QROPS.net is regularly receiving phone calls from individuals that are questioning the advice that they have been given from their financial adviser. The types of questions are mostly always the same; the running theme is about how much can be withdrawn from the pension once in a Qrops.
Believe it or not there are still many advisers that are miss-selling QROPS and advising to complete a pension transfer into a QROPS so that they can withdraw 100% of the fund. This is incorrect! So without repeating ourselves with the QROPS Rules, we advise all who receive similar advice, or advice that you are unsure of, to do the following:
Get the advisers recommendation in writing
You may have had numerous telephone conversations and face to face meetings with your adviser. You may have even known them for many years and trust their knowledge. However, taking incorrect advice in relation to your pension can ruin your financial future, you owe it to yourself and your family to make sure the recommendations are correct. Whatever is discussed and advised by the adviser, ask them to provide the recommendations in writing. You then have proof of what they stated and allow you to take that advice and get a second opinion.
Speak to the QROPS Provider
If you are unsure about the advice given or have further questions, contact the QROPS Provider that was recommended. Ask them to confirm, in writing, that the advice given is correct. Send them the written recommendation that the adviser produced and wait for their response. Many providers will put you straight, as it will be their business on the line if things aren’t correct. The HMRC will certainly be looking at them as they are the whole QROPS industry.
The general rule is that if the offer sounds too good, then it most probably is. You can read more here about QROPS Transfer details. QROPS.net is happy to give you a second opinion to all advice given, please do not hesitate to contact us via the form on the contact QROPS.net page, or email us direct.
