Our Cost | Cameron James

FAQ Sections

1. Due Diligence 2. Our Cost 3. Pension Transfers 4. Pension Transfer Process & Service 5. Application Pack Process 6. Client Verification 7. Tax Advice & Online Banking 8. What if I want to leave CJ?

Due diligence should always come first, especially when it involves your money. Everyone wants to enter a relationship feeling comfortable. At CJ, we encourage clients to do their due diligence on us. It improves our advice process as clients are more informed on areas such as regulation and security, allowing us to focus on your area of advice.

Complete your due diligence at your pace and Contact Us when you are ready. Our FAQ continues to grow, so if your question is not listed, ask us, and we will answer within 24hrs.

Many companies avoid discussing costs until the last moment. At CJ, we want our clients to have as much information as possible on costs. It helps our clients understand what the broad level of the cost will be in return for the services we provide. We like openness. For example, when we are researching a new SEO Manager, we also like to have a rough idea of cost in advance. It allows us to assess the market and engage with the correct professional.

Of course, we do understand that the quality of service can vary from one company to another and cost is not everything. That is why people do not search for the cheapest dentist but the one well priced with good reviews. While every effort has been made, all client situations are different. Below is a broad overview, it is not an exhaustive list.

How much does your Financial Advice cost?

Our costs are the same for all clients. We have initial advice and set-up fee of 1-3% depending upon the size of your investment and an ongoing annual management charge of 1%. View Our Costs.

What does the initial advice and set-up fee include?

An unlimited number of appointments for our Financial Adviser to complete a thorough review of your finances and your objectives. An analysis of the market for the solution that matches your requirements. This is followed by a detailed Advice Report highlighting all of the relevant information for you. Once you feel comfortable, our Adviser and Admin pre-complete all relevant paperwork for you to review. We then take responsibility for the end-to-end delivery.

What does the ongoing fee include?

Our quarterly review service with your dedicated Adviser keeps you updated on your portfolio performance and track with your objectives. This annual cost also includes portfolio rebalancing to maximise your portfolio returns and ongoing market analysis to see if a better or more cost-effective solution may be available. Finally, we pre-complete all future paperwork for you.

What is the cost of an International SIPP? How is the cost this low?

The cost for an International SIPP via Novia Global is £0 set-up and £180.00 pa (plus VAT). This cost was previously £300 set-up and £500 pa via other Trustees. Competition in the International SIPP marketplace has dramatically reduced client costs.

What is the cost of a QROP?

The Trustee cost of a QROP for a pension between £40-£100k is £300.00 set-up and £525.00 pa (+VAT). For pensions over £100k is £645.00 set-up and £895.00 pa (plus VAT). The costs of QROPS have reduced dramatically since 2006 when they were first born into legislation (£2,500). However, they remain significantly more expensive than an International SIPP.

Why would anyone pay more for a QROP?

For clients with pensions in excess or approaching their Lifetime Allowance (£1.055m – 2019), a QROP can offer considerable tax advantages. The client would typically need to be an EEA resident (and intend to be for the next 5 years) for a QROP to be advisable. Read – QROP Advantages Page.

Do I have to pay VAT on my International SIPP or QROP costs?

If you are resident in the EEA standard VAT rules apply. However, if you are a resident beyond the EEA, you will not be applicable to pay VAT. For example, the annual Trustee fee of an International SIPP will be £180.00 plus £36.00 VAT (20%) for EEA residents and £180.00 for non-EEA residents.

What is the cost of a Final Salary Pension Transfer (DB)?

Our standard 1-3% advice and set-up fee apply depending on the size of the pension – Our Costs. To adhere with FCA guidelines on Final Salary Pension Transfers a fixed FCA report fee of £2,000 applies to all Defined Benefit Pension Transfers over £30,000. Final Salary Pensions are a valuable asset, and so the FCA wants to ensure clients are receiving accurate advice.

Where the recommendation is not transfer, our FCA Adviser curtails the work at an earlier stage capping the cost at £750.00 plus 0% advice and a set-up fee. Learn more about this on our article Final Salary Pension Transfer.

What is the cost of a Defined Contribution Pension Transfer?

