I was advised to transfer my defined benefit civil service pension to a QROPS by a DeVere advisor and now realize it was a monumental mistake. Any impartial advisor with their client's best interests at heart would not have encouraged me to do so.
The transfer value was fairly low (12.5x the annual pension amount at the time) meaning that I would have to make significant returns even to match the guaranteed payment from my pension. No comparison was provided to me and I was naïve enough to swallow the advisor's sales talk and I'm kicking myself now. He has likely cost my family a lot of money for his own personal gain.
It is disgusting and immoral.
Although I will complain to the UAE's regulatory body the protections here are minimal so please everyone beware. Get at least 3 sets of advice before you decide to transfer your pension.
Product or Service Mentioned: Devere Group Money Transfer.
Reason of review: Pricing issue.
I didn't like: Bad advice.