QROPS costs and recommendations please
Posted: June 10th, 2017, 10:23 am
I've been thinking of moving from the UK to a mainland European country, probably Portugal or Malta. Currently I have a SIPP with AJ Bell worth a little over £1m, LTA protected at £1.25m. So there will be no exit charge.
However, the first firm I've consulted has quoted me 3% to move my pension to a Maltese QROPS then 1% a year. That's £10k a year! It wipes out much of the tax benefit of moving, especially once the absence of the option to keep loading up the ISA is removed.
Does anyone here know of a low-cost QROPS provider, as similar as possible to my current AJ Bell account, that will accept an in-specie transfer from my SIPP, allow me to hold UK and maybe some international equities, to trade them online and generally to self-manage my assets? If so, what initial and ongoing charges are involved?
I will also post this in the pensions section of the forum.
However, the first firm I've consulted has quoted me 3% to move my pension to a Maltese QROPS then 1% a year. That's £10k a year! It wipes out much of the tax benefit of moving, especially once the absence of the option to keep loading up the ISA is removed.
Does anyone here know of a low-cost QROPS provider, as similar as possible to my current AJ Bell account, that will accept an in-specie transfer from my SIPP, allow me to hold UK and maybe some international equities, to trade them online and generally to self-manage my assets? If so, what initial and ongoing charges are involved?
I will also post this in the pensions section of the forum.