Our advice and set-up and cost for a Defined Contribution Pension Transfer is our regular sliding cost schedule of 1-3% depending on the value of your pension. With economies of scale for larger pensions. As DC pensions not have safeguarded benefits, there is no requirement for the FCA advice report fee of £2,000 that applies to Final Salary pensions.

How much does a Retirement Plan cost?

The cost of Retirement Planning will depend on the solution most appropriate to you. Platform Retirement Planning has higher up-front costs per contribution (1-3%) with an annual provider fee of between 0.1-0.4% and our annual service cost of 1.0%. This solution provides greater freedom and access to your capital. Structured Retirement Planning has lower up-front costs per contribution (as low as 0%) with an annual provider fee of circa 1.5% for the majority of the term. While this solution can help provide structure and discipline, there will be high exit-penalties should you abandon the plan early. A structured Retirement Plan should not be taken lightheartedly. It is a contractual commitment.

How much does Education Planning cost?

The cost of Education Planning is dependent on your requirements. A Platform Education Planning solution will have higher up-front costs per contribution (1-3%) plus our annual service costs of 1.0% and an annual provider fee of circa 0.1-0.4%. A Platform Education Plan has far greater flexibility on contributions though, and there are no penalties for withdrawing capital early.

A Structured Education Plan will have a fixed term of saving. For example, 18 years. It has lower up-front costs per contribution (as low as 0%) with an annual provider fee of circa 1.5% for the majority of the term. These types of plans are only suitable for those who are dedicated to saving towards their children’s education, no matter a change in their situation. Exiting this type of project early will likely see you get back less than you originally invested.

How much do Lump Sum Investments cost?

The costs of Lump Sum Investing is our usual schedule of 1-3% set-up and advice fee plus our 1.0% annual service charge as outlined in Our Costs. The provider cost will depend on the amount you are investing and what your requirements are.

Two examples of provider costs would 0% set-up fee plus 0.1-0.4% pa and 0.5-1.0% set-up fee plus £400.00 pa. The latter of these options is more beneficial for clients with larger amounts to invest. That is because they pay a higher one-off cost on day one but then have extremely low ongoing annual costs (£400 pa irrespective of the size of the portfolio).

How much does Estate Planning Cost?

Our cost for Estate Planning is a set-up and advice fee of between 1-3% and our ongoing annual service cost of 1.0%, as outlined at Our Costs. Based on the complexity of your situation, there may be a requirement to utilise a trust structure. You need to bear in mind, it would have further costs, and you may also need to seek independent tax advice.

How much does Inheritance Tax Planning Costs?

Our cost for IHT Planning is a set-up and advice fee of 1-3% (with lower costs for larger portfolios) and our ongoing annual service cost of 1.0%. Additional costs would apply should you need to utilise a trust structure, make a will or seek independent tax advice. Read more about Our Costs.

How much does an Existing Expat Policy review cost?

There is no cost for our Existing Policy Review. We provide this service and our Advice Report without charge. We would generate an operating loss if we provided all our advice services for free. However, with Existing Policies, we are acutely aware that a client may have already unknowingly paid a very high commission to the previous Adviser. That is why we do not believe it is fair to apply a further set-up cost to this client. We instead only apply our ongoing annual service fee. This way, we are remunerated for our ongoing work to you, but we absorb the costs of the initial set-up and advice process.

How much does Digital Nomad saving cost?

The cost of financial advice for Digital Nomads is the same as all of our clients. Our charging schedule of 1-3% set-up plus 1.0% ongoing service cost pa apply. Depending on the solution that you may need a platform cost of between 0.1-0.4% will likely apply. Should you require other services such as Company Formation or Tax Residency Assessment, additional costs would apply.

How do I pay you my fees? From where are costs paid?

Your costs are deducted from the value of your investment or transfer. So you will not need to send us a cheque or separate payment amount. That is useful for pension clients as it is the most tax-efficient way to pay your fees.

Who receives the fees?

We would like to be able to state that we keep all the fees to ourselves, but unfortunately, we have several different costs as a business. Main costs include our regulation and licensing fee to our parent company, staff training and offices, professional indemnity insurance and our website expenses. You can discover more detailed information on Our Costs.

Why can’t I have a free lunch? My other Financial Adviser works for ‘free’?

