non UK citizens can't have pension funds

Marcon

Brie said:

Grumpy_chap 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.

Unless the £100K pot has safeguarded benefits (in which case you'll need advice before you could transfer), there's nothing to stop you setting up your own personal pension and transferring to that, assuming that's what you want to do.

dunstonh

With the confirmed detail of being a UK resident but a Canadian citizen, I cannot see any reason why a provider or IFA would not be able to do any work required.       

So, either the adviser has misunderstood or is using a bogus response because they don't want to do it.

HappyHarry

Agreed with above comment. There should be no issue in an IFA dealing with a UK resident Canadian citizen.

Either the IFA doesn’t want to deal with the OP, or they have not explained clearly why they cannot. 

Either way, I would look for another local IFA. 

Brie

Thanks for everyone's comments.  Talked to a colleague who is slightly older than myself and he's told me which company is dealing with his pensions so I think I'll have a chat with them to see what they might do for me.  He's of my mind - if you're sitting on a sunny beach somewhere and something dreadful happens who's going to deal with the fund?  That's why I don't want to be looking after it myself.  

And I take the point about not adding an inheritance into a pension - I wouldn't have the income to cover that so it would need to go into an associated investment fund of some sort.  

Marcon

Brie said:

Thanks for everyone's comments.  Talked to a colleague who is slightly older than myself and he's told me which company is dealing with his pensions so I think I'll have a chat with them to see what they might do for me.  He's of my mind - if you're sitting on a sunny beach somewhere and something dreadful happens who's going to deal with the fund?  That's why I don't want to be looking after it myself.  

And I take the point about not adding an inheritance into a pension - I wouldn't have the income to cover that so it would need to go into an associated investment fund of some sort.  

Or you could consider buying an annuity with it, which would mean you can sit on the sunny beach and not worry about the 'something dreadful'. Given you'd be using your own money (as opposed to funding with money straight from a pension pot), part of each payment is treated as a return of capital, meaning you'd get favourable tax treatment.

Brie

Marcon said:

Brie said:

Thanks for everyone's comments.  Talked to a colleague who is slightly older than myself and he's told me which company is dealing with his pensions so I think I'll have a chat with them to see what they might do for me.  He's of my mind - if you're sitting on a sunny beach somewhere and something dreadful happens who's going to deal with the fund?  That's why I don't want to be looking after it myself.  

And I take the point about not adding an inheritance into a pension - I wouldn't have the income to cover that so it would need to go into an associated investment fund of some sort.  

Or you could consider buying an annuity with it, which would mean you can sit on the sunny beach and not worry about the 'something dreadful'. Given you'd be using your own money (as opposed to funding with money straight from a pension pot), part of each payment is treated as a return of capital, meaning you'd get favourable tax treatment.

I have considered annuities but was told I wouldn't get as good a return - hence me going to an IFA to try to get advice!

xylophone

You say that these are occupational schemes. You also say that they are DC schemes.  You have also said that advice is required to transfer elsewhere.

What are the safeguarded benefits that these schemes offer?

One poster has interpreted your post concerning potential inheritance as meaning that you were wanting to get  what would be a substantial sum of money into a pension, presumably for tax purposes?

Is this what you meant?

If so, how close are you to age 75?

Do you still have/expect to have relevant earnings?

Brie

xylophone said:

You say that these are occupational schemes. You also say that they are DC schemes.  You have also said that advice is required to transfer elsewhere.

What are the safeguarded benefits that these schemes offer?

One poster has interpreted your post concerning potential inheritance as meaning that you were wanting to get  what would be a substantial sum of money into a pension, presumably for tax purposes?

Is this what you meant?

If so, how close are you to age 75?

Do you still have/expect to have relevant earnings?

Both OPS have no additional benefits attached.  Straight DC schemes and nothing more.

I agree that an inheritance couldn't be added - my current income (not pension) is about £6k a year and will be going down so any new money will need to go in an ISA or something.

I'm a few weeks off 67 so all other income is SP and another OPS which is DB.  

FIREDreamer

Brie said:

xylophone said:

You say that these are occupational schemes. You also say that they are DC schemes.  You have also said that advice is required to transfer elsewhere.

What are the safeguarded benefits that these schemes offer?

One poster has interpreted your post concerning potential inheritance as meaning that you were wanting to get  what would be a substantial sum of money into a pension, presumably for tax purposes?

Is this what you meant?

If so, how close are you to age 75?

Do you still have/expect to have relevant earnings?

Both OPS have no additional benefits attached.  Straight DC schemes and nothing more.

I agree that an inheritance couldn't be added - my current income (not pension) is about £6k a year and will be going down so any new money will need to go in an ISA or something.

I'm a few weeks off 67 so all other income is SP and another OPS which is DB.  

You could still add £2,880 into a pension each tax year (grossed up to £3,600 by the provider).

Hoenir

Brie said:

Marcon said:

Brie said:

Thanks for everyone's comments.  Talked to a colleague who is slightly older than myself and he's told me which company is dealing with his pensions so I think I'll have a chat with them to see what they might do for me.  He's of my mind - if you're sitting on a sunny beach somewhere and something dreadful happens who's going to deal with the fund?  That's why I don't want to be looking after it myself.  

And I take the point about not adding an inheritance into a pension - I wouldn't have the income to cover that so it would need to go into an associated investment fund of some sort.  

Or you could consider buying an annuity with it, which would mean you can sit on the sunny beach and not worry about the 'something dreadful'. Given you'd be using your own money (as opposed to funding with money straight from a pension pot), part of each payment is treated as a return of capital, meaning you'd get favourable tax treatment.

I have considered annuities but was told I wouldn't get as good a return - hence me going to an IFA to try to get advice!

Who gave you that advice? In retirement years preservation of capital should be a key component of planning. When everybody is focussed purely on returns then it's envitable many will end up as beng disappointed. A cake can only be cut so many ways.