Financial Advice, pension etc.

[Green Nomad]

Hi All,

I am actually planning on speaking to an independent financial advisor, but thought raising a topic on the forum might give me some ideas what to do.

The situation is, recently I lost my father and being the last of my parents I have now inherited the Estate. Also will be planning on selling my own house and moving everything to Thailand.

Firstly, as I am working in Oman on a tax free salary, I have not been paying into my private pension for some years now. Recently I asked if I can restart my own contributions to it in preparation for my retirement in 15 years, and was told I have been abroad too long and cannot restart. I do, additionally, have a service pension.
Secondly, I want to invest some of my inheritance to cover for my future, but dont know where to put the money. Dont want to keep the house in Spain as it is a burden to me going there now.

Any suggestions to the above, or does anyone know of a good financial advisor in Hua Hin?, then I can meet when there next month.

[hhfarang]

All I can say is be careful. Any financial advisers I've seen here are only good at advising money from your pocket into theirs...

[margaretcarnes]

I'm puzzled as to how being abroad for a few years can make you ineligible to contribute to a pension scheme again? Do you mean the contributions to your UK State Pension? If so you should be able to catch up on missing NI contributions at any time. At the moment the cost is around £700 for each missing year.
Be aware though that as the law stands at the moment, your own UK State Pen won't start until you are 68. Also that you now only need 30 years of NI contributions in order to qualify for the full basic pension.

[Green Nomad]

Thanks guys,

I am refering to my personal pension plan for reinstating contributions, and I quote the letter :-

'To confirm whether you can reinstate contributions on your plan we need confirmation as to when your earnings were last subjected to UK tax. Should this be before the 6th April 2005, you will be unable to reinstate the plan'.

I have been working in the middle east for more than 14 years, on a tax free salary, the pension I had was started in 1991, it had to be frozen as I began earning a tax free salary.

Anyone had a similar experience?, or do they know what steps to take?
I was considering transfering to an offshore savings plan or bond, whatever can give me some sort of security in the future.

As for the state pension, I am still on track with the contribtutions for that as I have been paying voluntary since I became eligible.

Nomad,,

[TypicallyTropical]

Have you thought of contacting Goldman Sachs?

[Gin tonic - no lime]

Ho Ho Ho TypicallyT... low blow!! But as hhfarang mentions, be careful who you trust your $$$ to. also although moving all your household here, do not do that with you finances! Check pm box...

[gilped]

I have some good news for you on your pension. I used to be a fully qualified financial adviser in the UK with Prudential some years ago and have an active interest in the business. You can't contribute to your existing pension because you have to be a UK resident to do so. You also have another option which is to take the pension out of the UK altogether and this can have huge advantages if you intend to retire abroad.

If you want me to tell you more it's probably better to email me and I'll give you some information on how you can do this.

[Green Nomad]

Thanks for the info gilped, will send PM to discuss more.GN

[offshoreadvice]

Yes, there are "advisors" and then there are ADVISORS !

Be careful you don't end up like THIS guy ! http://bit.ly/vGyEKa

Dan - CII UK