Today I met with a Mat Salleh member of our networking group, Mr BobSimpson. He has an interesting job. He finds you the money you never realised you had. Yup-- if you ever worked in the UK or anywhere in Europe where your salary was deducted into a pension plan, chances are that the pension fund is still there in your name, and come 55 the government will call you and you will get your pension regularly. Only problem is, for most of us who have LEFT the UK (or Europe) we would't have left an updated address and the likely thing to happen is that the govt does not know where you are, the fund will just not be collected or paid out and then when you die...it goes back to the government. And since the pension worked like our EPF, for the 5% you contributed, the GOvt pays in 11% or something, its quite a lot of money.
On the face of it its very exciting. I mean, Doctors are the one batch of people who are not (or not supposed to be) money savvy.. 2 of Bob's clients found out they had 150,000 pounds between them- they both had worked in the UK for 15 years. My husband worked for 8!!Curious to find out how much he has jugak...We've engaged Bob to find out how much is languishing in the UK
What does Bob do for you? You still don't get the money until you are 55- it's pension maa not EPF. The only difference is, Bob tells the UK government that you want to invest your money off shore . He helps the money leave UK (and therefore leave Govt's control where in 2009 they changed the rule about pension plans and suddenly the pension lost 10%) . your pension goes off shore, and gets invested (according to your risk appetite) and come 55 years old you get the pension! PLUS you also get anything above 75% of your pension fund for you to spend. So you get money, and money. When you die, that 75% goes to your estate.
What does Bob get? A small one off fee.
Is it safe? Heck I think so . No money changes hands, Bob and his company doesn't get it, and what have you got to lose??
Hmm wished I had worked in the UK before......