Hi I am looking for advice i am nearly 70 years old
And have a qrops delisted pension fund based in the IOM sovereign wealth fund .
Without going into too much detail it’s costing me over 3% year in management fees and through sovereign and Utmost their service providers .
It takes a week to purchase any shares or ETF,s
They have so many rules about what I can invest in
They also give a max drawdown figure which seems very low .
I was looking to take my pension at 70:71 latest .
I am looking for a provider ie like a SIPP
Where I can invest and take the risk for shorter term gains plus also may invest in crypto etf,s in a balance way .
I believe I can transfer my funds to France But this would involve 25% tax on the total amount ? Is this correct
Or should I transfer my pension to another provider in the Uk it seems a little minefield as to what you can and can’t do .
The drawdown on my pension amounts to less than 8% yr and with still management fees , it’s not really a good option .
Hence I am looking for a provider who has low management fees , allows more flexible investments and is responsive to your pension needs .
The above is not a criticism of my current provider but a reality of this industry which maybe has not adopted the digital age and customer friendly solutions .
It is wise to cash in the whole pension which is just over 200k pay the 25% tax or will it be taxed at a higher amount ?
Then reinvest in a self managed pension in France
Note I have been looking after my own market research where to invest , on this and my other pensions , however with the latest changes in UK government rules it’s a challenge to keep up
Thanks to anybody who can provide some help and advice