AIBU trying to access my pension???

[rasberrycremebrulee]

In a nutshell- we have emigrated a few years ago to husbands country of birth and will not be returning to UK. For the past 15 months I have been trying to transfer my UK pension to the new employer's pension scheme, which is on the QROPS list and accepting UK pension transfers. Sound easy, I thought. Well, I was very wrong...

As the transfer value is just over 30k (literally just!- by £105) I am obliged to seek transfer advise from a FCA accredited specialist. But no specialist will agree to give me advice as the transfer value is too low- the threshold for accepting transfer clients is £75k apparently for most of them, as otherwise they cannot justify the fees charged to the clients (I heard this from 4 different advisors, I said I would be very happy to pay the £5k advisory fee to transfer but they said it would look bad in case they get audited and they will not risk taking me on...)

Mumsnet community has been amazing in the past finding solutions in impossible situations- I'm hoping there is someone out there who was in a similar situation and managed to get out of this crazy circle?!

Try going through a solicitor or bank instead. If you are in a location with a HSBC Premier service that might be a good start - they can refer you to one of their ‘independant’ fca registers investment advisors.

Why do you want to transfer it?

Just draw it down from the UK - I deal with expat taxes and have never come across anyone doing this due to cost, etc

I've tried to do something with mine too as I want control of it and no one will touch it as under 100k, and I'm under 55 and in good health. I cant even get advice to tell me not to do it - advisors will literally not touch it - I gave up after talking to 5 firms. So frustrating as consumer protection shouldn't prevent access to advice but unintended consequences and all that

Give unbiased.co.uk a try. They have a vast register of financial advisers that help with these kind of transfers.

Also, please make sure you do your due diligence checks on anyone that contacts you/you find. Lots of scammers have very plausible websites through a simple Google search.

*plausible looking websites

You were willing to pay 5K to transfer a 30K pension? What benefit do you get by transferring that is worth 5K?

It would probably be better to just leave it where it is and access it when you are eligible in your mid-late 50s.

Then take the 25% tax free lump sum and withdraw the rest over 2 or 3 years via drawdown to avoid paying undue tax. Maybe you could re-invest it or add it to your employer's pension scheme then.

Either way you wouldn't lose 5k for unnecessary advice (which is only to cover the Financial Adviser's back).

Just leave it where it is. It’s not worth the fees you’ll have to pay to move it.