The whole process was quite painless and took about 3 months. The immediate advantages are: - no UK tax deducted when amount moved offshore, no capital gains (Swiss taxes apply) - the investments will pass to my heirs, often a pension plan does not - total control over future investments and withdrawals - currencies easily changed - up to 30% immediate drawdown UK tax free
Many baulk at the fees (mine will be around 2.5% pa). However, previously I have had no idea of the charges made by Norwich Union and then Aviva when they took them over. I simply received an annual statement - sometimes up sometimes down.
The capital remains in sterling at the present and due to the turmoil in the markets, I am in cash. But will want to get into CHFs eventually.
The Geneva-based company I did this through are Forth Capital. I am simply a client, but have no hesitation in recommending them. I have found them honest, quick to respond and efficient...