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Transfer teachers pension from the UK or not

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  • 08-03-2015 9:48am
    #1
    030802
    Registered Users Posts: 34 ✭


    I've got about £40-50k pension in uk from working in the uk as a teacher. Some pension adviser has told me to transfer it over before april because of changes to the system there. I know the exchange rate is good at the minute but are there any other reasons for teansferring.
    I just want an alternative viewpoint to the adviser - he was going on about investing it in some solarpower company that they have chosen because it's hot in Spain and all the turf's gone or something like that.
    Any advice appreciated.


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    #2
    tomfoolery60
    Registered Users Posts: 293 ✭✭tomfoolery60


    A single investment in a solar investment sounds like an unwise thing for your pension fund....

    The UK change in pension rules is not a reason for you to transfer your pension. If I were a gambling man I would bet that your adviser is on a commission and only gets to eat if you transfer and do something (like invest in some dodgy sounding investment with no doubt high fees).

    I would be skeptical. A few things to think about:

    - No rush to do anything, you can leave the money there until you retire if needs be or move at anytime before

    - The FX rate is meaningless if you are investing in a diversified portfolio (you will have the same exposure to global assets regardless so it doesn't matter what currency they are denominated in).

    - Have a look at your fees and charges in the UK scheme. THe market there is considerably more competitive and you can get 0.5% or less p.a. charges whereas 1% p.a. is doing well in Ireland for the average punter. Compounded over 30+ years this is significant. You may be best served by leaving it as is and taking the money on retirement.

    - Think about finding another adviser


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