Transfer Pension To SIPP | Stakeholder, Defined Benefit, Final Salary, Personal, Workplace To SIPP

[Music] hi subscribers and welcome back to the channel um today we're going to be discussing a question we get a lot from our clients in the uk europe and america can i transfer my uk pension into a sip the simple answer is yes my name is dominic james murray ceo and founder here at cameron james and i've been transferring uk pensions for over 10 years now so i hope my experience can be valuable for you so in short the answer is yes you can transfer any uk pension asset into a sip this will include personal pensions stakeholder pensions uh defined contribution pensions and defined benefit pensions or workplace pensions as well lots of different names um all mean very similar things which are uk pension assets so why first of all would you transfer these pensions into a sit well first of all all these schemes i've just mentioned now when was the last time any of these providers emailed you to say hi john um just wanted to let you know how your portfolio is getting on last year you're four percent down or this year you're seven percent up or 12 up probably never if ever if i heard a client say any of these schemes ever been in touch them to let them know what's happening with your pension pot what is it even invested in what are the underlying charges how does it compare to the market average have you underperformed the market have you outperformed the market do you want all these different pension pots scattered in different places as you reach your retirement it's not ideal if you reach retirement and you've got a million pounds spread across five different pension pots and say you want to take a 20k withdrawal where are you going to take it from which one the paperwork different company every time different forms how are you going to do all that paperwork yourself it's a nightmare for us and we're the professionals and we know how to do it it would be easier for you to have those consolidated down into a sip if you're in the uk or an international sit or possibly even a cure ops if you are residing outside of the uk so the other caveat to mention here is out of all the pensions i've mentioned defined contribution stakeholder pension workplace pension personal pension or sip you have full control to transfer all five of these pensions you do not need to have regulated financial advice in order to complete those transfers not unless there's any type of safeguarded benefits over the value of thirty thousand pounds which there rarely is in any of these type of schemes on the other side of the equation you have defined benefit schemes where the value is over 30 000 pounds you will need to go through a pension transfer specialist such as myself in order to have the sign off to transfer that pension so the goal when really consolidating your pensions down is to simplify things but also improve your retirement understand what your risk profile is and how your money should be invested maybe one of your more recent schemes maybe they asked you you picked oh i'm adventurous or unbalanced or i'm conservative but what about your pensions from the beginning of your career what's your risk profile is it correct if you're a very conservative investor you want to be careful with your money you don't want it to have high volatility maybe you you want to accept two three four five percent return per annum you're very happy with that if you're an adventurous investor you want to attain 10 12 14 20 return per annum you need to take more risk with your investment you don't want to be stuck with the same as everyone else in your investment scheme investing in the same assets you want to differentiate your portfolio and review it with your financial advisor on an ongoing basis to ensure that it meets your retirement needs for example i had a client very recently just last week in the isle of man he had two defined contribution schemes worth about no one defined contribution scheme worth to 20 and two defined benefit schemes worth about 250 each the client was saying to me dominic the pension i'm going to get from these the pension pot i'm going to get from these on my current calculations isn't enough for my retirement you know what i need to grow these pensions faster than what i'm currently being offered or guaranteed inside my db scheme and what i'm currently getting from my zurich which is dc uh provider he says i mean dominic these are my goals i'm very clear of my objectives i want to be an adventurous investor i have 30 years experience actually working in the financial industry i would like to work with you in growing this pot far beyond what it will achieve if i don't take a higher level of risk inside my dc and my db pots now this doesn't mean to say that i'm advocating you transfer your pension you go all out you buy 100 equity and try and grow your portfolio no you do what you want you do what feels comfortable to you at cameron james we're not remunerated by any of the fund houses that we work with the only person who pays us is you the client if you said to me dominic i want to leave all my money in cash for the next six months because that's how i feel no problem if you said to me dominic i want to invest 100 in equity for xyz xyz reason i might say to you it's very risky it's very aggressive but i understand your rationale it's your money and we will invest it with you how is most suitable for yourself so short answer yes you can transfer nearly all uk pension schemes into a sip for a final salary or defined benefit scheme you will have to have additional fca db reports sign off to ensure the advice is suitable for you guys i hope this has been useful if you want to book yourself in for an appointment in the uk or further afield just click below in my calendar link to have a free initial consultation and as always don't forget to like share comment and hit the big red subscribe button to help us grow the channel and let us know that we're doing a good job thank you very much guys and i look forward to speaking with you soon [Music] you

Channel: Cameron James Pension Transfer

Views: 2,706

Keywords: Expat, expat financial adviser, pensions, pension fund, financial adviser, expats, expat financial planning, financial planning, finances, salary, savings, pension savings, money, expat financial plan, uk expats financial advice, Cameron James, Transfer Pension To SIPP, Cameron James Pension Transfer, defined benefit pensions, final salary pension, workplace pensions, what final salary pension, Transfer Pension To sipp, transfer pension to sipp, cameron james pension, pension, sipp

Id: s_94WaO_G5I

Length: 5min 27sec (327 seconds)

Published: Tue Apr 19 2022