In Financial Advice, there is no such thing as a free lunch. The costs of running a regulated Financial Advisory company are high and are ever-increasing with additional layers of regulation to protect investors. Any Financial Adviser ‘working for free’ should be treated with caution. They are likely receiving a high opaque commission from the product that they are selling you. In our experience, this can lead to terrible clients outcomes.

Are your costs negotiable? Will my costs increase over time?

Our costs are non-negotiable. They are calculated on our net costs and expenses, and a discount is already provided for more significant cases which attract a lower set-up fee.

Our set-up fee and the annual fee will not increase over time as they are already percentage-based. Some of the industry providers reserve the right to raise their fixed costs in line with inflation which is currently around 1.7% pa. It is standard across all UK pension providers and companies.

Pension Transfers can be a rather technical area of Financial Advice. In addition to this, the landscape of UK pension legislation is continuously changing and adapting. At CJ our Financial Advisers are at the forefront of these changes and have a wealth of experience from previous pension transfers in their career.

What is a pension transfer?

A pension transfer is the consolidation of one or more UK pensions from a stakeholder or company pension into a private pension arrangement.

What is a pension trustee?

A Trustee is your International SIPP or QROP provider. They are regulated to be able to hold UK pension assets in line with HMRC pension guidelines. They are obliged to protect you as an investor. A Trustee does not provide any Financial Advice; they produce the pension wrapper. Your Financial Adviser Provides your Financial Advice.

What is a Defined Contribution (DC) scheme?

A Defined Contribution (DC) scheme is a UK pension scheme that you will have built up through your UK employment. You will likely have a pension with each of your previous employers in the UK.

What is a Final Salary Pension scheme?

A Final Salary pension – also called Defined Benefit pension, is a workplace pension that your employer created for you. Final Salary pensions have what is known as safeguarded benefits. As such, Final Salary Pension Transfer advice is highly regulated to protect clients.

Should I transfer my pension?

There is no simple answer. Transferring a DC Pension is a more straightforward decision. Transferring a DB Pension requires careful thought as you will effectively be losing your safeguarded benefits.

My colleague transferred their pension. Am I missing out?

Perhaps not. You may also be better off transferring your pension. However, you could also be better off leaving it where it is. Speak with an Adviser to learn about your pension – Book Free Appointment.

What is a SIPP?

A Self Invested Personal Pension (SIPP) is a tax-free wrapper for making pension contributions or consolidating other UK pensions together in one place. A SIPP gives investors more control and flexibility compared to a UK company pension.

What is an International SIPP?

An International SIPP (Self-Invested Personal Pension) is a SIPP for non-UK residents. An International SIPP has precisely the same tax treatment and benefits as a non-international SIPP. Within Expat financial planning, SIPP transfers make up the majority of Final Salary Pension Transfers and Defined Contribution Pension Transfers.

What is a QROP?

A QROP is an overseas pension scheme that meets criteria laid down by Her Majesty’s Revenue and Customs (HMRC). QROPs came into effect on April 2006 when the UK responded to EU legislation regarding the freedom of capital movement. QROP legislation was created to make it easier for individuals living abroad to manage their UK pension assets.

What is the difference between a SIPP & QROP?

The fundamental difference is that a SIPP is regulated by the FCA and thus adheres to UK pension rules and obligations. As such, any future changes to UK pensions legislation includes SIPPs. Conversely, a QROP is regulated in its local jurisdiction such as Malta. As such, any future changes to UK pension legislation may not directly impact it.

A friend told me all QROPS are bad, and SIPPS are good?

There is a common misconception that a QROP or a SIPP is in itself the investment advice. As such, pensions performance (or lack of performance) is related to the fact that a QROP or SIPP was advised. This is incorrect. A QROP and SIPP are both a pension wrapper. Without any financial advice, the capital would remain in the QROP or SIPP cash account, and there would be no portfolio growth or portfolio loss. As such, it is the Financial Advice that follows the QROP or SIPP transfer that then impacts the portfolio performance.

Since 2006, there have been instances of clients being ill-advised on what investments to hold within their QROP — typically holding assets that were beyond the clients level of understanding or risk profile. That led to several high profile cases of clients losing significant value within a QROP compared to a SIPP. Mainly because assets deemed to be beyond a retail clients level of understanding are not permitted within a SIPP. In summary, it was the bad Financial Advice that followed the QROP transfer, not the QROP itself.

