# Cold Call Pension Company



## Navaron (Oct 13, 2014)

Hello, I am new to the forum and would like to say hi and ask a question which I hope some light could be shed on here.

My wife had a cold call yesterday from a financial company. She is here in Dubai but used to work for the NHS in the UK. They got her a little worried by saying that the UK government are trying to introduce plan to grab upto 50% of her NHS pension should she die or retire outside the UK.

I wonder whether this is true or not and whether this caller was trying it on?

Thanks


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## Gavtek (Aug 23, 2009)

They're crooks trying it on, if you listen to them, they will cause you financial ruin by selling you a 20 year plan that you can't get your money out of in exchange for a hefty commission cheque from the "investment" company.

Some of this should sound familiar:

PWS - Prestige Wealth Solutions - QROPS Scam: The Call Script


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## Stevesolar (Dec 21, 2012)

Hi,
Yes - they really like to target former NHS employees with big fat juicy pension pots!
My wife is a hospital consultant doctor and gets calls a few times a week from a series of blood-sucking leeches trying to get their mitts on her pension pot!
Even i cant get my hands on her money - so they stand no chance!!!
Cheers
Steve


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## albat (Sep 11, 2014)

This is a new term for me. I have read about Cold call pension company from only this Forum . And I always try to learn new things.


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## Navaron (Oct 13, 2014)

Thanks for all your quick replies. It didn't sound right when they called her... I mean where did they get her number from in the first place..... 

her pot it tied up until she retires anyway, so how they hope to get hold of it I have no idea...


Its a bit disconcerting for her as she has been in the NHS 18 years and been isolated from the scams of these kinds of people.... the also said that if one of use died while we were out her she'd lose upto half her pension. Sounds like nonsense to me too


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## Navaron (Oct 13, 2014)

ok, my wife has just received a "follow up" email based on her chat with this financial company yesterday... hers the email she received... names removed... interesting to see the two links as "justification". Thoughts?

-----------------------------------------------------------------------
It was a pleasure to speak with you today, as promised please find attached some more information regarding the QROPS scheme we spoke about over the phone today.

I have also attached a ‘Letter of Authority’ form for you to fill in and send back to me. That way we can get the ball rolling for you by getting a FREE no obligation valuation on your frozen pension in the UK. The process usually takes around 6 to 8 weeks just to get the valuation back from the providers.

I thought you may find the following article of interest as the recent changes in this year’s UK budget specifically affect your pension options:

http://www.telegraph.co.uk/finance/...ning-out-of-time-to-move-pensions-abroad.html


The Civil Service Pensions (i.e, NHS Pension Schemes) are seriously underfunded and the government intend to stop transfers very soon as per the above article. 

Please note that these changes may seem some time away, but the transfer process with the UK Civil Service Pensions is a long winded one and can take a number of months to complete.

Please also see below for a direct link to the HMRC websites itself, where it gives you more information regarding the options of transferring your pension out of the UK:

http://www.hmrc.gov.uk/pensionschemes/overseas-pension.htm



I hope you don’t mind my direct approach and I hope this information has been useful for you. 

I will touch base with you towards the end of the week and I look forward to speaking with you again soon.

Kind regards,


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## Gavtek (Aug 23, 2009)

They're crooks trying it on, if you listen to them, they will cause you financial ruin by selling you a 20 year plan that you can't get your money out of in exchange for a hefty commission cheque from the "investment" company.

Some of this should sound familiar:

PWS - Prestige Wealth Solutions - QROPS Scam: The Call Script


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## Stevesolar (Dec 21, 2012)

Navaron said:


> ok, my wife has just received a "follow up" email based on her chat with this financial company yesterday... hers the email she received... names removed... interesting to see the two links as "justification". Thoughts?
> 
> -----------------------------------------------------------------------
> It was a pleasure to speak with you today, as promised please find attached some more information regarding the QROPS scheme we spoke about over the phone today.
> ...


Hi,
I read the article and the key message is aimed at people who want to transfer their pension pot overseas - for when they retire overseas.
In my opinion this does not apply to many UK expats that i know in Dubai - as we are here for a shortish fixed period, hopefully earning more money than in UK - then we intend to return to UK in the future and retire there.
Our existing UK pensions are therefore held there until we retire.
Money earnt here could cetainly be invested in high yield (possibly high risk) schemes - but even if we did this, it would not affect what is already in the UK, from past UK employment.
Cheers
Steve


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## londonmandan (Jul 23, 2013)

As above this is a way for a company to take a massive chunk of her pension, if you want proof call them back or make an enquiry and say you only have say £10K - £20K pension. They will say they won't touch it. Why...... Coz that would have been their fee.

Read the predators stalk your pension links

PWS - Prestige Wealth Solutions - QROPS Scam: Links


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## Navaron (Oct 13, 2014)

Yes this is how it read to me too. the cheek of some people... I guess now that the PPP bubble has burst they need to find a new scam


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## Fat Bhoy Tim (Feb 28, 2013)

Navaron said:


> ok, my wife has just received a "follow up" email based on her chat with this financial company yesterday... hers the email she received... names removed... interesting to see the two links as "justification". Thoughts?
> 
> -----------------------------------------------------------------------
> It was a pleasure to speak with you today, as promised please find attached some more information regarding the QROPS scheme we spoke about over the phone today.
> ...


https://www.gov.uk/government/publi...ing-recognised-overseas-pension-schemes-qrops

I doubt you'd find them here.

