - there's 2 funds, DC as stated.  I already am in receipt of a DB pension as well as my SP so everything else is ticking along ok.  

Any ideas? 

I've considered just getting annuities but it's been suggested that the return would be less than in a managed pension fund.  I could get a SIPP and while I'm ok with managing things myself for a few years eventually I'd like someone to do this so I don't have to fuss.  The SIPP I have easily available is via Barclays to AJBell but am not sure I'd want to deal with them at all (knee jerk reaction perhaps?)  I'd be happy to go with another provider but if it's execution only (is that the right term) I'm still in the same situation of having to deal with things for the next 10, 20, 30 years perhaps. 
I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards.  If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.

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  • Marcon
    Marcon Posts: 14,453 Forumite
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    Brie said:
    So got this line from an IFA who I'd gone to to deal with 2 DC pensions I have and was looking to put into some sort of investments in order to fund my retirement now.

    Basically he's said he can't help me as I'm not a UK citizen and therefore there's no pension funds that will allow my to transfer my 2 funds to them.  

    I find this a bit bizarre given that I can't do anything with my funds unless I take advice but I can't get advice because I'm not a UK citizen.

    There must be thousands of non UK citizens working legitimately in the UK and getting money paid into pensions.  So what are they supposed to do with it when they want to retire?  

    fyi - there's 2 funds, DC as stated.  I already am in receipt of a DB pension as well as my SP so everything else is ticking along ok.  

    Any ideas? 

    I've considered just getting annuities but it's been suggested that the return would be less than in a managed pension fund.  I could get a SIPP and while I'm ok with managing things myself for a few years eventually I'd like someone to do this so I don't have to fuss.  The SIPP I have easily available is via Barclays to AJBell but am not sure I'd want to deal with them at all (knee jerk reaction perhaps?)  I'd be happy to go with another provider but if it's execution only (is that the right term) I'm still in the same situation of having to deal with things for the next 10, 20, 30 years perhaps. 
    Garbage. A stakeholder pension has to accept any transfer from a UK registered pension scheme. Try making that point to him.
    Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!  
  • Brie
    Brie Posts: 14,733 Ambassador
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    @Marcon
    I wonder if he doesn't want to deal with my tiddly pensions as it wouldn't generate enough £££
    I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards.  If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.

    Click on this link for a Statement of Accounts that can be posted on the DebtFree Wannabe board:  https://lemonfool.co.uk/financecalculators/soa.php

    Check your state pension on: Check your State Pension forecast - GOV.UK

    "Never retract, never explain, never apologise; get things done and let them howl.”  Nellie McClung
    ⭐️🏅😇
  • HappyHarry
    HappyHarry Posts: 1,813 Forumite
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    Are you by any chance a US citizen?  Many providers and IFAs will not deal with US citizens because of the IRS reporting requirements. 
    I am an Independent Financial Adviser. Any comments I make here are intended for information / discussion only. Nothing I post here should be construed as advice. If you are looking for individual financial advice, please contact a local Independent Financial Adviser.
  • Marcon
    Marcon Posts: 14,453 Forumite
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    Brie said:
    @Marcon
    I wonder if he doesn't want to deal with my tiddly pensions as it wouldn't generate enough £££
    Quite possibly - but coming up with a stupid and totally inaccurate comment isn't the way to handle things.
    Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!  
  • Grumpy_chap
    Grumpy_chap Posts: 18,285 Forumite
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    Brie said:
    So got this line from an IFA who I'd gone to to deal with 2 DC pensions
    Brie said:

    I wonder if he doesn't want to deal with my tiddly pensions as it wouldn't generate enough £££
    How did you find the IFA?
    It is quite a legitimate thing that IFA's target different market sectors and, in some cases, that is differentiated by value of investment pool that the potential Client is bringing.
    You may need to simply find an IFA that is correctly sized for your portfolio value.

    Your describe the two pensions as "tiddly" - are they really that small?  Are they eligible to be treated as "small pots"?
  • dunstonh
    dunstonh Posts: 119,697 Forumite
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    Basically he's said he can't help me as I'm not a UK citizen and therefore there's no pension funds that will allow my to transfer my 2 funds to them.  
    There are certain countries where a UK IFA and a UK provider would not be able to offer their services.   Others are less restrictive.   So, your location is key.         The EU, for example, will not allow UK companies to offer UK financial products to EU residents unless the firm has a physical office in the country you are resident or hold passporting permissions within the EU.

    US citizens frequently get rejected due to FATCA and PI insurers don't like the fact US citizens can sue UK companies in US courts.