A friend told me QROPs should only be used outside of the UK?

While QROPS are typically used more by those residing beyond the UK, this statement is not true. A QROP can be a highly tax-efficient planning tool for UK-residents to minimise their Lifetime Allowance (LTA). With LTA of £1.055m (2019), many professionals within the UK are at risk of breaching their allowance and paying 25% tax on any growth over and above this allowance. The opportunity for a UK resident to utilise a QROP may be finite though as if the UK leaves the EEA then an Overseas Transfer Charge of 25% would apply.

A friend told SIPPs should only be used inside the UK?

While SIPPS are most commonly used in the UK, this statement is wrong. An International SIPP is in many instances, the best advice for clients living all over the world with UK pension assets. There used to be a misconception that SIPPs were for UK clients and QROPs for non-UK clients. It is just not right and has led to bad advice in the past.

Which is best for me a SIPP or a QROP?

If your UK pension assets have surpassed or are approaching your Lifetime Allowance (currently £1.055m) and you are resident within the EEA and do not intend to leave the EEA within five years – a QROP may be in your best interest. If you do not tick all three of these conditions, then an International SIPP will almost certainly be in your best interest.

Should I leave my UK pension where it is?

Your pension may well already be in the best place. A Final Salary Pension Transfer may not be in your best interest. You may be worse off by transferring it. To understand your pension in detail – Reserve Your Free Consultation.

What are CJ costs for completing a QROP transfer?

Our standard cost schedule of 1-3% initial set-up fee and 1% ongoing annual service fee applies. Please see Our Costs.

What are the SIPP Trustee costs?

Currently, the best value International SIPP provider is £0 set-up fee and £180 pa (+VAT). Other International SIPPs charge £300 set-up plus £500 pa (+VAT).

What are the QROP Trustee costs?

The typical Trustee cost for a QROP pension between £40k-£100k is £300 set-up fee plus £525 pa (+VAT). The average Trustee cost for a QROP pension over £100k is £645 set-up fee plus £895.00 pa (+VAT). To understand why a client may prefer to pay for a QROP instead of the cheaper option of a SIPP, read our detailed QROP Article.

Can Trustee fees change over time?

Yes. Typically we see costs reducing for clients as more competition enters both the International SIPP and QROP market. For example, in 2007, the average annual cost of a QROP was £2,500. It is now £895. Similarly, in 2018 the average annual cost of International SIPP was £500. It is now £180.

For many clients, transferring their UK pension is not a small decision. They want to understand the process as much as possible to be sure that it is the right move for them. This section gives examples of the most common questions.

How long does a pension transfer take?

The average time for a pension transfer is 3-4 weeks. Many factors can affect this. Including the complexity of the UK pension, the efficiency of UK pension providers admin, and how well your paperwork has been completed. Errors lead to longer transfer times. International SIPP transfers generally are quicker, while QROP transfers take longer.

How long does a Defined Contribution (DC) pension transfer take?

The average time for a Final Salary (DB) Pension Transfer is 5-6 weeks. It is mainly because of additional due diligence. For example, your UK pension provider must request additional documents and verify that you have received appropriate advice from an FCA regulated adviser.

What is the longest a pension transfer has ever taken?

Twenty-one months is the longest time we have seen a pension transfer take. The case was delayed as the UK provider refused to action the transfer. UK pension provider made mistakes at their end, and perhaps instead of admitting to these earlier mistakes, they dug their heels in. Our response was to register a complaint on behalf of the client with The Pensions Ombudsman in the UK.

The Pension Ombudsman ruled in favour of our client and instructed the UK pension provider to pay damages to our client. While the case went on for twenty-one months, we did not charge the client any additional fees.

What is the shortest a pension transfer has ever taken?

Five days. An International SIPP transfer is utilising the Origo transfer system.

What is the Origo system?

An electronic pension transfer service that over 80 UK pension providers have signed up to. It automates the transfer process making it smoother and faster.

Can I transfer my pension myself?

