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UK Pension transfer Letter of Authority

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  • 10-08-2023 11:32pm
    #1
    lv001
    Registered Users Posts: 2 ✭


    Hi,

    I've contacted several brokers and independent financial advisers (F.A.) to transfer my UK pension over to a QROPS pension in Ireland .

    The brokers/F.A.'s each want me to sign a Letter of Authority L(.O.A.) so they can get details of my UK pensions.

    Can I assume that it's ok to sign multiple L.O.A.s without issues and the UK pension company will be ok with honouring multiple L.O.A. requests?

    Thanks in advance.



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    #2
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,000 Mod ✭✭✭✭Jim2007


    It would very much depend on the contents of the letter. The I don't see why any of these people would need direct access to your pension fund, in order to give advice and cost estimates. You have have all the information and should be able to answer their questions.

    I would advise great caution in transferring pension savings between the UK and other jurisdictions as it has not worked out to the benefit of many expats.



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    #3
    lv001
    Registered Users Posts: 2 ✭lv001


    Thanks Jim. I believe they need to confirm the pension limitations etc. to ensure I do not pay UK tax and advise on the best course of action.

    They have provided rough estimates, but cannot be more precise without knowing the details of the pensions I guess.

    Regardless, I just wanted to know if it's ok to to have multiple LOAs as wasn't sure.

    Thanks.



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    #4
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,000 Mod ✭✭✭✭Jim2007


    As I already said, it depends on the contents of the letter and we don't have access to the documents you intend to sign. At the end of the day, you have a copy of the policy, presumably the usually information booklets that these funds send out and an up to date statement from the fund. If it were me, I'd want to know exactly what information they need that is not included in these documents and I'd try to get it for them. If they were able to justify such a letter, then I would only sign a very specific and limited letter.



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