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Amfoz

Pension ? Taylor Brunswick - Hong Kong

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My UK pension has been passed on to Reassure in the UK.

Aussie citizen  these days but can’t seem to do much with my pension until I’m at least 55...a few years to go.

I am considering using Taylor Brunswick.

1. Are they legitimate and safe to use.

2. Anyone had any experience good or bad.

Thank you.

 

 

 

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Posted (edited)

I wouldn't touch them with a bargepole.  Not because there's anything wrong with them,but because they look after expats, and you are not an expat.  You are an Australian.  Advice that would work for expats can be totally wrong for someone who has moved to a new country and has no plans to go back.  

Have a tallk to Vista.  @Andrew from Vista Financial drops into the forums occasionally.

Edited by Marisawright
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Scot by birth, emigrated 1985 | Aussie husband applied UK spouse visa Jan 2015, granted March 2015, moved to UK May 2015 | Returned to Oz June 2016

"The stranger who comes home does not make himself at home but makes home itself strange." -- Rainer Maria Rilke

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I came across a number of firms that claimed to be able to help move your pension out of the UK (but not to Australia). None could satisfactorily explain the advantage of doing this (other than the obvious advantage to them that they would receive a fee) so I left in the UK until I turned 55. The intention being to transfer it then, but I'm not convinced of the benefit of either the one commercial fund that accepts transfers or the benefits of creating a SMSF. Consequently I've decided to leave in the UK and drawdown the funds gradually.

I've now closed one of my UK pension funds having just turned 55 with the withdrawal split across 2 UK tax years so there is no UK tax bill (but only one Australian tax year meaning I get the tax exempt amount out in the same years as the Applicable Fund Earnings which are withdrawn first). A large amount is exempt from Australian Tax but the Applicable Fund Earnings (the amount the fund has grown since moving to Australia) are taxable but I'm looking at putting an equivalent amount into my Super Fund as a concessional super contribution which will make it tax free in my hands (although taxed at 15% within the Super fund).

I was given advice to consolidate my UK pension funds in a single fund but I didn't because I was burned by Equitable Life years ago and consequently preferred to keep my pension funds diversified. It turns out that this was a wise move as I would have needed to take the hit on the Applicable Fund Earnings on the whole balance if they'd all been in one fund but being separate funds I can release them one at a time.

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Chartered Accountant (England & Wales); Registered Tax Agent & Fellow of The Tax Institute (Australia)

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2 hours ago, Ken said:

I came across a number of firms that claimed to be able to help move your pension out of the UK (but not to Australia). None could satisfactorily explain the advantage of doing this (other than the obvious advantage to them that they would receive a fee) so I left in the UK until I turned 55. The intention being to transfer it then, but I'm not convinced of the benefit of either the one commercial fund that accepts transfers or the benefits of creating a SMSF. Consequently I've decided to leave in the UK and drawdown the funds gradually.

I've now closed one of my UK pension funds having just turned 55 with the withdrawal split across 2 UK tax years so there is no UK tax bill (but only one Australian tax year meaning I get the tax exempt amount out in the same years as the Applicable Fund Earnings which are withdrawn first). A large amount is exempt from Australian Tax but the Applicable Fund Earnings (the amount the fund has grown since moving to Australia) are taxable but I'm looking at putting an equivalent amount into my Super Fund as a concessional super contribution which will make it tax free in my hands (although taxed at 15% within the Super fund).

I was given advice to consolidate my UK pension funds in a single fund but I didn't because I was burned by Equitable Life years ago and consequently preferred to keep my pension funds diversified. It turns out that this was a wise move as I would have needed to take the hit on the Applicable Fund Earnings on the whole balance if they'd all been in one fund but being separate funds I can release them one at a time.

That is good to know, mine is split about 60:40 across L&G and Aon and I was considering a merger, might leave it now. 

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PR (100) Planning to move to Perth September 2021

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Legal & General sold off my pension to Reassure and during this process I lost my ability to change investment allocation, etc.

I have been stuck in cash holding.....

 

anyone know Reassure?

 

I have just started to receive correspondence from them so I might be able to get set up and start getting the funds invested as I wish

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21 hours ago, Amfoz said:

My UK pension has been passed on to Reassure in the UK.

Aussie citizen  these days but can’t seem to do much with my pension until I’m at least 55...a few years to go.

I am considering using Taylor Brunswick.

1. Are they legitimate and safe to use.

2. Anyone had any experience good or bad.

Thank you.

 

 

 

Hi

What are you considering using Taylor Brunswick for may I ask?

Are you unhappy with your Pension, ie costs, performance; investment options etc?

Are you unable to make an appropriate investment choice yourself?

If so then by all means perhaps engage an Advisory practice to advise you accordingly however it's probably best rather than engaging an offshore company (as Marisa says) that you engage either a UK FCA regulated Advisory company or an Australian ASIC regulated Advisory company (but one that is able to advise on other UK pension options).

How far away from age 55 are you?

Regards

Andy.


Financial Adviser (FPA Member AFP ®) Specialising in UK Expat Advice and Pension Transfers / AR-322874 /AFSL-234951

SMSF Accredited Adviser / UK SIPP Authorised Adviser 

Director  - Vista Financial Services – www.vistafs.com.au 08 8381 7177

 

Please note that my advice is general advice only and professional financial advice should be sought for your own personal situation.

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On 23/04/2021 at 16:58, Amfoz said:

My UK pension has been passed on to Reassure in the UK.

Aussie citizen  these days but can’t seem to do much with my pension until I’m at least 55...a few years to go.

I am considering using Taylor Brunswick.

1. Are they legitimate and safe to use.

2. Anyone had any experience good or bad.

Thank you.

I had a free consultation with Taylor Brunswick about a year ago regarding transferring my UK pension to Australia. (I now live in Australia). They said it wasn't worth considering unless I had at least £200,000 because of the costs involved, and I didn't have anywhere near that. The gentlemen I spoke to was helpful and professional - I recall he was based in Hong Kong. To answer your questions; 1. They seem legit, and 2. My experience was positive because they didn't try and provide me with a service that wouldn't benefit me.

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Posted (edited)

Agreed they certainly seem professional.

My pot is around that mark.

it seems the sentiment is maybe to try engage with the néw UK provider I was past on to and see if they can invest as I wish.( currently in Cash  or at least it was with L&G. )

I have 5 years to go until I hit the 55 mark, all going well.

thanks to all.

Edited by Amfoz
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Hi Amfoz, 

Just wondering if you progressed any further with Taylor Brunswick? 

I mentioned on another thread that these pension providers place themselves in offshore countries such as Hong Kong, Dubai, UAE due to the lack of regulations. This is usually a huge red flag in terms of what quality of advice you will receive. There advice always follows the same route - transfer to a SIPP with an insurance bond to hold the investments. The insurance bond is not required and will pay the adviser an upfront commission that you will pay over the lifetime of the bond. 

Given you are 55 in 5 years time, this is not appropriate. I know of a few companies in Australia that are licensed in both the UK and Australia and can assist you at this stage (i.e. with the investment of funds with a view to transfer this to Australia once eligible) and also assist with the transfer of your funds to Australia at age 55. 

Regardless, before proceeding with any company, I would urge you to ensure they are licensed and regulated in the appropriate jurisdictions, so you have recourse/protection should the advice that is provided, clearly not be in your best interest. As such, ensure licensed in both the UK (due to UK product) and Australia (as you reside here). 

 

 

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