Within the UK, many SIPP providers will permit you to complete a transfer yourself if the value of safeguarded benefits is below £30,000. QROP and International SIPP providers do not work directly with retail clients and as such clients must utilise a Financial Adviser.

Why do I need to complete a Letter of Authority?

A Letter of Authority (LOA) is the first step in understanding your requirements. It allows us to ascertain with certainty the details of your existing pension. For example, clients often say I have an XYZ pension, but when we complete the LOA, it transpires there was ABC pension. Without a Letter of Authority, we cannot analyse your situation and provide advice.

What happens with the Letter of Authority?

Our pension transfer department emails your Letter of Authority (LOA) to your existing UK pension. Then they confirm all the necessary information we need to know about your pension. An LOA is an information only tool.

Can my pension be altered, moved or transferred with an LOA?

No. A Letter of Authority (LOA) is for information purposes only. Your pension will not be changed in any way.

What happens after my pension has been transferred?

The International SIPP or QROP Trustee will inform us by email once the funds have been received, confirming the exact amount to the penny.

How quickly will the funds be credited to my new account?

The International SIPP or QROP Trustee will typically allocate the funds to your SIPP or QROP cash account on the same day or one or two days after depending on how busy they may be.

How quickly will the money be invested?

Once the money is in your SIPP or QROP cash account, it will automatically be allocated to the underlying portfolio as outlined within your Advice Report. It ensures the capital is not sitting around waiting to be invested.

When is your Advice Fee deducted?

Our initial set-up fee of 1-3% is only deducted once the transfer has been successfully completed. This means it is always in our interest to ensure transfers are completed as efficiently as possible.

Will I have a dedicated Adviser?

Yes. Every Cameron James client has their own dedicated Adviser. It ensures you need only explain your situation once and allows you to build a strong with your Adviser who understands everything all elements of your finances.

How will my Financial Adviser contact me - can I decide?

Yes. Appointments will are scheduled in advance by email. Our Adviser will then contact you by telephone, Skype, WhatsApp call, Zoom, or whatever works best for you.

How often will my Financial Adviser contact me?

With our quarterly review service, your Adviser will call you each quarter to keep you updated on your portfolio performance. Some clients prefer a more detailed bi-annual or annual review instead of quarterly. This is your choice.

How quickly can I expect my adviser to respond on email?

Our Advisers and Admin respond to all clients emails within 24hrs on working days. We believe in this high-level of service. If they are unable to supply you with an answer to your question within 24hrs (perhaps because it requires further thought or analysis), they will still let you know it has been safely received and that they are working on it.

What happens if my Financial Adviser is in a meeting?

Every Cameron James client also has a dedicated Admin. So, if your Financial Adviser is unavailable, you can contact your dedicated Admin. They will either deal with your enquiry or inform your Financial Adviser. This system means you should always be able to get a quick answer for simple questions.

What happens when my Financial Adviser is on annual leave?

Your dedicated Financial Adviser and dedicated Admin will typically not be on annual leave at the same time. So your Admin will be able to deal with any enquiries allow your Adviser to enjoy a well-deserved break. Should it be something urgent, your Financial Adviser will be duly informed.

What happens if my Financial Adviser dies or leaves the company?

Should your Financial Adviser pass away, your policy and file will be reviewed by senior management. It will be allocated to the most appropriate or experienced Adviser throughout our offices. Should your Financial Adviser leave Cameron James, your plan will be matched with the most experienced Adviser for your requirements.

Once you have had your Solution Appointment with your dedicated Adviser and you want to proceed with the advice, we prepare your pre-completed application pack for you to review and sign. This application pack is sent to you by DHL.

Will I need to complete paperwork? I am already swamped with work!

No. Your application forms and paperwork will arrive pre-completed with your details for you to review and sign.

So my forms will arrive pre-completed for me to review, sign and date?

Yes. That is exactly right. We make the process of Financial Advice as simple as possible. Please note, some sections may be left blank if you have not provided this information to us.

What if I have a question while completing my application pack?

Most of our Advisers are often not far from their computer. Send them a quick Skype or email, and they will likely be able to either answer your questions by email or call you back to explain. Your dedicated Admin is also on hand to answer any admin related questions.

What is the catch, do I pay more for this pre-completed service?

