The Relationship Between A QROPS, An IFA And A TVA
If the IFA you are dealing with will not provide you with a TVA, then Do Not undertake your QROPS through them. As you have no idea as to the effect of the QROPS charging structure. Also take note that neither do they. Find an IFA who is happy to undertake the TVA for you, as only a fully G60 or equivalent qualified IFA is able to produce a TVA. To be honest only a fully qualified IFA will know what a TVA is. Once undertaken, both you and your IFA will have a clear picture of your proposed QROPS transfer in financial terms.
What the TVA should show you is that at the same growth rate as your UK pension the QROPS will produce a higher fund value. The most important factor in this is the fee structure of the proposed QROPS. If it is too high the fees will eat into the fund value. In the extreme the fund value will be less than if you left your UK pension where it was. On the other hand if the QROPS recommendation is right for you. The TVA will show that the proposed QROPS transfer will produce a significant increase in benefit compared to your UK pension scheme.