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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
    • 26,083 Posts
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    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
    • 93,838 Posts
    • 61,574 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
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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
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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
    • AndreasK
    • By AndreasK 24th May 18, 2:42 PM
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    AndreasK
    • #8
    • 24th May 18, 2:42 PM
    UK Nortel Pension Woe
    • #8
    • 24th May 18, 2:42 PM
    Hi Dave - I'm in a similar boat.

    I'm in Canada and a member of the Nortel UK Pension Plan.
    However, the UK Nortel Pension's Team are refusing to provide me with the Transfer Out documentation.

    I was told in previous discussions that the deadline was extended to July 19th but received an email today stating that this is not the case.

    Nobody is picking up on the 01707 607601 and email communication seems to be as slow as snail mail.

    It feels that anybody trying to Transfer Out is being obstructed from doing so.

    Andy
    Last edited by AndreasK; 24-05-2018 at 2:50 PM.
    • MikeP1000
    • By MikeP1000 11th Jun 18, 3:04 PM
    • 1 Posts
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    MikeP1000
    • #9
    • 11th Jun 18, 3:04 PM
    FCA Financial advice?
    • #9
    • 11th Jun 18, 3:04 PM
    I am a plan member resident in the Netherlands and I need to understand if it is really mandatory to get FCA registered financial advice in order to transfer out. Does anybody have any more information about this? Locally FCA advisers are charging a small fortune.

    The receiving pension scheme in my case is my current NL employers scheme and is a QROPS scheme.





    • Cullumma
    • By Cullumma 19th Jun 18, 1:49 AM
    • 2 Posts
    • 0 Thanks
    Cullumma
    Administrators finally got back to me the day of the original deadline!
    Dave, am I correct in assuming you did find a suitable adviser who met the qualifications to advise on a transfer? Care to share a name? I think you're in the same city, so if they're locally based it might suit me well.

    I didn't hear any response to my repeated messages to the plan administrators until the original deadline date of June 8, and just got the QROPS package a couple of days ago - not terribly useful with no valid QROPS in Canada.

    Andy: yes, it does feel like things are set up to obstruct transfers!
    • AndreasK
    • By AndreasK 23rd Jul 18, 3:57 PM
    • 2 Posts
    • 0 Thanks
    AndreasK
    New deadline of Aug 22nd has been announced.


    Packages have been sent out with transfer forms for QROPS which, as mentioned before, is of no use in Canada.


    Can anyone share any info on transferring out to SIPPS ? Is this even possible in Canada ?
    • xylophone
    • By xylophone 23rd Jul 18, 4:17 PM
    • 26,083 Posts
    • 15,447 Thanks
    xylophone
    https://www.expertsforexpats.com/expat-pensions/sipp-for-british-expats/

    https://harrisonbrook.co.uk/do-you-hold-a-nortel-pension/

    Any help?
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