In our experience, this process is beneficial for all parties. Our admin team pre-completing paperwork significantly reduces the number of errors which in turn reduces issues further down the application process.

What if there is a mistake in my application pack?

No problem. You can cross it out and write in the new information by hand and sign next to the amendment. For example, if your mobile number changed.

How will my application pack and forms arrive? When will it arrive?

DHL courier. Your application pack will arrive at your office, home or chosen location. Your dedicated Admin will send you your DHL tracking link. You can then follow it online and track every stage of delivery. You can even and set-up a notification for when the shipment is ‘out for delivery’.

Can I have the application pack delivered to my office?

Yes. Many clients use their office address for delivery as it is easier for the reception staff to sign and pass on the DHL to them.

Can I have the application delivered to another address?

Yes. If you are travelling with work or on vacation, the paperwork can be shipped to any address worldwide. Clients travelling long haul sometimes collect and review paperwork on the way home to use their time in the air.

What happens if I am not available?

At your office – Your reception staff will typically have a system of signing for your mail and deliver this to you.

At home – Your concierge staff will usually have a system for signing for couriers and delivery to you.

Alternatively – A delivery notice will be left to reschedule the delivery for the following day. You can also collect it from your local DHL centre if you prefer.

Why do you use DHL?

While it adds an expense for Cameron James in our experience, it provides a smooth and streamlined process for all our clients which is what we want. Additionally, local postage systems can be unreliable. The tracking also allows us to allocate our admin resources for processing your case more efficiently.

How long does the CJ application pack take to complete?

The average pack should take no longer than 20-30 minutes to thoroughly review, sign and date.

How do you ensure that I will not make any mistakes?

Firstly, we pre-complete the majority of your application. Secondly, your application pack is couriered back to your dedicated Admin who will review the file again. Finally, the application pack goes through our BFMI compliance department for a final review. So we have three layers against mistakes.

How do I return my application pack to you?

Simple. You return the application by DHL. The cost of the DHL return is on us.

Can I return my application pack through my office or work courier?

Yes. Some clients prefer to use their internal courier system at work as it is more straightforward for their reception staff to process the courier. Just ask them to send you the tracking number or link so we can track its return journey

Can CJ arrange a pick-up for me with DHL?

Yes. Email your Financial Adviser or dedicated Admin, and they will schedule the DHL pick-up on the day that you request. It can be left with your reception staff or concierge for DHL collection if you are busy or in and out of meetings.

Can you arrange a pick up from anywhere in the world?

Yes. If you are travelling with work or are away from your normal country of residence provide us with the address and DHL will collect globally.

How much will these couriers cost me?

There is no cost to you. We have made a business decision at Cameron James to pay for both DHL costs to improve our service for all clients. Due to the high volume of couriering we complete each year, we are also able to negotiate reduced shipping costs compared to our clients paying full price.

Is there a time limit on my application pack?

In many instances, yes. Final Salary Pension Transfers have a 3-month deadline before the CETV expires. Given that there are many steps to complete, we try to process this as early as possible. This avoids needing to request an additional CETV which can typically cost £250.00 if within 12 months.

Will you update me once you have received my application pack?

Yes. Your dedicated Admin will confirm safe receipt of your application pack. They will begin processing your case and keep you updated until it is finalised.

All regulated financial entities must take steps to ensure that they are not be used to launder money being made from illegal sources. This is standard practice but we make this as simple as possible for you.

What is a Proof of Address (POA)?

A Proof of Address (POA) – sometimes referred to a Verification of Address (VOA) – is a document which provides evidence of your address.

What is a suitable POA?

Suitable POA documents are Utility Bill or Bank Statement, a letter from a central or local government department, and a Tenancy contract or agreement. That is not an exhaustive list but represents 99% of the POAs that our clients supply. These can either be physical letters you have received in the post or ones downloaded as a PDF from your online account.

Must my POA be within a specific date?

Yes. Your POA must be dated within 3-months. As such, it is advisable always to provide the latest version you have. Downloading these online ensures you always send us the most recent version.

What is Proof of Identity (POI)?

A Proof of Identity (POI) is a verification of your identity.

What is a suitable POI?

