Frozen UK private pensions

[metalmonkey]

Hi

has anyone taken their frozen UK pension out of the UK using QROPS (qualifying recognised overseas pension scheme)

Mine is frozen for another 18 mths so looking at possibilities but would be interested to hear if any members have done this and how safe it is

Many thanks

[gus]

I won't comment on QROPS but in a more general sense.......
If your frozen pension is based on a Final Salary or "defined benefit" format rather than a Money Purchase or "defined contribution" basis then be very careful indeed about exchanging it for a transfer value to an alternative arrangement. Transfer values can be significantly below real value for money and you could be considerably worse off by the time you start to receive benefits - especially once the "adviser" has taken his commission.

In the current market, I would only consider a transfer if my pension scheme was in serious financial difficulty with the risk that it may not be around to actually pay the pension it promised. Having said that, if the scheme were in financial difficulty the transfers on offer are likely to be reduced below there "normal" actuarial value

It's a minefield so I would suggest some detailed advice from properly qualified advisers on a fee-paying basis!!