Getting Good QROPS Pensions Advice
24.10.2011

The financial press has been inundated in recent years by information and advice regarding QROPS pensions and QROPS transfers. All this is a good thing in many ways, but the problem arises when inexperienced financial advisors who have little or no knowledge about QROPS start offering advice, without really understanding the intricacies behind Qualifying Recognised Overseas Pension Schemes.

Guardian Wealth Management are a leading QROPS pensions advisor, so before getting carried away and believing everything you read, we highly recommend that you browse through our QROPS pages and the various articles that we’ve published on our website over the years regarding QROPS pensions and QROPS transfers. Our independent financial advisors at Guardian Wealth Management are often quoted in respected financial publications, and asked to impart our QROPS pensions knowledge to help inform their readership of the real facts about QROPS transfers, their pitfalls and benefits.

QROPS Transfers – Specialist Knowledge is Key

The first criteria for good QROPS pensions advice is that your advisor has a sound grasp of UK pension law and the rules dictated by HMRC to ensure that QROPS transfers are undertaken legally and according to their regulations. QROPS pensions and QROPS transfers are a highly specialised subject and any advisor handing out information and help on this financial product also needs a good understanding of the various QROPS jurisdictions and how the QROPS transfer rules may differ between them.

One of the most common misconceptions regarding QROPS pensions and QROPS transfers is that providing you have an occupational or personal pension, you’ll be able to transfer your pension fund into any QROPS that you wish. While this would be fantastic in an ideal world, the reality is that we need to assess matters such as, the benefits available within your existing pension, the potential growth of your existing provision and also which country you’re resident in, you may be restricted from undertaking QROPS transfers into certain jurisdictions. A qualified independent financial advisor such as our worldwide advisors here at Guardian Wealth Management can give you  proper QROPS pensions advice according to the country in which you are currently residing.

Transparency of QROPS Transfers Costs

There are a couple of matters that we  at Guardian Wealth Management  would recommend you consider when approaching a consultant to help you with QROPS pensions and QROPS transfers, firstly ensure that you receive a Transfer Value Analysis Report (known as a TVAS) and also that you are provided with  transparency of the costs involved for advice. Some less reputable advisors out there will not assess your current scheme and provide a TVAS Report and would tell you that QROPS transfers will cost you nothing – this is untrue and must not be believed.

While it’s true that financial advisors should offer their consultative services on and no fee basis, if you decide to go ahead with the product that they recommended and they help to organise your QROPS pensions and subsequent QROPS transfers, there will always be a cost or commission involved; otherwise the advisors would never make any money!

You are entirely within your rights (not to mention a reputable financial advisor will offer this information as standard anyway) to know exactly what costs and fees you are facing for your QROPS transfers, to enable you to make an informed and educated decision. As with any financial planning matter, if you’ve sought the advice of a financial advisor but you have alarm bells going off in your head and something doesn’t feel right, trust your instincts and seek an alternative solution.

Guardian Wealth Management, as one of the leading QROPS experts, can help to answer any questions you have about QROPS pensions . If you would like some independent advice from regulated advisors who have a reputation that can be trusted, then why not talk to us about QROPS transfers  today?