Suitable documents are your Passport or ID Card. Passports account for 99% of all POI’s we receive from our clients.

Must my POI be within date?

Yes. If your passport is out of date, it will not be acceptable.

Why are these documents required?

Banks must complete due diligence on all clients. That is to avoid financial institutions being used for money laundering of illegally sourced funds. It is a fundamental requirement of all banks, and we must adhere to this.

My company pays all my bills. I did not have a POA?

It is a common situation in places such as Saudi Arabia and the Middle East. In this instance, we have a template Employer Letter POA for you to complete.

What is an Employer’s Letter POA?

An Employer’s Letter POA is used when a client has no POA document in their name. It allows your company’s HR team to confirm you live at that address.

Do you have an Employers Letter POA template?

Yes. Download this template – Employer’s Letter POA.

Do I send this to my HR? Will my HR charge me for this?

Yes. Either email it or drop it in person to your HR department. HR departments in these parts of the world are familiar with this type of request.

Will my HR find this annoying or charge me for this?

No. Your HR department is used to this and can typically complete within 24-48hrs and return to you as a PDF via email.

We have a joint policy, do we each need to provide a POA?

Yes. We will require a POA for both policyholders.

Can a POA with both of our names on it be used for a joint policy?

Yes. For example, a utility bill or bank statement with both of your names on it is acceptable.

Who is a suitable certifier?

At Cameron James, all of our Advisers typically have suitable certifier status. In some cases UK pension providers may request an independent certification from one of the below:

– Members of the judiciary, senior civil servant, serving police or customs officer.
– An officer of an embassy, consulate or high commission of the country of issue of documentary evidence of identity.
– An individual who is a member of a professional body that sets and enforces ethical standards, e.g. an Accountant or Lawyer.

Why is this certification required?

It is often preferential than sending the original copy of your passport. Firstly, you would be unable to fly, and secondly, no-one likes posting a passport

When is certification required?

On all new applications, all top-up applications (if later than 3-6 months from the original request) and all withdrawals applications.

How much does CJ charge for this certification service?

We do not charge for this. It is part of our service. In our experience, it helps provide a smooth and streamlined service for our clients.

Why does CJ not charge clients for the certification service?

Feedback from our clients is that our certification of documents makes their life easier. When a client paying annual fees, we think it would be bad practice to raise an invoice of £50.00-£100.00 for certification as some firms do.

Will CJ start charging for this service in the future?

No. We are committed to keeping our costs as low as possible for our clients.

We always make it clear that we are not qualified Tax Advisers. You should always seek independent Tax Advice if needed. Online banking is simple and easy though and allows you to stay up to date anywhere in the world.

Does CJ provide tax advice?

No. Cameron James is not a tax advisory company. While some of our Financial Advisers may hold tax advice qualifications, we do not provide tax advice. Our advisers may know an area of tax from hands-on experience with clients, but they are not able to give you tax advice. We will always recommend you seek professional tax advice if required.

Why do you not provide tax advice? This would be helpful?

There are numerous ‘Tax Advisers’ who are Financial Advisers. They attract clients by offering free Tax Advice and then place the clients into solutions which earn them money as a Financial Adviser. We prefer not to blur the lines. It is hard to be an expert in numerous fields and can also lead to conflicts of interest. Additionally, no reputable or qualified Tax Adviser we have ever worked with offers free Tax Advice.

So will I be taxed on withdrawals from my UK pension?

The first 25% of your International SIPP or QROP can be withdrawn free of income tax – your Pension Commencement Lump Sum (PCLS). The remainder of your pension will be taxed at your marginal tax rate in your country of residence at the time of withdrawal.

Should I have informed HMRC that I have left the UK?

There is no legal duty to inform HMRC although it may certainly be in your interest to let them know. For example, this may allow your International SIPP or QROP provider to send any withdrawals amounts to you as a gross amount.

How do I apply for an NT (No Tax) code from HMRC?

The process is relatively straight forward, for a detailed understanding read – How do I apply for an NT (No Tax) code from HMRC.

What is the advantage of applying for an NT tax code?

Applying for an NT tax code severs your connection to the UK for personal income tax. HMRC will update your file to an NT (No Tax) code which means your pension income payments would be sent to you as gross payments.

