UK Expat - Pension? - Where to Put Excess Cash?

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gaz_0001

Registered User
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I'm not too sure if anyone on here can help, but after browsing through the forum for a while I think there are some smart guys on here offering what appears to be some sound advice.

My situation is a little bit strange I think....perhaps not that much, but using the search terms UK Pension Expat Tax Free doesn't return much info.

I am looking for a new pension, or a long term savings vehicle. I have been out of the UK for 6 years. I have a little something in the UK still, but nothing to rave about.

I am currently working and living in a GCC Tax Free country. I have around 500 GBP excess that I would like to use for a pension. I have additional funds on top, and also additional savings. So the £500 is comfortable to contribute.

I am here in GCC now, but in 1-2-3 years, who knows.

Initially, I have been presented with the RL360 Quantum Long Term Savings Plan from an IFA of which I do not have an existing relationship with and therefore trust. I do not have a trusted IFA at present.

There are quite a few charges associated with it, and they present themselves as very low % values. When I do some primitive maths, all these little %'s seem to be racking up. Making me nervous about the product.
Its actually a bit tricky for me to 100% work out the total fees, again, this is making me suspicious.

Any advice appreciated. Any key products or key words for me to google and investigate would be great.
Should anyone have the time, and require further information, please let me know.

Thanks in advance.
 
Hi Gaz

From looking at some of the products offered by "financial advisors" in the GCC, they charge very high commissions (up to 60% of the first year premium), which all has to be recouped from your money over the term of the policy. People have found themselves locked into these contracts because if they stopped the contributions, all of their money will be used to recoup the commissions paid out. Regulation over there is still decades behind Ireland and the UK. There are loads of charges buried in the small print or offers of bonuses that are only payable if you keep payments up for a long period of time. Best doing your own thing and doing something like investing in an ETF like Merowig suggested.


Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)
 
Thanks for the hints guys.

I don't think I'll follow up with this Rl360 Plan. I don't like the fees or the transparency of them.
Additionally, should my circumstances change for the worse, which isn't unlikely, then I may not be able to pay this amount each month causing the plan to be worthless.

With regards to the EFT plan, are there any good platforms that are recommended for a beginner to use?
 
Thanks Merowig.

I checked out this site.

It looks like I can create a Dealing Account and just buy the funds I want, exactly the same as what this guy tried to sell me, but at a fraction of the price. Using their filters for risk appetite etc.

But whats the Difference between a Fund and an EFT?
 
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