Sterling pensions in Euros through QROPS

[Lavanda]

Has anyone taken their UK (Sterling) based pension and transfered the whole thing to a Euro pension through the QROPS system? Obviously there are just as many problems with the Euro as there are with Sterling BUT with a Euro pension there are no more exchange rate problems - ever. It sounds a very good idea for those of us on a UK pension but intending to stay in Spain. However, even if intending to return to the UK the pension continues in Euros and gets drawn out of the hole in the wall, as usual.

The trick seems to be to transfer the pension pot on a good exchange rate day but any losses might be off-set by, for example, putting the thing in Guernsey and, of course, NOT having to buy an Annuity at 75 and it all going back to the UK government on death - however right that might be - or not.

Anyone actually been through the QROPS process? How did it go? Are there unseen snags?

[scotty]

I'm a life & pensions broker in ireland. You need to be very careful of commission based advice in spain. The regulatory system there is not as strict as in UK or here. Take lots of advice. In the early stage trust nobody.

[Retro P]

You need to be careful, very of ANYONE, especially someone calling themselves "brokers" or " advisors" ,remember they don't do it because they admire you, they do it for money so the first consideration for them is, much like politicians, how much can I screw them for??.

I would very much like to know where I can withdraw Euros from an atm in the UK.

[katy]

Many people lost all their money with Brit financial advisors on the coast. Some of them, one I know personally lost three quarters of their pension by moving it over to a euro one. Take care

http://www.costa-action.co.uk/

Lavanda, read this one which explains all about the pitfalls of QROPS.

http://www.costa-action.co.uk/content.a ... ins_Franks

[avellana]

I believe QROPS are not for UK state retirement pensions.

[Lavanda]

Thanks, everyone, for the same cautious advice I might give others as well. Thanks, Katy for that excellent link. I think, at the moment, we are exploring the idea of QROPS in euros but NOT based in Spain. We are looking more at a reputable company in Germany. The Channel Islands are a nice option but we feel a euro country is better. It's early days. A lot might depend on who will form the next UK government, how they will address the problems of the economy, what will happen about interest rates and investment and therefor the value of Sterling. Long term, though, for us, as committed Spain residents, a euro pension might be the answer. We are only looking at moving a SIPP and not the other pensions, some of which are State pensions and therefore, as Avellana wrote, are not moveable.

[pmb]

Have you had a google? I use moneysavingexpert.com and one of the forums is a pension one. I note there is a recent thread about this but I'm afraid it means nothing to me.