The question is now a bit dated of course, and at face value is not easily answered as one does not state the individual or combined value of the pension pots in question. I am not questioning any of the advices given by others above. Essentially, they are all quite relevant and broadly on the same par overall. I do agree though, that the fees are very high for what should be a very simple case of transfer and management. Should it be the case that individual pension accruals amount to over # 50,000 GBP, then there are very compelling reasons for the consideration of transferring same pension pots into HMRS approved schemes offshore. There are naturally conditions that apply for this facility to be granted at outset. There are also fees involved in setting-up such schemes at around # 700 to # 2,000 GBP at tops.... according to complexity and all tax mitigation issues involved undoubtably. These are one-off fees at pretty much an industry standard. You are not compelled to enter into any asset management contracts, and can usually manage the new Offshore Pensions Bond very easily yourself with free investment advice included. Should you elect for professionally managed bond accounts, then the basic fees are around 1.25% yearly. I would say that if your collective pension pots are substantial, then take independent advice from at least two domestic IFA recognised consultancies, and equally, two professionally IFA qualified ' Offshore ' corporations. One must also take into account: Level of fixed rate income gains. Tax on income potentialities. Ultimate IHT predations and transfer of estate upon mortality. Offshore investment benefits & tax mitigation may not be suitable, or even accessible to UK domiciled nationals, and potential costs involved might outweigh the strategies for doing so across the board inter-alia. The main point being, do not act upon any first opinions proferred at outset. Pension savings and their security are important. Take a bit of time to research all options as decisions made in rash are mostly hard to resolve or remedy in the future !
to be honest mrchris, the "clever" option would have been to look into an electronic transfer from the US in £ as this would normally have given the best outcome at the time. any transaction with foreign currency cheques will nearly always be more expensive than a direct transfer as there will be handling costs.
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