    Beyond that, individual firms may put further restrictions on their employees dealing with non-residents as realistically most IFAs are not going to have a knowledge of other countries tax rules or laws.  So, there is a business risk.  Some firms will limit their liability by restricting what they can do.  Others will just have a blanket rule that they will not deal with non UK residents.

    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • eskbanker
    eskbanker Posts: 37,189 Forumite
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    dunstonh said:
    Basically he's said he can't help me as I'm not a UK citizen and therefore there's no pension funds that will allow my to transfer my 2 funds to them.  
    There are certain countries where a UK IFA and a UK provider would not be able to offer their services.   Others are less restrictive.   So, your location is key.         The EU, for example, will not allow UK companies to offer UK financial products to EU residents unless the firm has a physical office in the country you are resident or hold passporting permissions within the EU.
    I formed the impression that OP is resident in the UK but just not with UK citizenship as such?
  • Marcon
    Marcon Posts: 14,453 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper Combo Breaker
    eskbanker said:
    dunstonh said:
    Basically he's said he can't help me as I'm not a UK citizen and therefore there's no pension funds that will allow my to transfer my 2 funds to them.  
    There are certain countries where a UK IFA and a UK provider would not be able to offer their services.   Others are less restrictive.   So, your location is key.         The EU, for example, will not allow UK companies to offer UK financial products to EU residents unless the firm has a physical office in the country you are resident or hold passporting permissions within the EU.
    I formed the impression that OP is resident in the UK but just not with UK citizenship as such?
    The thread title is very misleading. @Brie you might want to change that to avoid further confusion?
    Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!  
  • Brie
    Brie Posts: 14,733 Ambassador
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Brie said:
    So got this line from an IFA who I'd gone to to deal with 2 DC pensions
    Brie said:

    I wonder if he doesn't want to deal with my tiddly pensions as it wouldn't generate enough £££
    How did you find the IFA?
    It is quite a legitimate thing that IFA's target different market sectors and, in some cases, that is differentiated by value of investment pool that the potential Client is bringing.
    You may need to simply find an IFA that is correctly sized for your portfolio value.

    Your describe the two pensions as "tiddly" - are they really that small?  Are they eligible to be treated as "small pots"?
    So Canadian citizen and long term resident in the UK with indefinite right to remain.  

    IFA was picked off a recommended site (might have been from an article by Paul Lewis?) and picked because he's local to me and the top recommended in the area and deals with pension pots from £50k and up.  One pension is over £100k and the other about £25k.  I mentioned as well that there is a potential inheritance that is highly likely to be well in excess of £100k that I would be looking to add - but obviously I acknowledged that there's never any guarantees.

    The pensions are UK occupational schemes and so far the only way I've seen to deal with them is to put them into an annuity and there seemed to be no barriers to me doing that.  And I've worked in the past in occupational pensions admin so again this was a surprise though I know very well that things may well have changed in the 10+ years since I was in that kind of role.
    I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards.  If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.

    Click on this link for a Statement of Accounts that can be posted on the DebtFree Wannabe board:  https://lemonfool.co.uk/financecalculators/soa.php

    Check your state pension on: Check your State Pension forecast - GOV.UK

    "Never retract, never explain, never apologise; get things done and let them howl.”  Nellie McClung
    ⭐️🏅😇
  • MallyGirl
    MallyGirl Posts: 7,209 Senior Ambassador
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Brie said:
    Brie said:
    So got this line from an IFA who I'd gone to to deal with 2 DC pensions
    Brie said:

    I wonder if he doesn't want to deal with my tiddly pensions as it wouldn't generate enough £££
    How did you find the IFA?
    It is quite a legitimate thing that IFA's target different market sectors and, in some cases, that is differentiated by value of investment pool that the potential Client is bringing.
    You may need to simply find an IFA that is correctly sized for your portfolio value.

    Your describe the two pensions as "tiddly" - are they really that small?  Are they eligible to be treated as "small pots"?
    So Canadian citizen and long term resident in the UK with indefinite right to remain.  

    IFA was picked off a recommended site (might have been from an article by Paul Lewis?) and picked because he's local to me and the top recommended in the area and deals with pension pots from £50k and up.  One pension is over £100k and the other about £25k.  I mentioned as well that there is a potential inheritance that is highly likely to be well in excess of £100k that I would be looking to add - but obviously I acknowledged that there's never any guarantees.

    The pensions are UK occupational schemes and so far the only way I've seen to deal with them is to put them into an annuity and there seemed to be no barriers to me doing that.  And I've worked in the past in occupational pensions admin so again this was a surprise though I know very well that things may well have changed in the 10+ years since I was in that kind of role.
    will you have the required income - pension income doesn't count - to get that inheritance into a pension?
    I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
    & Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
    All views are my own and not the official line of MoneySavingExpert.
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