It's updated monthly.


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## ASHFORD (Aug 18, 2014)

I was "cold-but-softly" contacted by an "IFA" in Dubai who, after reviewing my UK pension pots, advised me to transfer them into a QROPS fund in Malta. Warning bells began to ring when he said I had to give my address as being in Abu Dhabi although I live in Dubai, and web check returns on "de vere" and "PIC" were not exactly encouraging. I got a better idea about what this "IFA" was about. I took advice from a pension advisor in the UK who specialises in QROPS who said totally inappropriate for my circumstances and pension reform in the UK was opening up much more flexibility and opportunity anyway. 
Be very wary and cross check advice.


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## SirReg (Sep 8, 2014)

My understanding is that the forthcoming UK pensions reform has blown a big hole in one of the advantages of QROPS.


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## marr (Apr 8, 2015)

Late to this discussion - thought I could add some insight as an industry insider. (I advise on this area).

The result of the recent pension changes is that QROPS and UK SIPPs (self invested personal pensions) are now far more similar than they used to be.

However, for a resident of UAE (where there is no double taxation treaty) with the UK, some might say that QROPS is the only sensible option.

Drawing on a UK pension while resident in UAE means that you'll pay tax at up to 45%. By contrast, a Maltese QROPS allows the pension to be paid free of tax.

Notwithstanding the above, there are some unscrupulous individuals in the pension industry who will not act with your best interests in mind.


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## Mr Rossi (May 16, 2009)

marr said:


> Drawing on a UK pension while resident in UAE means that you'll pay tax at up to 45%. By contrast, a Maltese QROPS allows the pension to be paid free of tax.


You can't retire in the UAE so why would anyone draw upon a UK pension?


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## marr (Apr 8, 2015)

Mr Rossi said:


> You can't retire in the UAE so why would anyone draw upon a UK pension?


You don't need to stop working to draw on your pension. Lots of people do this.


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## Mr Rossi (May 16, 2009)

marr said:


> You don't need to stop working to draw on your pension. Lots of people do this.


But *why *would anyone here? If you're 55 or over and working in Dubai, it's safe to assume that person is on a very good monthly salary and wouldn't need to.


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## marr (Apr 8, 2015)

I guess there are myriad possible reasons why someone might want to access their pension for a purpose other than their own retirement income (e.g. investing it elsewhere, funding a business, buying property, paying for a child's education, gifting it to a relative etc etc).

The big one is that they may wish to withdraw their pension funds while they live in a zero-tax jurisdiction. If they do it later on in another country, the terms might not be so favourable.


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## twowheelsgood (Feb 21, 2013)

marr said:


> some might say that QROPS is the only sensible option..


By 'some' you mean any advisor who wants to pillage your pension ?

Go to a UK IFA, who is fully regulated, with PI Insurance against whom you have recourse but don't touch anyone in Dubai with a bargepole.

Its not personal marr - I just don't trust any advisor based upon experience - I havent been burned but found all 'advisors' to be con artists of varying degrees of competence.


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## marr (Apr 8, 2015)

twowheelsgood said:


> By 'some' you mean any advisor who wants to pillage your pension ?
> 
> Go to a UK IFA, who is fully regulated, with PI Insurance against whom you have recourse but don't touch anyone in Dubai with a bargepole.
> 
> Its not personal marr - I just don't trust any advisor based upon experience - I havent been burned but found all 'advisors' to be con artists of varying degrees of competence.


I can't really take it personally, since your comments don't apply to me - I spent several years working as a financial adviser in the UK and have worked in regulated markets ever since. (I've never worked in Dubai).

UK advisers though (with some exceptions) aren't generally well-versed in expat financial planning; most have heard of QROPS but have no real understanding of it, since it holds little purpose in UK financial planning. That is not a criticism of UK IFAs - merely a statement of fact about their specialism. They will know far more about the domestic UK tax treatment of investments than most offshore advisers - but that knowledge won't usually help someone living in another country.

The tax suggestion I made is very clear, simple and hopefully inoffensive: if a resident of UAE draws a UK private or employer pension, they will pay UK tax on it. With a QROPS they won't.


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## stamboy (Apr 1, 2013)

i got a call from pws international and am a little concerned after reading this thread.

anyone have any further updates on them?


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## The Rascal (Aug 6, 2014)

stamboy said:


> i got a call from pws international and am a little concerned after reading this thread.
> 
> anyone have any further updates on them?


"A fool and his money are soon parted"....

Just don't.


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## T'challa_Udaku (Nov 14, 2014)

So how is it companies like devere and Co are continuing to function freely and their advisors claiming to make in the excess of £40k a month (i know of one) which I really found hard to believe


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## Mr Rossi (May 16, 2009)

A steady stream of new arrivals and an unregulated market.


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## londonmandan (Jul 23, 2013)

stamboy said:


> i got a call from pws international and am a little concerned after reading this thread.
> 
> anyone have any further updates on them?


Nice enough bunch of guys but in reality your money still ends up in the same places i.e. RL360, Generali and Skandia etc etc that DeVere/PIC, Credence and the other companies use.


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