Can CJ apply for my NT tax code for me?

For security reasons, we cannot communicate with HMRC or apply for an NT tax code for your. We can lead you in the correct direction though.

Can CJ communicate with HMRC about my taxes?

HMRC will only talk to you individually. We can’t communicate or call them to enquire about your tax matters.

Will I be taxed on income from my savings account?

It will depend on where you are tax resident. Many countries have capital gains tax on investment growth that you take as income. Other countries have no capital gains tax. Personal tax is a matter for you to discuss with your tax Adviser if you need one.

Will CJ report my taxes for me?

Cameron James does not report taxes. Some of the providers we work in Europe can automatically report your taxes for you as value-adding service if you wish to opt-in. You can also opt-out and complete reporting yourself.

Will I have online banking?

Yes. Every Cameron James client has 24/7 online access. It is similar to online banking. You can access your CJ online account from anywhere in the world.

How will my online banking work?

You will get a username and password that you will need to remember. You simply go online and plug in your username and password, and you will have access to your account.

How quickly will I receive my online banking?

Your online banking is set-up at the same time as your account opening. You will receive an email straight from the provider to register for online banking.

Can I have online banking through a pensions trustee?

Yes. You need to request this through our Financial Adviser as it is not always done automatically with pension Trustees.

Will I have access to my online banking wordwide?

Yes. There are no geographical restrictions.

I have forgotten my username name. Can CJ reset it?

For obvious security reasons, Cameron James cannot reset your username. You will need to contact your provider for them to verify your identity.

I have forgotten my password. Can CJ reset it?

Cameron James cannot reset your password. For obvious security reasons, you must contact the provider directly.

I have misplaced my online banking details can you fix this?

You can inform us by email, and we will provide the best contact number for you to call. We cannot fix it for you though due to obvious security reasons. The provider will need to verify your identity first.

Why can’t CJ access or amend my online banking credentials?

Clients ask this a lot. It would be helpful but would also decrease the security of your online access. Your online access should only be accessible by yourself.

How often should I check my online account?

Every client is different. We advise reviewing your online account in advance of your call with your Financial Adviser so that you are up to speed. However, we would avoid checking your account daily or weekly. Any investment is usually a long term commitment and growth objective.

When starting a relationship, it is always good to know what your options are if you want to leave. At Cameron James, we are pleased to say we have not had a client leave us before, but the below should answer any questions you may have.

If I am not happy, can I stop paying?

Yes. You can talk with your feet, so to speak. If you are unhappy with the annual service provided you can move to another Advisory Firm and your fees to CJ will no longer be deducted. This system helps ensure it is in our interests for all clients to receive an excellent level of ongoing service.

Am I locked into working with Cameron James for a fixed period?

No. There is no fixed contract. If you feel displeased with the given service, you are free to leave at any time.

What happens if I am no longer happy with CJ and want to leave?

We advise you to email your Financial Adviser and outline your concerns in as few or as many sentences as you wish. It is useful for us as a company as it allows us to understand where the service may have been below our usual standards. Our senior management will also review your email and. If you do not want to contact your Financial Adviser, you can email us directly at [email protected].

How much will it cost me to leave Cameron James?

There is no cost or exit penalty for leaving Cameron James.

Will CJ make it difficult for me to leave?

Certainly not. We will ensure any transfer is smooth and unhindered.

Am I locked into any of the platforms CJ recommends?

No. You are free to withdraw your money or leave without penalty.

Would CJ ever recommend me moving platform provider?

If an alternative provider was offering a more cost-effective or improved service, we might as well advise you to transfer.

How much would it cost to leave the product provider?

It will depend on the type of product and investment. There are too many different providers to cover here. However, your Financial Adviser can always highlight these for you in detail. In many instances, exit penalties are in place to protect providers from being taken advantage of by clients using them for a short period for an ulterior motive.

Will the platform provider make it difficult for me to leave?

No. Platform providers are as professional in closing accounts as they were in opening them.

Has a client ever left CJ?

Touchwood, we have not had a client leave CJ before. We put this down to the high-level of ongoing service we provide and low Adviser turn-over. This day will certainly come, but for the moment we are proud of this statistic.

Our Transparent Costs

Not sure what type of UK pension you have?