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  • FIRST POST
    • Cullumma
    • By Cullumma 11th Apr 18, 5:07 AM
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    Cullumma
    Nortel Networks UK Pension Plan Members outside EEA
    • #1
    • 11th Apr 18, 5:07 AM
    Nortel Networks UK Pension Plan Members outside EEA 11th Apr 18 at 5:07 AM
    Hello,

    I'm a member of the Nortel Networks UK pension plan living outside the EEA now (Canada), and I'm trying to understand how one could exercise the option to transfer out of the plan. I wonder if any other former employees now living abroad might be in a similar quandary.

    I note the following firm statement from the relevant fact sheet provided to members: "If your Plan Pension Value is greater than 30,000, you will need to take financial advice before you are able to transfer your benefits."

    There's also some guidance for non-EEA residents to the effect that the financial advisors with an arrangement to provide a deal to members "are not able to provide financial advice for members living outside of the EEA." Essentially, if you live outside of the EEA, you will need to find your own financial adviser if you wish to take advice.

    Presumably if the advisers most familiar with the pension plan are not qualified to provide advice to those of us outside the EEA, there must be some fairly special qualifications required of an IFA to do so. So... how does one find an IFA who could meet the criteria needed to satisfy the obligations needed before a transfer out of the plan would be permitted?

    Have any other non-resident members tried to tackle this?

    Timing seems a bit unfortunate - the rules for overseas pension plans which could be suitable targets for a transfer seems to have become much more restrictive this Spring, and no Canadian pensions schemes are on the QROPS list. It would have been preferable to set up future income entirely from sources in a single country.
Page 1
    • xylophone
    • By xylophone 11th Apr 18, 10:56 AM
    • 25,371 Posts
    • 14,967 Thanks
    xylophone
    • #2
    • 11th Apr 18, 10:56 AM
    • #2
    • 11th Apr 18, 10:56 AM
    http://www.qropsspecialists.com/uk-pension-transfer-canada-rrsp/

    discusses the matter.
    • dunstonh
    • By dunstonh 11th Apr 18, 11:00 AM
    • 92,564 Posts
    • 59,860 Thanks
    dunstonh
    • #3
    • 11th Apr 18, 11:00 AM
    • #3
    • 11th Apr 18, 11:00 AM
    I'm a member of the Nortel Networks UK pension plan living outside the EEA now (Canada), and I'm trying to understand how one could exercise the option to transfer out of the plan. I wonder if any other former employees now living abroad might be in a similar quandary.
    Potentially most of them will find themselves outside of the EEA very soon.

    There's also some guidance for non-EEA residents to the effect that the financial advisors with an arrangement to provide a deal to members "are not able to provide financial advice for members living outside of the EEA." Essentially, if you live outside of the EEA, you will need to find your own financial adviser if you wish to take advice.
    That only applies to their "preferred" firm. Not every other firm out there. Each firm may have restrictions on who they deal with. This firm being referred to has passporting permissions for within the EU (not for much longer!) but has chosen not to deal with non EU clients.

    Presumably if the advisers most familiar with the pension plan are not qualified to provide advice to those of us outside the EEA, there must be some fairly special qualifications required of an IFA to do so. So... how does one find an IFA who could meet the criteria needed to satisfy the obligations needed before a transfer out of the plan would be permitted?
    You normally seek advice in the country you are resident in. IFA is a British term covering British IFAs. Whilst some countries may have similar terms, the rules on them will be specific to the country they are in.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • davebuckley1962
    • By davebuckley1962 8th May 18, 1:18 PM
    • 3 Posts
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    davebuckley1962
    • #4
    • 8th May 18, 1:18 PM
    Nortel UK pension transfer to overseas (Canada)
    • #4
    • 8th May 18, 1:18 PM
    My frustrating experience:
    - LEBC nor Nortel Pension UK trustees will give any advice for overseas clients. Not even advise on suitable advisors.
    - I have requested the transfer out pack that they mention - and when I received it, it was specifically QROPS directed - nothing about SIPPS. QROPS was revoked in Canada, so this was usless for me
    - it took two weeks to get the above opt-out package (plus various delays in getting other information from them)
    Bottom line - so far I have burned almost a month trying to get info out of the Nortel UK Pension trustees and what I have received is not applicable. Any other experiences out there?
    • xylophone
    • By xylophone 8th May 18, 3:54 PM
    • 25,371 Posts
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    xylophone
    • #5
    • 8th May 18, 3:54 PM
    • #5
    • 8th May 18, 3:54 PM
    Any help here?

    https://harrisonbrook.co.uk/expat-financial-wealth-management-advice-canada/
    • davebuckley1962
    • By davebuckley1962 10th May 18, 1:58 PM
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    davebuckley1962
    • #6
    • 10th May 18, 1:58 PM
    Update on transfer-out options from Nortel UK plan
    • #6
    • 10th May 18, 1:58 PM
    They have now released opt out packages that allow transfers to SIPPS..these have started to be released today. If you contact the administrator on their hotline, they will email the forms to you. A lot of diligence has to be completed, so check your deadline for submission. They will also accept the forms to be emailed back to them by the deadline date AS LONG AS YOU SEND THE ORIGINALS BY POST AS WELL., separately.
    Hope this helps...good luck!
    • davebuckley1962
    • By davebuckley1962 14th May 18, 3:09 PM
    • 3 Posts
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    davebuckley1962
    • #7
    • 14th May 18, 3:09 PM
    Latest update
    • #7
    • 14th May 18, 3:09 PM
    I just received notification that the deadline to submit Opt Out forms for SIPPs has been extended to July 19..but make sure you check this in cased it only applies to certain categories of clients
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