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Ice cream or I scream

March 14, 2019

Have you ever wanted plain vanilla and ended up with tutti frutti? You know the feeling you wanted a simple taste and then all of a sudden you were persuaded into having something more confusing and expensive with lots of sensations going on at the same time.

Retirement planning here in Spain is a bit like that. You want an effective solution to make your UK pension transfer as straightforward and simple as possible and then you end up with lots of different layers which makes the whole thing extremely complicated and what’s more incredibly expensive.

First there is the QROPS or QNUPS, then there is the tax wrapper and then there are the structured notes or alternative investments. Layer upon layer upon layer all heaped together to make what should be an extremely straightforward proposition extremely complicated and expensive. And for whose benefit? Certainly not yours.

You may have already guessed that here at Fiduciary we like the plain vanilla approach, simple and cost effective solutions that do the job perfectly. You see it doesn’t have to be the complicated version. You don’t need to add a tax wrapper to your QROPS or QNUPS product and you certainly don’t need to subject your retirement funds to risky structured notes with auto calls where every time the barrier is reached the adviser is replacing it with another layer at your expense.

The main issue for us is to give you straightforward retirement planning. If QROPS or QNUPS is the best solution for you then we will hold the assets on a simple cost effective investment platform (probably the same thing that you have been used to in the UK with your SIPP or your ISA). The platform will perform the custodian function and we can then use the platform to hold well researched and respected funds with a performance track record. Simple plain vanilla one product, one statement, one solution and unsurprisingly extremely cost effective.

Of course tutti frutti may look impressive, lots going on and plenty for you to think about but when you get right down to it who is the major beneficiary of all these layers is it you the client or is it the adviser? Have you ever stopped to think about the price you are paying for all of these additional features?

If you are planning to transfer your pension or invest into a QROPS or QNUPS then we recommend you sample both flavours before making a decision. If you already have a multi layered QROPS or QNUPS and you are now wondering why, speak to one of our expert certified financial planners, they may be able to find a better solution to the one you currently have.

We guess it all comes down to taste at the end of the day but you know there is something to be said for good old fashioned plain vanilla where you know exactly what to expect and precisely what the cost will be. Speak to us and we may even add a flake on top!

Telephone 900 102 374 for an appointment with a financial consultant or email